For: InvestorsHDB upgraders
Source: URA REALIS
TL;DR
Singapore condo sales by lease tenure (2023): 23,096 transactions. Freehold most popular.
Key Takeaways
- 23,096 condo sales in 2023, segmented by tenure type.
- Freehold tenure dominated with 6,410 transactions.
- Freehold properties commanded a 107.6% PSF premium over 99-year leasehold.
Overview
Analysis of 2023 condo sales broken down by lease tenure, covering 23,096 transactions.
Sales by Lease Tenure
| Tenure | Transactions | Share | Avg PSF | Avg Price | YoY PSF Change |
|---|---|---|---|---|---|
| Freehold | 6,410 | 27.8% | $2,096 psf | $3,246,677 | ↑ 7.3% |
| 99 yrs lease commencing from 2022 | 2,540 | 11.0% | $2,234 psf | $1,905,159 | ↑ 5.8% |
| 99 yrs lease commencing from 2021 | 1,480 | 6.4% | $2,109 psf | $2,066,223 | ↑ 14.4% |
| 99 yrs lease commencing from 2018 | 1,234 | 5.3% | $2,004 psf | $1,599,565 | ↓ 4.3% |
| 99 yrs lease commencing from 2014 | 1,114 | 4.8% | $1,426 psf | $1,246,324 | ↑ 0.1% |
| 99 yrs lease commencing from 2023 | 982 | 4.3% | $2,339 psf | $1,964,680 | -- |
| 99 yrs lease commencing from 2012 | 852 | 3.7% | $1,470 psf | $1,410,102 | ↑ 11.0% |
| 99 yrs lease commencing from 2011 | 831 | 3.6% | $1,478 psf | $1,422,159 | ↑ 4.8% |
| 99 yrs lease commencing from 2010 | 796 | 3.4% | $1,449 psf | $1,689,825 | ↑ 8.4% |
| 99 yrs lease commencing from 2013 | 688 | 3.0% | $1,563 psf | $1,451,238 | ↑ 14.0% |
| 99 yrs lease commencing from 2019 | 525 | 2.3% | $2,454 psf | $2,569,815 | ↑ 15.8% |
| 99 yrs lease commencing from 2015 | 489 | 2.1% | $1,627 psf | $1,365,016 | ↓ 1.1% |
| 99 yrs lease commencing from 1997 | 421 | 1.8% | $1,177 psf | $1,584,521 | ↑ 8.2% |
| 99 yrs lease commencing from 2008 | 410 | 1.8% | $1,611 psf | $2,043,078 | ↑ 11.0% |
| 99 yrs lease commencing from 1995 | 321 | 1.4% | $1,247 psf | $1,704,874 | ↑ 17.6% |
| 99 yrs lease commencing from 2017 | 273 | 1.2% | $2,029 psf | $1,456,990 | ↑ 4.2% |
| 99 yrs lease commencing from 1996 | 267 | 1.2% | $1,160 psf | $1,589,599 | ↑ 9.7% |
| 99 yrs lease commencing from 2007 | 229 | 1.0% | $1,732 psf | $2,903,782 | ↑ 8.9% |
| 99 yrs lease commencing from 2000 | 217 | 0.9% | $1,139 psf | $1,412,872 | ↑ 13.3% |
| 99 yrs lease commencing from 2020 | 193 | 0.8% | $2,467 psf | $1,927,110 | ↑ 35.0% |
| 99 yrs lease commencing from 2016 | 190 | 0.8% | $1,906 psf | $1,633,464 | ↑ 4.9% |
| 99 yrs lease commencing from 2002 | 177 | 0.8% | $1,574 psf | $1,626,982 | ↑ 15.2% |
| 99 yrs lease commencing from 2001 | 172 | 0.7% | $1,211 psf | $1,615,467 | ↑ 2.0% |
