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When Mr J.C. bought his home in Jalan Chempaka Puteh for about $400,000 in 2007, he thought he had snagged the two-storey landed property at a good deal.
The semi-detached house, which the 76-year-old retired manager said is his dream home, sits on 3,600 sq ft of land in a quiet landed estate near Simpang Bedok.
But the property's lease is set to run out by August 2034.
"Now that there's only 10 years left (on the lease), I realised time is running short. No one knows if there's any possibility of extending the lease or if we will have to go," said Mr J.C., who is not married and declined to give his full name.
His home is one of 144 terraced and semi-detached houses in Jalan Chempaka Puteh, Jalan Chempaka Kuning and Bedok Road that have a 70-year lease beginning from 1964.
The large plot of land belonged to the late Mr Koh Sek Lim, a property owner in the east who died in 1948.
Checks showed that the homes have a land tenure of estate in perpetuity, or freehold. The land is currently managed by Camelot Trustees, according to a property title information search.
The Straits Times spoke to about 20 home owners who said they want more clarity on the fate of the land after the lease runs out. They also hope to be given the option to stay on.
A business owner who wanted to be known only as Ms Aishah, 67, said she hopes the trustees would give them the option to top up for a lease extension.
"Without an answer, we're in limbo and cannot plan ahead. For now, I'm not planning to move as I'm content here," said Ms Aishah, who has been living in Bedok Road for 25 years.
When contacted, a Camelot Trust spokesman said it could not reveal "the specific terms and duration of our agreements, as well as the details of any wills", due to confidentiality reasons.
هذه القصة مأخوذة من طبعة May 27, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 27, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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