Key Takeaways
- 22,352 condo sales in 2023, segmented by 106 lease tenure types.
- Freehold tenure dominated with 6,253 transactions.
- Freehold properties commanded a 87.2% PSF premium over 99-year leasehold.
- Freehold average PSF was $2,105 psf vs $1,125 psf for 99-year leasehold.
Overview
An analysis of 2023 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 22,352 recorded transactions.
22,352
Total Sales
106
Tenure Types
+87.2%
Freehold Premium over 99-yr
Sales by Lease Tenure
| Tenure | Transactions | Share | Avg PSF | Avg Price | Avg Size (sqft) | YoY PSF Change |
|---|---|---|---|---|---|---|
| Freehold | 6,253 | 28.0% | $2,105 psf | $3,277,155 | 1,623 | ↑ 7.4% |
| 99 yrs lease commencing from 2022 | 2,519 | 11.3% | $2,234 psf | $1,899,615 | 867 | ↑ 5.8% |
| 99 yrs lease commencing from 2021 | 1,456 | 6.5% | $2,101 psf | $2,049,996 | 995 | ↑ 14.2% |
| 99 yrs lease commencing from 2018 | 1,234 | 5.5% | $2,004 psf | $1,599,565 | 786 | ↓ 4.3% |
| 99 yrs lease commencing from 2014 | 1,114 | 5.0% | $1,426 psf | $1,246,324 | 887 | ↑ 0.1% |
| 99 yrs lease commencing from 2012 | 832 | 3.7% | $1,474 psf | $1,403,556 | 983 | ↑ 11.1% |
| 99 yrs lease commencing from 2011 | 828 | 3.7% | $1,477 psf | $1,417,266 | 963 | ↑ 4.9% |
| 99 yrs lease commencing from 2013 | 688 | 3.1% | $1,563 psf | $1,451,238 | 962 | ↑ 14.0% |
| 99 yrs lease commencing from 2010 | 671 | 3.0% | $1,396 psf | $1,634,009 | 1,261 | ↑ 8.0% |
| 99 yrs lease commencing from 2023 | 655 | 2.9% | $2,271 psf | $1,863,332 | 821 | -- |
| 99 yrs lease commencing from 2019 | 525 | 2.3% | $2,454 psf | $2,569,815 | 1,045 | ↑ 15.8% |
| 99 yrs lease commencing from 2015 | 489 | 2.2% | $1,627 psf | $1,365,016 | 861 | ↓ 1.1% |
| 99 yrs lease commencing from 1997 | 415 | 1.9% | $1,182 psf | $1,573,478 | 1,354 | ↑ 8.3% |
| 99 yrs lease commencing from 2008 | 372 | 1.7% | $1,568 psf | $2,120,291 | 1,356 | ↑ 10.8% |
| 99 yrs lease commencing from 1995 | 321 | 1.4% | $1,247 psf | $1,704,874 | 1,447 | ↑ 17.6% |
| 99 yrs lease commencing from 2017 | 273 | 1.2% | $2,029 psf | $1,456,990 | 715 | ↑ 4.2% |
| 99 yrs lease commencing from 1996 | 267 | 1.2% | $1,160 psf | $1,589,599 | 1,376 | ↑ 9.7% |
| 99 yrs lease commencing from 2007 | 229 | 1.0% | $1,732 psf | $2,903,782 | 1,597 | ↑ 8.9% |
| 99 yrs lease commencing from 2000 | 217 | 1.0% | $1,139 psf | $1,412,872 | 1,254 | ↑ 13.3% |
| 99 yrs lease commencing from 2020 | 193 | 0.9% | $2,467 psf | $1,927,110 | 821 | ↑ 35.0% |
| 99 yrs lease commencing from 2016 | 190 | 0.9% | $1,906 psf | $1,633,464 | 842 | ↑ 4.9% |
