Answer copied from a local bank website: From legal point of view, the leasehold property would revert back to the State or reversionary interest owner upon the expiry of the lease term of 99 yrs, 999 yrs, etc. However, the government is currently looking into ways to allow old leasehold apartment/condominium developments to upgrade the existing unexpired lease term which they hope will provide an incentive for old apartment/condominium to be upgraded from their existing old and poorly maintained condition.
If a buyer pays 1.5 million for a 30+ years old, 1615 sq ft apartment at Laguna Park, with leasehold tenure 99 years from 1978, can this buyer still make money from this investment?
Would you buy an old leasehold property now? I certainly would not? Too risky!