Wish I have the money.

This post has been edited by iWill: Aug 13 2011, 03:01 AM

Normally the residents will be able to renew or extend the leasing period by submitting the application to the state government. By be prepared to pay a premium in that case once the application is approved. The premium will base on a few factors like the and size, market value per square feet and the lease tenure period. So bigger land and longer leasing period will cost more in general. However, the owner can also appeal to lower the premium if he/ she feels that it's too high. Overall, you have to fork out some money to secure your home sweet home. If the tenure expired and the owner doesn't renew it, the land will be reverted back to the state government and be available for anyone to apply for its new ownership - it is on the lease again.