| 99 yrs lease commencing from 2006 | 166 | 0.7% | $1,667 psf | $2,641,587 | ↑ 4.9% |
| 99 yrs lease commencing from 1994 | 165 | 0.7% | $1,287 psf | $2,199,800 | ↑ 10.7% |
| 99 yrs lease commencing from 1993 | 149 | 0.6% | $1,283 psf | $1,656,327 | ↑ 11.0% |
| 99 yrs lease commencing from 1991 | 146 | 0.6% | $1,251 psf | $1,604,348 | ↑ 9.4% |
| 99 yrs lease commencing from 2009 | 127 | 0.5% | $1,544 psf | $1,717,367 | ↑ 10.4% |
| 999 yrs lease commencing from 1885 | 125 | 0.5% | $1,562 psf | $2,598,372 | ↓ 8.6% |
| 99 yrs lease commencing from 2004 | 120 | 0.5% | $1,515 psf | $1,757,943 | ↑ 10.1% |
| 99 yrs lease commencing from 1998 | 114 | 0.5% | $1,286 psf | $1,564,800 | ↑ 9.7% |
| 99 yrs lease commencing from 2005 | 99 | 0.4% | $1,695 psf | $2,892,096 | ↑ 4.4% |
| 999 yrs lease commencing from 1882 | 73 | 0.3% | $1,484 psf | $1,819,225 | ↑ 6.6% |
| 999 yrs lease commencing from 1877 | 65 | 0.3% | $1,922 psf | $2,611,766 | ↓ 1.1% |
| 99 yrs lease commencing from 1982 | 60 | 0.3% | $1,212 psf | $1,759,744 | ↑ 6.5% |
| 99 yrs lease commencing from 1992 | 55 | 0.2% | $1,002 psf | $1,404,903 | ↑ 1.7% |
| 999 yrs lease commencing from 1879 | 52 | 0.2% | $1,818 psf | $5,246,753 | ↑ 24.3% |
| 99 yrs lease commencing from 1999 | 43 | 0.2% | $1,799 psf | $2,067,197 | ↑ 8.1% |
| 956 yrs lease commencing from 1928 | 41 | 0.2% | $1,519 psf | $2,587,680 | ↑ 9.0% |
| 999 yrs lease commencing from 1841 | 39 | 0.2% | $2,155 psf | $2,247,313 | ↓ 3.8% |
| 999 yrs lease commencing from 1883 | 39 | 0.2% | $2,078 psf | $3,916,614 | ↑ 37.1% |
| 999 yrs lease commencing from 1876 | 38 | 0.2% | $1,726 psf | $4,119,868 | ↑ 3.7% |
| 99 yrs lease commencing from 1977 | 35 | 0.2% | $1,140 psf | $1,932,400 | ↑ 2.4% |
| 999 yrs lease commencing from 1878 | 34 | 0.1% | $1,590 psf | $2,518,614 | ↑ 8.3% |
| 99 yrs lease commencing from 1975 | 32 | 0.1% | $1,142 psf | $1,860,969 | ↑ 10.5% |
| 99 yrs lease commencing from 2003 | 32 | 0.1% | $1,197 psf | $1,492,899 | ↓ 4.7% |
| 999 yrs lease commencing from 1886 | 30 | 0.1% | $1,401 psf | $3,481,459 | ↑ 16.9% |
| 999 yrs lease commencing from 1875 | 25 | 0.1% | $2,382 psf | $7,041,720 | ↑ 31.1% |
| 99 yrs lease commencing from 1976 | 23 | 0.1% | $990 psf | $1,344,652 | ↑ 4.4% |
| 102 yrs lease commencing from 1978 | 20 | 0.1% | $1,011 psf | $1,651,250 | ↑ 7.0% |
| 60 yrs lease commencing from 2013 | 18 | 0.1% | $1,402 psf | $610,926 | ↑ 8.3% |
| 946 yrs lease commencing from 1938 | 16 | 0.1% | $1,035 psf | $1,561,456 | ↑ 10.6% |
| 99 yrs lease commencing from 1970 | 16 | 0.1% | $1,191 psf | $1,315,000 | ↑ 12.1% |
