Professional Documents
Culture Documents
99 Years Lease
The development authority of a particular area provides land development
rights to developers and sells properties for a lease of 99 years. This means
that anyone who purchases a residential or commercial property will own it
only for a period of 99 years, after which the ownership is given back to the
landowner. Buyers of leasehold properties are required to pay a ground rent to
the landowner for this. Lease of such properties can be renewed after the
completion of the term.