Freehold Condos vs Leasehold Condo 永久地契和99年地契大比拼

 Freehold Condos vs Leasehold Condos 永久地契和99年地契大比拼

When it comes to buying a private condominium, one of the key considerations is knowing whether the property is a freehold condo or a leasehold condo. Between the two, homebuyers tend to opt for freehold properties. That’s because the general consensus is that freehold property:
Cannot be taken back by the government
Can be handed down to the next generation
Carries a higher value

永久地契 vs 99年地契 哪个好？
房子是永久地契还是99年是很多买家都会考虑的一点，大多数买家都倾向于购买永久地契的屋子。因为：
1.大家的共识是永久地契房子永远都是你的，政府/他人拿不走。
2.可以传给下一代继承，
3.房产价值更高。但真的是这样的吗？

1. Forever to own

The common misunderstanding is that the government cannot take back a freehold property and that the property owner will be able to hold on to it for life and hand it down to the next generation. This is however a myth.
Just because the condo is freehold now, doesn’t mean it will remain freehold forever. As we know, Singapore is small and our only constant is change.
Now, with the rapid redevelopment of the island with projects such as the North-South Corridor, new MRT lines like the Thomson-East Coast line and even building more high-rise residential projects for our growing population, your freehold condo might just need to make room for whatever’s coming up.
Sure, the government will likely compensate you accordingly at the existing market price, but you’ll need to go through the hassle of finding a new forever home.

1. 永久
多少人最大的误解是永久地契政府无权收回，业主可以一辈子都拥有或者传给下一代。新加坡是一个很小的国家而且变化很快。随着新加坡的发展和人口增长，老的永久地契可能需要给新发展腾出空间。根据土地征用法，在相应条件下，政府有权收回任何土地。当然政府也会按照市场价补偿，但这些业主需要去找新家而不是永久拥有。

2. Cost of Property

A freehold condo is likely more expensive than its leasehold counterpart. For a property in a similar location, of a similar size and so on, a freehold condo might be 15% more expensive.
Increasing interest rates and borrowing costs means owning a freehold condo can translate to a substantial financial commitment.

2. 价格
同地点的永久地契普遍是会比99年贵15%以上。这样贷款利息、成本也相对高。同样en-bloc 永久公寓比99 更有价值，要价会更高。

3. Market Value

One of the most common reasons property buyers in Singapore opt to purchase a freehold property is because it’s perceived to be higher. But freehold properties do not always have higher market value.
A leasehold condominium located in the Central Business District (CBD) is going to carry a higher value than a freehold condominium in, say, Punggol. Location plays the most important role in determining the value of a condominium, not its tenure.
If a leasehold and a freehold condominium are located in the same area and enjoy the same facilities, it is true the freehold development will usually carry a higher value. But only if the leasehold development has less than 78 years left on the lease.

Back to the above example of a leasehold and freehold condominium being situated in the same neighbourhood. If the condominium has more than 78 years left on the lease, its value is usually still equivalent to a freehold condo. Only when the lease hits the 78-year mark does its value start to decline.
The difference becomes more significant when the lease hits its 40-year mark. Within 40 years left on the lease, banks will restrict financing the sale of the unit; within 30 years left, potential buyers won’t even be able to withdraw their CPF to fund their purchase.
But by this time, the condo residents would have likely attempted an en bloc sale. That said, during the 99-year lease, the leasehold condo is an owned asset, just like an HDB and a successful en bloc sale is not guaranteed.

3. 市场价值
大家更愿意买永久地契是因为它有更高的市场价值。但真是这样的么？
a. 地段：同类型的公寓，在CBD只剩70年公寓可能会比榜鹅永久公寓更值钱。所以市场价值的最关键是地段。

b.保值：公认是永久地产稳定保值，而99年房产价值会随地契时间减短而贬值。但这只说对了一半，Leasehold 随时间增长而涨价是与永久相近，或更高，取决于地点。而只有当地契时间少于78年后市场价值才会受到影响，价格增长放缓，交易量减缓。当地契只剩40年，买家的银行贷款收紧。当地契只剩30年，买家没法用公积金付款。Leasehold 公寓价值增长转折点在第21年和40年往上，而且在新加坡一个家庭一套屋子住满20年并不多，因为居住需求是根据年龄、时间而变化。比如，年轻人需要小屋子、有了孩子需要大房子、孩子上学需要近学校房子、孩子离家后又需要小房子。这样小、大、小、新、旧、地点的周而复返，根据需求更换房子，一般业主会在近退休时候出场换小房。这个时候贷款也还清，而且还有一部分盈利给退休用。

c.交易量：99年比永久公寓数量多出很多，这样前者的交易量也比或者更多。永久交易量少、价格高导致永久公寓出手周期更长。

4. Maintenance and Available Facilities

Your freehold condo could also fall victim to age, which means you may need to spend more on maintenance and repairs.

4. 公寓维护和设施

永久地契也没法逃脱时间的魔力。公寓设施都会变旧，公寓设计会变得过时。电梯、下水管道、电线电缆、配件等经过几十年后维护成本会升高。99年公寓也会有同样问题，但如果在20年内卖掉，就可以避免这个问题，而且 en-bloc 是99年公寓比永久更容易成功，永久公寓en-bloc 价值更高，但这也造成en-bloc 难度更大，因为业主对赔偿的预期值更高。

5. Rental Yield

The formula for rental yield is annual rental income divided by the total cost of the property. This means that assuming the same rental income, the more expensive the property, the lower your rental yield.
Now, we know that the initial sale price of freehold condominiums is approximately 10% to 15% higher than leasehold condominiums in the area. When searching for a rental unit, tenants usually do not pay much attention to the lease of the property. They care more about price, location, and comfort.
As such, leasehold and freehold condos in the same area with similar facilities often command similar rental prices. So if you are looking to invest in Singapore property, you may want to opt for a leasehold condominium for a better rental yield.

Ultimately, the decision lies in your hands. But the easy answer is to ask yourself what it is you are looking for. If property price appreciation is important to you, choose a condominium that is better located, one that is close to an MRT station or which the government has marked for future development.
But if what you are seeking is a property that can house the next generation, do bear in mind that many young people prefer to move out after marriage and don’t usually stay with their parents. Also bear in mind that freehold condominiums do not have that much of an advantage over leasehold condos and you would likely have to pay a premium for it.
Bearing all this in mind, good luck with choosing your next home!

5. 租金
永久或99年对租客没有关系，在同地段的公寓租金是相近的。而同地段的永久会比99年贵15%以上，这样单独算租金回报
公寓总费用/每年租金收入
99年租金回报是比永久更高
而且，租客会关注：租金价位、更大小区，更全设施，更新公寓。
这使得99年公寓在租金回报率上比永久有优势。

总结：
市场产品存在就有它的合理性，每个人买屋子都有各人的需求与打算。
如果说你要买一套屋子长久自住达到20年以上，永久房子确实是一个不错的选择。但如果是投资或者按照不同时期的需求而居住，那99年可能更加灵活，性价比更高。

欢迎大家留言、探讨你认为的 99 vs 永久！