Key Takeaways
- 25,642 condo sales in 2022, segmented by 101 lease tenure types.
- Freehold tenure dominated with 7,960 transactions.
- Freehold properties commanded a 112.8% PSF premium over 99-year leasehold.
- Freehold average PSF was $1,960 psf vs $921 psf for 99-year leasehold.
Overview
An analysis of 2022 Singapore condo sales segmented by lease tenure. Tenure is one of the most important pricing factors: freehold and 999-year properties typically command significant premiums over 99-year leasehold equivalents. This report quantifies that gap using 25,642 recorded transactions.
25,642
Total Sales
101
Tenure Types
+112.8%
Freehold Premium over 99-yr
Sales by Lease Tenure
| Tenure | Transactions | Share | Avg PSF | Avg Price | Avg Size (sqft) | YoY PSF Change |
|---|---|---|---|---|---|---|
| Freehold | 7,960 | 31.0% | $1,960 psf | $3,207,474 | 1,730 | ↑ 9.8% |
| 99 yrs lease commencing from 2021 | 2,831 | 11.0% | $1,840 psf | $1,781,893 | 988 | ↓ 22.3% |
| 99 yrs lease commencing from 2018 | 1,701 | 6.6% | $2,094 psf | $1,922,315 | 923 | ↑ 24.4% |
| 99 yrs lease commencing from 2012 | 1,269 | 4.9% | $1,327 psf | $1,284,937 | 993 | ↑ 12.2% |
| 99 yrs lease commencing from 2013 | 1,175 | 4.6% | $1,372 psf | $1,344,532 | 1,013 | ↑ 2.9% |
| 99 yrs lease commencing from 2011 | 1,125 | 4.4% | $1,408 psf | $1,452,324 | 1,020 | ↑ 8.0% |
| 99 yrs lease commencing from 2019 | 1,075 | 4.2% | $2,119 psf | $2,210,364 | 1,072 | ↑ 9.6% |
| 99 yrs lease commencing from 2014 | 811 | 3.2% | $1,424 psf | $1,180,628 | 850 | ↑ 0.2% |
| 99 yrs lease commencing from 2010 | 778 | 3.0% | $1,292 psf | $1,350,490 | 1,072 | ↑ 11.2% |
| 99 yrs lease commencing from 2020 | 517 | 2.0% | $1,827 psf | $1,731,775 | 999 | ↑ 10.2% |
| 99 yrs lease commencing from 2008 | 485 | 1.9% | $1,416 psf | $1,824,425 | 1,251 | ↑ 15.8% |
| 99 yrs lease commencing from 1997 | 481 | 1.9% | $1,091 psf | $1,491,001 | 1,384 | ↑ 13.5% |
| 99 yrs lease commencing from 2015 | 400 | 1.6% | $1,645 psf | $1,208,374 | 745 | ↑ 7.3% |
| 99 yrs lease commencing from 1996 | 396 | 1.5% | $1,057 psf | $1,488,766 | 1,405 | ↑ 14.7% |
| 99 yrs lease commencing from 2017 | 318 | 1.2% | $1,946 psf | $1,994,739 | 1,203 | ↑ 2.7% |
| 99 yrs lease commencing from 1995 | 312 | 1.2% | $1,060 psf | $1,643,200 | 1,622 | ↑ 9.4% |
| 99 yrs lease commencing from 2007 | 262 | 1.0% | $1,590 psf | $2,934,160 | 1,718 | ↑ 5.6% |
| 99 yrs lease commencing from 2000 | 253 | 1.0% | $1,006 psf | $1,247,914 | 1,255 | ↑ 11.9% |
| 99 yrs lease commencing from 1994 | 239 | 0.9% | $1,166 psf | $2,195,055 | 1,974 | ↑ 10.5% |
| 99 yrs lease commencing from 2006 | 238 | 0.9% | $1,590 psf | $2,777,598 | 1,652 | ↑ 4.9% |
| 999 yrs lease commencing from 1885 | 214 | 0.8% | $1,717 psf | $2,440,718 | 1,521 | ↑ 4.2% |
| 99 yrs lease commencing from 2016 | 208 | 0.8% | $1,818 psf | $1,510,379 | 827 | ↓ 4.5% |
| 99 yrs lease commencing from 2009 | 200 | 0.8% | $1,398 psf | $1,632,368 | 1,204 | ↑ 5.0% |
| 99 yrs lease commencing from 1993 | 199 | 0.8% | $1,156 psf | $1,500,940 | 1,311 | ↑ 10.9% |