| 99 yrs lease commencing from 2002 | 177 | 0.8% | $1,574 psf | $1,626,982 | 1,111 | ↑ 15.2% |
| 99 yrs lease commencing from 2006 | 166 | 0.7% | $1,667 psf | $2,641,587 | 1,573 | ↑ 4.9% |
| 99 yrs lease commencing from 1994 | 165 | 0.7% | $1,287 psf | $2,199,800 | 1,759 | ↑ 10.4% |
| 99 yrs lease commencing from 2001 | 158 | 0.7% | $1,163 psf | $1,560,727 | 1,377 | ↑ 2.2% |
| 99 yrs lease commencing from 1993 | 149 | 0.7% | $1,283 psf | $1,656,327 | 1,306 | ↑ 11.0% |
| 99 yrs lease commencing from 1991 | 146 | 0.7% | $1,251 psf | $1,604,348 | 1,274 | ↑ 9.4% |
| 99 yrs lease commencing from 2009 | 127 | 0.6% | $1,544 psf | $1,717,367 | 1,142 | ↑ 10.4% |
| 999 yrs lease commencing from 1885 | 123 | 0.6% | $1,570 psf | $2,626,176 | 1,748 | ↓ 8.6% |
| 99 yrs lease commencing from 2004 | 120 | 0.5% | $1,515 psf | $1,757,943 | 1,240 | ↑ 10.1% |
| 99 yrs lease commencing from 1998 | 114 | 0.5% | $1,286 psf | $1,564,800 | 1,226 | ↑ 9.7% |
| 99 yrs lease commencing from 2005 | 99 | 0.4% | $1,695 psf | $2,892,096 | 1,555 | ↑ 4.4% |
| 999 yrs lease commencing from 1882 | 73 | 0.3% | $1,484 psf | $1,819,225 | 1,258 | ↑ 6.6% |
| 999 yrs lease commencing from 1877 | 65 | 0.3% | $1,922 psf | $2,611,766 | 1,355 | ↓ 1.1% |
| 99 yrs lease commencing from 1982 | 60 | 0.3% | $1,212 psf | $1,759,744 | 1,509 | ↑ 6.5% |
| 99 yrs lease commencing from 1992 | 55 | 0.2% | $1,002 psf | $1,404,903 | 1,411 | ↑ 1.7% |
| 999 yrs lease commencing from 1879 | 52 | 0.2% | $1,818 psf | $5,246,753 | 3,041 | ↑ 24.3% |
| 99 yrs lease commencing from 1999 | 43 | 0.2% | $1,799 psf | $2,067,197 | 1,177 | ↑ 8.1% |
| 956 yrs lease commencing from 1928 | 41 | 0.2% | $1,519 psf | $2,587,680 | 1,815 | ↑ 9.0% |
| 999 yrs lease commencing from 1883 | 39 | 0.2% | $2,078 psf | $3,916,614 | 1,771 | ↑ 37.8% |
| 999 yrs lease commencing from 1841 | 39 | 0.2% | $2,155 psf | $2,247,313 | 1,100 | ↓ 3.8% |
| 999 yrs lease commencing from 1876 | 36 | 0.2% | $1,756 psf | $4,299,917 | 2,455 | ↑ 4.0% |
| 99 yrs lease commencing from 1977 | 35 | 0.2% | $1,140 psf | $1,932,400 | 1,705 | ↑ 2.4% |
| 999 yrs lease commencing from 1878 | 34 | 0.2% | $1,590 psf | $2,518,614 | 1,569 | ↑ 8.3% |
| 99 yrs lease commencing from 1975 | 32 | 0.1% | $1,142 psf | $1,860,969 | 1,641 | ↑ 10.5% |
| 99 yrs lease commencing from 2003 | 32 | 0.1% | $1,197 psf | $1,492,899 | 1,280 | ↓ 4.7% |
| 999 yrs lease commencing from 1886 | 29 | 0.1% | $1,402 psf | $3,553,234 | 2,583 | ↑ 15.9% |
