Doesn't that just turn into a property tax of 1% per year, without a massive tax bill every 99 years? 99 years is long enough that there's going to be at least 2 owners, which means all sorts of strategizing required on how to plan for the renewal of the lease.
Yes, 30 year leases or so would be probably be better. Our Gahmen in Singapore already switched to these shorter leases for commercial property.