| 99 yrs lease commencing from 2002 | 176 | 0.7% | $1,366 psf | $1,523,276 | 1,220 | ↓ 0.8% |
| 99 yrs lease commencing from 2001 | 173 | 0.7% | $1,138 psf | $1,587,729 | 1,438 | ↑ 15.5% |
| 99 yrs lease commencing from 2004 | 143 | 0.6% | $1,376 psf | $1,865,171 | 1,357 | ↑ 6.5% |
| 99 yrs lease commencing from 2005 | 135 | 0.5% | $1,623 psf | $2,920,450 | 1,710 | ↑ 4.7% |
| 99 yrs lease commencing from 1991 | 129 | 0.5% | $1,143 psf | $1,464,027 | 1,270 | ↑ 8.6% |
| 99 yrs lease commencing from 1998 | 124 | 0.5% | $1,173 psf | $1,498,523 | 1,287 | ↑ 10.9% |
| 99 yrs lease commencing from 2022 | 122 | 0.5% | $2,112 psf | $1,787,533 | 850 | -- |
| 999 yrs lease commencing from 1877 | 74 | 0.3% | $1,944 psf | $2,485,009 | 1,266 | ↑ 13.7% |
| 999 yrs lease commencing from 1879 | 63 | 0.2% | $1,463 psf | $5,054,524 | 3,754 | ↑ 4.4% |
| 99 yrs lease commencing from 1982 | 61 | 0.2% | $1,138 psf | $1,631,569 | 1,477 | ↑ 7.9% |
| 999 yrs lease commencing from 1883 | 57 | 0.2% | $1,508 psf | $2,813,800 | 1,796 | ↑ 8.6% |
| 999 yrs lease commencing from 1882 | 56 | 0.2% | $1,393 psf | $1,682,294 | 1,217 | ↑ 9.9% |
| 99 yrs lease commencing from 1992 | 54 | 0.2% | $985 psf | $1,286,722 | 1,273 | ↑ 17.2% |
| 999 yrs lease commencing from 1841 | 52 | 0.2% | $2,241 psf | $1,885,152 | 887 | ↑ 14.4% |
| 99 yrs lease commencing from 1999 | 50 | 0.2% | $1,664 psf | $2,227,060 | 1,365 | ↑ 6.9% |
| 956 yrs lease commencing from 1928 | 41 | 0.2% | $1,394 psf | $2,214,935 | 1,689 | ↑ 3.8% |
| 999 yrs lease commencing from 1876 | 40 | 0.2% | $1,688 psf | $4,130,225 | 2,464 | ↑ 17.9% |
| 103 yrs lease commencing from 2009 | 38 | 0.1% | $1,443 psf | $1,924,134 | 1,622 | ↓ 6.0% |
| 99 yrs lease commencing from 2003 | 38 | 0.1% | $1,257 psf | $1,607,246 | 1,344 | ↑ 17.3% |
| 99 yrs lease commencing from 1977 | 35 | 0.1% | $1,113 psf | $9,702,165 | 6,908 | ↑ 10.0% |
| 999 yrs lease commencing from 1878 | 32 | 0.1% | $1,467 psf | $2,737,594 | 1,920 | ↑ 23.5% |
| 999 yrs lease commencing from 1886 | 31 | 0.1% | $1,210 psf | $4,849,613 | 4,265 | ↑ 1.9% |
| 999 yrs lease commencing from 1875 | 30 | 0.1% | $1,853 psf | $4,694,493 | 2,486 | ↑ 12.0% |
| 999 yrs lease commencing from 1955 | 29 | 0.1% | $1,880 psf | $5,313,448 | 2,947 | ↑ 26.2% |
| 60 yrs lease commencing from 2013 | 28 | 0.1% | $1,295 psf | $604,217 | 470 | ↑ 8.2% |
| 99 yrs lease commencing from 1976 | 24 | 0.1% | $948 psf | $12,055,917 | 9,762 | ↑ 9.6% |
| 999 yrs lease commencing from 1954 | 22 | 0.1% | $1,635 psf | $4,775,045 | 2,996 | ↑ 12.2% |
| 99 yrs lease commencing from 1975 | 21 | 0.1% | $1,033 psf | $1,768,238 | 1,764 | ↑ 13.5% |
| 946 yrs lease commencing from 1938 | 19 | 0.1% | $936 psf | $1,622,626 | 1,942 | ↑ 15.6% |
| 99 yrs lease commencing from 1984 | 19 | 0.1% | $1,054 psf | $1,765,684 | 1,675 | ↑ 6.0% |
| 999 yrs lease commencing from 1884 | 17 | 0.1% | $1,713 psf | $2,902,170 | 1,864 | ↑ 17.8% |
| 100 yrs lease commencing from 1986 | 16 | 0.1% | $1,023 psf | $1,726,688 | 1,689 | ↑ 9.8% |
