睡前无聊研究一下freehold和leasehold网上搜到一篇文章（http://www.theedgeproperty.com.sg/content/leasehold-versus-freehold-argument-will-go-until-cows-come-home），里面主要两个信息。
第一，SLA对于地契贬值的假设（http://www.sla.gov.sg/Portals/0/Services/Land%20Lease%20Conditions/DP%20policy%20wef%2031%20Jul%202000.pdf）：
第二，freehold相对99年新房的溢价：
A poll with 5 senior valuers, each of them with over 10 years experience gave a range of 10-15 percent.
(For) the mid-tier and mass market segment. The premium is 14%. Coming down to a finer line, for projects completed 10 years old, that is those completed in 2005, the premium is 16%.
假设是13%。
在想比较两个屋龄20年的freehold和99年(其他条件如地点相同），可不可以这样计算99年的freehold equivalent价格：
假设99年价格是p，
把地契从79年upgrade到99年：p x (96/90.5)=1.06p
freehold equivalent价格：p x (96/90.5) x 1.13 = 1.2p
这样的话，如果freehold比99年溢价在20%以上，99年比较划算。反之，。。。
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最实际的影响还是CPF的使用限制跟贷款额度。当房子大概35年老的时候，
当房子大概35年老的时候（假设地契开始早于TOP5年，也就是地契剩下少过60年的时候， CPF使用受限制；地契剩下少过30年的时候，彻底不准使用CPF。这样减少了流通性，自然价值就会受影响。而FREEHOLD没有这个影响。
Less CPF can be used
To illustrate this problem, for example, if a 30 year-old couple buys a flat with a lease balance of 59 years, their prorated Valuation Limit (for the use of CPF), will be only 58 instead of 100 per cent of the valuation at the time of purchase.
FROM BELOW ARTICLE
http://einvesthub.btinvest.com.sg/markets/2013/10/04/what-happens-when-your-hdb-flat-becomes-34-years-old/
CPF RULE:
https://www.cpf.gov.sg/Assets/members/Documents/Housingwithdrawallimit.pdf
Less CPF can be used
To illustrate this problem, for example, if a 30 year-old couple buys a flat with a lease balance of 59 years, their prorated Valuation Limit (for the use of CPF), will be only 58 instead of 100 per cent of the valuation at the time of purchase.
FROM BELOW ARTICLE
http://einvesthub.btinvest.com.sg/markets/2013/10/04/what-happens-when-your-hdb-flat-becomes-34-years-old/
CPF RULE:
https://www.cpf.gov.sg/Assets/members/Documents/Housingwithdrawallimit.pdf
Huasing Association 1999 - 2013