In Singapore, leasehold condos posted a 5.2% median annualised resale return against 4.1% for freehold (incl. 999-yr) — a 1.1-point gap. Cheaper leasehold entry prices produced the higher percentage gain here.
This study isolates one variable — tenure — and measures whether it earned a resale-return premium across Singapore condos, using matched buy→sell pairs from URA caveat data (as of July 2026). We hold nothing else constant beyond the tenure split, so read the pattern as a directional signal, not a controlled experiment. The full band breakdown is below.
Return by tenure — Singapore
Median annualised return, profitable-resale share, median holding period and matched-pair count for each tenure.
| Tenure | Median return/yr | Profitable | Median hold | Pairs |
|---|---|---|---|---|
| Freehold (incl. 999-yr) | 4.1% | 82% | 1.5 yrs | 5,632 |
| Leasehold | 5.2% | 84% | 1.2 yrs | 12,618 |
- The Leasehold band led with a 5.2% median annualised return in Singapore.
- The gap to the weakest band (Freehold (incl. 999-yr)) was 1.1 percentage points — a meaningful, tradeable difference.
- Returns are unlevered and pre-cost; a mortgage would amplify both the winners and the laggards.
Frequently Asked Questions
Do freehold condos out-appreciate leasehold ones?
In Singapore, the Leasehold band led with the strongest median resale return, 1.1 percentage points ahead of the weakest Freehold (incl. 999-yr) band. The full table above shows every band with its profitable-resale share and holding period.
Is this a controlled comparison?
No. The study splits matched resale pairs by a single attribute but does not hold location, age or condition constant. Treat the gap as a directional signal about how the attribute has behaved historically, not as an isolated causal premium.
Are these figures net of costs?
No — they are raw-price CAGRs from URA caveats, before stamp duty, mortgage interest, agent fees and renovation. They are best used to compare bands against each other, not as a take-home return.
Methodology & Sources
Numbers in this article reflect as of July 2026 and update on an irregular schedule.
Transaction data sourced from URA.
- Matched buy→sell pairs are inferred from URA resale caveats via a (floor band, area, bedroom) proxy; annualised return is the CAGR between purchase and resale.
- Only the tenure split is controlled; other differences between projects are not held constant, so treat the gap as directional.
- Returns are raw-price estimates before stamp duty, financing and renovation, and are historical, not a forecast.
Outlier-resistant medians anchor every PSF figure shown above. Volume counts are exact transaction tallies, not estimates.