Freehold or leasehold property - Singapore and overseas condominium
In Singapore and overseas property, there are generally two types of tenure, freehold and leasehold. Which is the best property to buy?
Freehold property offers a few advantages to leasehold, such as a slower pace of depreciation, higher en bloc potential and no restrictions on using CPF for house purchases. However, freehold property is sold at a premium price compare to leasehold property.
In recent years, new leasehold condominiums seem to have dominated the market in Singapore with 95% proportion and the freehold taking the remainder. The decline in freehold sales could be attributed to the tightening of en bloc rules in October 2007 and the recent ramping up of Government Land Sales (GLS).
In term of location, freehold property is usually much further to the MRT station where the leasehold property is near if not seamlessly connected to the MRT.
Whether you are buying freehold or leasehold property in Singapore, you should look at your budget, location, and convenient to the public transport. Contact a professional accredited Singapore property agent for further advice and assistance.
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