{"id":59230,"date":"2017-06-29T09:28:30","date_gmt":"2017-06-29T02:28:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/owners-of-ageing-properties-not-in-rush-to-sell\/"},"modified":"2017-06-29T09:31:34","modified_gmt":"2017-06-29T02:31:34","slug":"owners-of-ageing-properties-not-in-rush-to-sell","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/owners-of-ageing-properties-not-in-rush-to-sell\/","title":{"rendered":"Owners of ageing properties not in rush to sell"},"content":{"rendered":"


\n\u00a0
\nWhile the options of homeowners of ageing developments, are limited due to the properties\u2019 short lease, they are still not in a rush to sell, reported Today Online.
\nThe homeowners\u2019 options were brought under the limelight following the Singapore Land Authority\u2019s confirmation that no compensation will be given to the Geylang Lorong 3 homeowners upon the expiry of lease in 2020.
\nBased on data from the Urban Redevelopment Authority, 48 developments here are over 30 years old. In 10 years\u2019 time, 13 of such developments will have less than 50 years left in their lease.
\nDespite this, Goh Boon Teck, who has been living with his wife and son at People\u2019s Park Complex, which will be at the mid-point of its 99-year lease in three years, is keen at gaining a good profit from the S$400,000 he paid for the unit.
\n\u201cThere is a lot of interest from foreigners in this area, who don\u2019t exactly need bank loans,\u201d said Goh, referring to the difficulty of buyers in obtaining loans for properties with less than 60 years\u2019 lease remaining.
\n\u201cAnd even if I don\u2019t manage to sell, I will have no problems renting it out.\u201d
\nMeanwhile, some plan to stay in their unit for the rest of their lives.
\nA 76-year old retiree, who wanted to be known only as Mr Chen, said he intend to live out the rest of his life in his Sherwood Tower home. He revealed that he had planned on selling his unit but changed his mind upon finding property prices to be beyond his reach.
\n\u201cAnyway, the 99-year lease won\u2019t affect me but my children. They can choose to live here, or rent it out. It is up to them.\u201d
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Owners of ageing properties not in rush to sell<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 While the options of homeowners of ageing developments, are limited due to the properties\u2019...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-59230","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-fpk","jetpack-related-posts":[{"id":58648,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/experts-urge-private-home-sellers-buyers-to-be-realistic-with-expectations\/","url_meta":{"origin":59230,"position":0},"title":"Experts urge private home sellers, buyers to be realistic with expectations","date":"June 22, 2017","format":false,"excerpt":"\r \u00a0 With the Singapore Land Authority on Tuesday (20 June) affirming the policy that no compensation will be given to owners of residential properties upon lease expiry, property experts called on private home buyers and sellers to be realistic with their expectations, reported Today Online. This comes as thousands\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109224,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-did-these-young-homeowners-buy-an-older-flat\/","url_meta":{"origin":59230,"position":1},"title":"Why did these young homeowners buy an older flat?","date":"July 22, 2019","format":false,"excerpt":"\r Many of the young homeowners who chose to acquire ageing flats\u2013 or those they might outlive \u2013 pointed to location as the main reason for their decision. This is according to a report on Today Online. \u201cThe number of years left on the lease is not the number one\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70502,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-in-need-of-senior-housing-projects-report\/","url_meta":{"origin":59230,"position":2},"title":"Singapore in need of senior housing projects: report","date":"October 31, 2017","format":false,"excerpt":"\r Expecting the ageing population in Singapore to increase to one in four by 2030, the city-state may be in need of private residential developments that cater specifically to seniors. This comes as \u201cmost senior citizens want to live independently and age-in-place rather than move into a nursing home,\u201d said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61368,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/get-the-guru-view-shorter-lease-tenures-but-not-short-enough\/","url_meta":{"origin":59230,"position":3},"title":"Get the Guru View: Shorter lease tenures, but not short enough","date":"July 21, 2017","format":false,"excerpt":"\r Listing of HDB flats and private apartments on home sharing platforms is not legal, but some homeowners seem willing to take the risk due to the stagnant rental market.\u00a0 The state has reduced the minimum lease term to three months, rather than the previous six,\u00a0but continues to outlaw short-term\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/07\/Figure-1-1024x556.jpg?fit=1024%2C556&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":106993,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-rules-on-cpf-usage-how-will-this-affect-homebuyers\/","url_meta":{"origin":59230,"position":4},"title":"New Rules On CPF Usage \u2013 How Will This Affect Homebuyers?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0","date":"May 10, 2019","format":false,"excerpt":"\r Singaporeans will now have more flexibility in using their Central Provident Fund (CPF) when purchasing older properties. From Friday (May 10), home buyers will be able to draw more from their CPF to buy ageing flats, provided that the property\u2019s remaining lease covers the youngest buyer until the age\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102242,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-fix-for-cross-lease-hassles\/","url_meta":{"origin":59230,"position":5},"title":"A fix for cross lease hassles","date":"December 12, 2018","format":false,"excerpt":"\r Who needs a cross lease? If you're the owner of a cross-leased property, chances are you'd prefer a fee simple ownership structure.The Property Institute of New Zealand estimates homeowners of cross-leased properties can suffer...\r \r Source : nzherald.co.nz\/Property\r Read more...A fix for cross lease hassles","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/59230"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=59230"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/59230\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=59230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=59230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=59230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}