Fretful Chempaka residents and deals galore
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LOOKING to buy a landed home with over 3,500 square feet (sq ft) of land for under a million Singapore dollars? It’s possible, but be prepared to live with a remaining land lease of 10 years.
There are 144 terraced and semi-detached houses in Jalan Chempaka Puteh, Jalan Chempaka Kuning and Bedok Road in District 16 in the East with land leases expiring in August 2034. Some homeowners are fretting over what will happen when the land lease runs out and hoping for a lease extension.
I argue in The Level Ground that it will be tricky for private leasehold homeowners to extend their rapidly dwindling land leases. For one, can multiple owners in any landed estate or condo development agree on the length of land lease extension and the amount payable?
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