| 103 yrs lease commencing from 2013 | 15 | 0.1% | $991 psf | $3,002,647 | 3,028 | ↑ 11.1% |
| 103 yrs lease commencing from 2002 | 13 | 0.1% | $1,500 psf | $1,843,846 | 1,304 | ↓ 0.6% |
| 99 yrs lease commencing from 1968 | 13 | 0.1% | $1,151 psf | $991,838 | 908 | ↑ 7.4% |
| 102 yrs lease commencing from 1978 | 13 | 0.1% | $945 psf | $1,631,299 | 1,758 | ↑ 8.9% |
| 999 yrs lease commencing from 1956 | 11 | 0.0% | $1,642 psf | $4,314,545 | 2,641 | ↑ 5.7% |
| 99 yrs lease commencing from 1970 | 11 | 0.0% | $1,091 psf | $1,259,455 | 1,177 | ↑ 11.5% |
| 99 yrs lease commencing from 1990 | 10 | 0.0% | $1,095 psf | $1,565,800 | 1,406 | ↓ 16.4% |
| 99 yrs lease commencing from 1973 | 10 | 0.0% | $1,142 psf | $1,217,600 | 1,029 | ↑ 13.0% |
| 99 yrs lease commencing from 1979 | 10 | 0.0% | $1,095 psf | $3,761,000 | 3,390 | ↓ 0.7% |
| 946 yrs lease commencing from 1937 | 9 | 0.0% | $1,195 psf | $2,935,533 | 6,036 | ↑ 6.3% |
| 999 yrs lease commencing from 1953 | 9 | 0.0% | $1,479 psf | $6,014,533 | 4,169 | ↑ 0.2% |
| 99 yrs lease commencing from 1983 | 9 | 0.0% | $857 psf | $1,245,210 | 1,521 | ↑ 41.7% |
| 999 yrs lease commencing from 1874 | 9 | 0.0% | $1,179 psf | $7,055,333 | 5,514 | ↑ 3.1% |
| 102 yrs lease commencing from 1996 | 8 | 0.0% | $1,459 psf | $4,215,000 | 2,936 | ↑ 3.8% |
| 70 yrs lease commencing from 1964 | 8 | 0.0% | $199 psf | $617,750 | 3,085 | ↑ 15.1% |
| 99 yrs lease commencing from 1947 | 8 | 0.0% | $304 psf | $1,140,861 | 3,731 | ↑ 25.7% |
| 999 yrs lease commencing from 1881 | 7 | 0.0% | $1,286 psf | $3,942,857 | 3,137 | ↑ 0.1% |
| 99 yrs lease commencing from 1980 | 6 | 0.0% | $1,476 psf | $149,777,500 | 104,311 | ↑ 14.9% |
| 999 yrs lease commencing from 1827 | 6 | 0.0% | $2,018 psf | $2,026,667 | 1,005 | ↑ 6.6% |
| 999 yrs lease commencing from 1995 | 5 | 0.0% | $2,530 psf | $6,329,778 | 2,491 | ↓ 0.3% |
| 110 yrs lease commencing from 2017 | 5 | 0.0% | $2,265 psf | $1,462,712 | 646 | ↑ 8.3% |
| 99 yrs lease commencing from 1965 | 4 | 0.0% | $593 psf | $1,647,500 | 3,010 | ↑ 11.5% |
| 953 yrs lease commencing from 1931 | 4 | 0.0% | $1,511 psf | $6,795,000 | 5,406 | ↑ 113.4% |
| 103 yrs lease commencing from 1977 | 4 | 0.0% | $1,000 psf | $1,736,194 | 1,730 | ↑ 4.2% |
| 103 yrs lease commencing from 1974 | 3 | 0.0% | $1,053 psf | $2,017,667 | 1,916 | ↑ 9.3% |
| 929 yrs lease commencing from 1953 | 3 | 0.0% | $1,912 psf | $2,655,000 | 1,396 | ↑ 5.0% |
| 947 yrs lease commencing from 1934 | 3 | 0.0% | $1,337 psf | $1,743,333 | 1,277 | ↑ 21.8% |
| 103 yrs lease commencing from 1975 | 3 | 0.0% | $1,047 psf | $1,639,333 | 1,561 | ↑ 12.7% |
| 103 yrs lease commencing from 2008 | 3 | 0.0% | $1,091 psf | $3,260,000 | 2,989 | ↑ 13.5% |
| 103 yrs lease commencing from 2011 | 2 | 0.0% | $1,283 psf | $4,074,500 | 3,175 | -- |
| 99 yrs lease commencing from 1978 | 2 | 0.0% | $748 psf | $2,540,000 | 3,397 | ↑ 5.8% |
| 85 yrs lease commencing from 1990 | 2 | 0.0% | $858 psf | $1,136,500 | 1,324 | -- |
| 999 yrs lease commencing from 1991 | 2 | 0.0% | $1,493 psf | $8,040,000 | 8,081 | ↓ 26.1% |