| 999 yrs lease commencing from 1955 | 15 | 0.1% | $1,693 psf | $5,008,518 | ↓ 10.0% |
| 999 yrs lease commencing from 1884 | 15 | 0.1% | $1,887 psf | $2,830,667 | ↑ 10.2% |
| 102 yrs lease commencing from 1996 | 14 | 0.1% | $1,528 psf | $4,392,857 | ↑ 4.7% |
| 103 yrs lease commencing from 2009 | 14 | 0.1% | $1,787 psf | $2,125,479 | ↑ 23.8% |
| 100 yrs lease commencing from 1986 | 14 | 0.1% | $1,029 psf | $1,804,198 | ↑ 0.7% |
| 99 yrs lease commencing from 1979 | 13 | 0.1% | $2,022 psf | $3,005,385 | ↑ 84.7% |
| 999 yrs lease commencing from 1954 | 13 | 0.1% | $1,929 psf | $5,210,607 | ↑ 18.0% |
| 103 yrs lease commencing from 2002 | 12 | 0.1% | $1,565 psf | $2,078,000 | ↑ 4.3% |
| 99 yrs lease commencing from 1984 | 11 | 0.0% | $1,080 psf | $1,865,808 | ↑ 2.4% |
| 99 yrs lease commencing from 1973 | 10 | 0.0% | $1,276 psf | $1,501,078 | ↑ 11.7% |
| 999 yrs lease commencing from 1956 | 9 | 0.0% | $1,926 psf | $3,706,667 | ↑ 17.3% |
| 103 yrs lease commencing from 1975 | 9 | 0.0% | $1,065 psf | $1,603,644 | ↑ 1.7% |
| 99 yrs lease commencing from 1990 | 8 | 0.0% | $1,307 psf | $2,161,250 | ↑ 19.4% |
| 99 yrs lease commencing from 1968 | 8 | 0.0% | $1,252 psf | $933,125 | ↑ 12.6% |
| 999 yrs lease commencing from 1995 | 8 | 0.0% | $2,494 psf | $6,045,625 | ↓ 1.4% |
| 929 yrs lease commencing from 1953 | 8 | 0.0% | $2,052 psf | $2,685,063 | ↑ 7.4% |
| 110 yrs lease commencing from 2017 | 7 | 0.0% | $2,419 psf | $1,926,433 | ↑ 6.8% |
| 999 yrs lease commencing from 1953 | 7 | 0.0% | $1,399 psf | $5,552,286 | ↓ 5.4% |
| 70 yrs lease commencing from 1964 | 7 | 0.0% | $183 psf | $650,000 | ↓ 8.5% |
| 999 yrs lease commencing from 1874 | 7 | 0.0% | $1,836 psf | $5,756,857 | ↑ 55.7% |
| 99 yrs lease commencing from 1983 | 7 | 0.0% | $794 psf | $1,782,141 | ↓ 7.3% |
| 103 yrs lease commencing from 1977 | 7 | 0.0% | $1,054 psf | $1,761,286 | ↑ 5.4% |
| 946 yrs lease commencing from 1937 | 6 | 0.0% | $1,493 psf | $719,667 | ↑ 24.9% |
| 99 yrs lease commencing from 1980 | 6 | 0.0% | $1,613 psf | $2,669,200 | ↑ 9.3% |
| 85 yrs lease commencing from 1990 | 4 | 0.0% | $847 psf | $1,116,700 | ↓ 1.3% |
| 947 yrs lease commencing from 1937 | 4 | 0.0% | $1,728 psf | $1,546,250 | ↑ 10.2% |
| 999 yrs lease commencing from 1881 | 4 | 0.0% | $1,094 psf | $3,826,500 | ↓ 9.2% |
| 103 yrs lease commencing from 2013 | 4 | 0.0% | $1,042 psf | $3,282,006 | ↑ 5.1% |
| 999 yrs lease commencing from 1937 | 4 | 0.0% | $1,871 psf | $1,790,250 | -- |
| 99 yrs lease commencing from 1947 | 3 | 0.0% | $327 psf | $1,003,333 | ↑ 7.4% |
| 103 yrs lease commencing from 2008 | 3 | 0.0% | $1,101 psf | $3,663,333 | ↑ 1.0% |
