freehold

DEFINITION

Property ownership in which the owner has complete control and can enjoy and use the land for perpetuity.

ETYMOLOGY

• During the nineteenth century, the British colonial government began classifying land ownership in Singapore. freehold property was one of the classifications. When a freehold property owner passes away, all property owned will be passed on to a representative of the deceased. Currently, this still holds under the Conveyancing and Law of Property Act.
• Freehold property meant that the property ownership is permanent. However in Singapore where land is scarce, the freehold aspect will depend on several factors, such as whether the Government decides to acquire private land.

SAMPLE SENTENCE

New freehold properties are uncommon in Singapore. However, the private property market has seen a boom in “freehold projects” recently. There is an estimated 30 to 40 freehold projects that will be launched, taking up nearly half of the new projects launched this year. (Lianhe Zaobao, 2/5/2019)

TERMS USED IN OTHER REGIONS

永久屋 (Taiwan)