| 99 yrs lease commencing from 1952 | 2 | 0.0% | $368 psf | $1,320,000 | 3,590 | ↓ 5.0% |
| 993 yrs lease commencing from 1973 | 2 | 0.0% | $1,830 psf | $2,640,000 | 1,442 | ↑ 15.8% |
| 940 yrs lease commencing from 1941 | 2 | 0.0% | $2,188 psf | $3,808,888 | 1,741 | -- |
| 9999 yrs lease commencing from 1961 | 2 | 0.0% | $1,161 psf | $1,260,000 | 1,087 | -- |
| 999 yrs lease commencing from 1826 | 1 | 0.0% | $5,695 psf | $6,130,000 | 1,076 | -- |
| 103 yrs lease commencing from 2010 | 1 | 0.0% | $1,980 psf | $1,300,000 | 657 | ↓ 8.8% |
| 9999 yrs lease commencing from 2004 | 1 | 0.0% | $1,253 psf | $1,430,000 | 1,141 | -- |
| 998 yrs lease commencing from 1885 | 1 | 0.0% | $1,486 psf | $1,600,000 | 1,076 | ↑ 8.7% |
| 99 yrs lease commencing from 1969 | 1 | 0.0% | $1,801 psf | $950,000 | 527 | -- |
| 999 yrs lease commencing from 1976 | 1 | 0.0% | $1,218 psf | $1,180,000 | 969 | -- |
| 947 yrs lease commencing from 1937 | 1 | 0.0% | $1,568 psf | $1,890,000 | 1,206 | ↑ 5.7% |
| 999999 yrs lease commencing from 1990 | 1 | 0.0% | $921 psf | $1,210,000 | 1,313 | -- |
Market Commentary
In 2022, tenure remained a decisive factor in condo pricing. Freehold properties commanded a 112.8% PSF premium over 99-year leasehold units. While freehold properties hold their value better over the long term, 99-year leasehold units offer lower entry points and can deliver strong returns when purchased early in their lease cycle.
Buyers should consider remaining lease years relative to their investment horizon. A 99-year property with 80+ years remaining may offer comparable value to freehold in a high-growth district. Use the Mortgage Calculator to model monthly payments across tenure types.
Key Events
Editorial analysis for this section is being prepared.
Frequently Asked Questions
How much more do freehold condos cost compared to leasehold in 2022?
Freehold and 999-year condos typically trade at a significant PSF premium over 99-year leasehold properties. In 2022, this premium was approximately 112.8%. The premium varies by location and property age.
Is it better to buy a freehold or 99-year leasehold condo?
Freehold condos hold value better long-term, but 99-year leasehold properties offer lower entry prices and can still appreciate strongly if purchased early in the lease cycle. Your investment horizon and budget are the key deciding factors.
What lease tenure types are available for Singapore condos?
The main tenure types are 99-year leasehold (most common), 999-year leasehold (effectively perpetual), and freehold. Some older properties may have shorter remaining leases. In 2022, 101 distinct tenure categories were recorded across 25,642 transactions.
Explore more market data and tools on ShiokNest.
Methodology & Sources
This analysis covers the specified calendar year and is updated annually.
Transaction data sourced from URA REALIS.
- Year-over-year (YoY) comparisons use the previous calendar year as baseline.
- Full transaction data sourced from URA REALIS.
Median values used to minimize outlier impact. PSF = price per square foot.