Weigh the pros and cons of shorter leasehold homes

Weigh the pros and cons of shorter leasehold homes

Buying leasehold is one thing but what about a property with just a 60-year lease?

That surely is stretching things. Well, maybe.

Like many people, I have always leaned towards freehold but I may well be proved wrong by a small site at Jalan Jurong Kechil that has such a lease.

The tender was awarded to Aspial Corp's unit World Class Developments (North) for $73.8 million recently.

Yes, Aspial is a jewellery company but it has a property development arm.

The site is about 152,848 sq ft and it was specified that it could be developed for residential or retirement housing.

It was remarkable that it attracted 23 bids, an unusually large number of developers getting in on the game, especially given the lease is much shorter than the usual 99 years.

World Class has yet to reveal its design plans but already there is much interest online in what the development will be like.

Now that shoebox flats are passe, it seems developers think that shorter-lease projects will be the next big thing.

Consultants and property agents say that many people are coming to the market with a budget of $1 million to $1.2 million.

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