999-Years Leasehold

This refers to the tenure of the land that the property is being built on.  Thus, home owners who bought a 999 years leasehold home will own it for 999 years, after which the land will be revert back to the land owner at the end of the lease.

However, a period of 999-years is a long time.  The home can be lived in for many generations.  Thus, a home with 999-year leasehold is practically similar to a freehold property.

Many home seekers who intends to own the home for many years or for legacy planning, looks to freehold or 999-years leasehold properties for their purchase.

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