The 99 Year Lease & buying as a tourist

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Paul_W
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The 99 Year Lease & buying as a tourist

Post by Paul_W » Fri, 08 Feb 2008 8:54 pm

I don't understand how the 99 year lease works. I've only bought freehold before. Could someone please help me out here.

If I buy a condo with a 99 year lease it's mine for 99 years then it's ownership reverts to whom? What's the idea behind the lease system?

If I sell the condo after, say, 2 years, does the new owner have a 99 year lease or a 97 year lease.

Is it legal to buy a condo as a tourist and use it as home when in Singapore as a tourist / possibly renting it out at other times?

Does anyone know how likely Singaporean banks are to lend money to a tourist with property in another country as collateral for a mortgage?!

Thanks ever so much for any help.

Paul

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Superglide
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Post by Superglide » Fri, 08 Feb 2008 9:27 pm

I would strongly recommend you to stay out of the property market in Singapore, if the above is all you know.
If only we could pull out our brain and use only our eyes.
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durain
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Post by durain » Fri, 08 Feb 2008 10:23 pm

which country you from? surely you get properties that are leased in your country as well? the same rule should apply.

after 99 or 999 years lease, you can renew it (but you will be dead then! :wink:). the lease is hold by the freeholder. but if the gov got plans to build a nuclear enrichment plant on the property, then you will have to give it up.

you can buy private condo in singapore. not sure about the mortgage.

Paul_W
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Post by Paul_W » Sun, 10 Feb 2008 11:47 pm

Sorry I'm not really clued up on it all. That's why I'm asking.

yoongf
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Post by yoongf » Sun, 17 Feb 2008 3:37 pm

99 lease typically reverts back to the Govt. Logic is.. that the govt never sells away its assets now in detriment to future govts, hopefully that 100yrs from now.. the govt then will still have the same level of capital assets. However, it is possible to top up the lease back to 99 after say.. 30yrs of depreciation, but that's subject to many factors, such as the nuclear enrichment facility.

Singapore banks do not accept foreign collaterol for loans, unless it's a high nett worth client. Housing Loans are either local income based (80% financing) or asset based (60% financing).

Most rentals here are on 1/2/3 yr lease. How then wld it be possible to use the property if it's rented out on long lease?

Not much restrictions on foreigners buying property.. but.. landed properties are subject to highly restrictive terms.

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