| 99 yrs lease commencing from 1952 | 3 | 0.0% | $298 psf | $1,206,667 | ↓ 19.0% |
| 999 yrs lease commencing from 1827 | 2 | 0.0% | $2,334 psf | $2,525,000 | ↑ 15.7% |
| 103 yrs lease commencing from 2010 | 2 | 0.0% | $2,080 psf | $1,769,000 | ↑ 5.1% |
| 99 yrs lease commencing from 1949 | 2 | 0.0% | $325 psf | $1,290,000 | -- |
| 99 yrs lease commencing from 1954 | 1 | 0.0% | $302 psf | $988,888 | -- |
| 999 yrs lease commencing from 1904 | 1 | 0.0% | $1,365 psf | $3,559,598 | -- |
| 999 yrs lease commencing from 1966 | 1 | 0.0% | $1,125 psf | $1,150,000 | -- |
| 953 yrs lease commencing from 1931 | 1 | 0.0% | $1,932 psf | $6,800,000 | ↑ 27.9% |
| 999 yrs lease commencing from 1965 | 1 | 0.0% | $1,520 psf | $900,000 | -- |
| 999 yrs lease commencing from 1959 | 1 | 0.0% | $1,901 psf | $3,800,000 | -- |
| 999 yrs lease commencing from 1979 | 1 | 0.0% | $1,973 psf | $2,315,000 | -- |
| 9999 yrs lease commencing from 1995 | 1 | 0.0% | $1,805 psf | $1,088,000 | -- |
| 103 yrs lease commencing from 2011 | 1 | 0.0% | $1,602 psf | $5,312,088 | ↑ 24.9% |
| 99 yrs lease commencing from 1972 | 1 | 0.0% | $550 psf | $2,500,888 | -- |
| 993 yrs lease commencing from 1973 | 1 | 0.0% | $1,815 psf | $2,638,000 | ↓ 0.8% |
| 99 yrs lease commencing from 1978 | 1 | 0.0% | $894 psf | $2,150,000 | ↑ 19.6% |
| 99 yrs lease commencing from 1953 | 1 | 0.0% | $286 psf | $440,000 | -- |
| 9999 yrs lease commencing from 1958 | 1 | 0.0% | $2,366 psf | $6,500,000 | -- |
| 9999 yrs lease commencing from 1959 | 1 | 0.0% | $1,375 psf | $1,538,888 | -- |
| 999 yrs lease commencing from 1969 | 1 | 0.0% | $1,285 psf | $1,300,000 | -- |
| 999 yrs lease commencing from 1958 | 1 | 0.0% | $2,034 psf | $4,680,000 | -- |
| 9999 yrs lease commencing from 1957 | 1 | 0.0% | $1,010 psf | $1,050,000 | -- |
Freehold Premium
Freehold properties traded at a 107.6% PSF premium over 99-year leasehold in 2023.
Key Events
Editorial analysis for this section is being prepared.
Frequently Asked Questions
Is freehold or leasehold better value?
Freehold offers indefinite ownership but at a premium. Leasehold (99-year) offers lower entry prices and sufficient tenure for most buyers. The premium was ~107.6% in 2023.
Explore more market data and tools on ShiokNest.
Methodology & Sources
The dataset behind this report spans the specified calendar year; we refresh it 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.
Price-per-square-foot (PSF) here means the median deal in the period; means are reserved for volume-weighted aggregates explicitly labelled as such.