| 999 yrs lease commencing from 1875 | 23 | 0.1% | $2,341 psf | $6,719,261 | 2,715 | ↑ 26.4% |
| 99 yrs lease commencing from 1976 | 23 | 0.1% | $990 psf | $1,344,652 | 1,363 | ↑ 4.4% |
| 102 yrs lease commencing from 1978 | 20 | 0.1% | $1,011 psf | $1,651,250 | 1,635 | ↑ 7.0% |
| 60 yrs lease commencing from 2013 | 18 | 0.1% | $1,402 psf | $610,926 | 437 | ↑ 8.3% |
| 99 yrs lease commencing from 1970 | 16 | 0.1% | $1,191 psf | $1,315,000 | 1,104 | ↑ 9.2% |
| 946 yrs lease commencing from 1938 | 16 | 0.1% | $1,035 psf | $1,561,456 | 1,694 | ↑ 10.6% |
| 999 yrs lease commencing from 1955 | 15 | 0.1% | $1,693 psf | $5,008,518 | 3,050 | ↓ 10.0% |
| 999 yrs lease commencing from 1884 | 15 | 0.1% | $1,887 psf | $2,830,667 | 1,519 | ↑ 10.2% |
| 102 yrs lease commencing from 1996 | 14 | 0.1% | $1,528 psf | $4,392,857 | 2,893 | ↑ 4.7% |
| 100 yrs lease commencing from 1986 | 14 | 0.1% | $1,029 psf | $1,804,198 | 1,758 | ↑ 0.7% |
| 103 yrs lease commencing from 2009 | 14 | 0.1% | $1,787 psf | $2,125,479 | 1,299 | ↑ 23.8% |
| 999 yrs lease commencing from 1954 | 13 | 0.1% | $1,929 psf | $5,210,607 | 2,774 | ↑ 18.0% |
| 99 yrs lease commencing from 1979 | 13 | 0.1% | $2,022 psf | $3,005,385 | 1,938 | ↑ 84.7% |
| 103 yrs lease commencing from 2002 | 12 | 0.1% | $1,565 psf | $2,078,000 | 1,334 | ↑ 4.3% |
| 99 yrs lease commencing from 1984 | 11 | 0.0% | $1,080 psf | $1,865,808 | 1,728 | ↑ 2.4% |
| 99 yrs lease commencing from 1973 | 10 | 0.0% | $1,276 psf | $1,501,078 | 1,124 | ↑ 11.7% |
| 999 yrs lease commencing from 1956 | 9 | 0.0% | $1,926 psf | $3,706,667 | 1,947 | ↑ 17.3% |
| 103 yrs lease commencing from 1975 | 9 | 0.0% | $1,065 psf | $1,603,644 | 1,507 | ↑ 1.7% |
| 929 yrs lease commencing from 1953 | 8 | 0.0% | $2,052 psf | $2,685,063 | 1,325 | ↑ 7.4% |
| 999 yrs lease commencing from 1995 | 8 | 0.0% | $2,494 psf | $6,045,625 | 2,481 | ↓ 1.4% |
| 99 yrs lease commencing from 1990 | 8 | 0.0% | $1,307 psf | $2,161,250 | 1,609 | ↑ 19.4% |
| 999 yrs lease commencing from 1953 | 7 | 0.0% | $1,399 psf | $5,552,286 | 3,984 | ↓ 5.4% |
| 103 yrs lease commencing from 1977 | 7 | 0.0% | $1,054 psf | $1,761,286 | 1,670 | ↑ 5.4% |
| 70 yrs lease commencing from 1964 | 7 | 0.0% | $183 psf | $650,000 | 3,613 | ↓ 8.5% |
| 110 yrs lease commencing from 2017 | 7 | 0.0% | $2,419 psf | $1,926,433 | 801 | ↑ 6.8% |
| 99 yrs lease commencing from 1983 | 7 | 0.0% | $794 psf | $1,782,141 | 2,297 | ↓ 7.3% |
| 999 yrs lease commencing from 1874 | 7 | 0.0% | $1,836 psf | $5,756,857 | 3,240 | ↑ 55.7% |
| 99 yrs lease commencing from 1980 | 6 | 0.0% | $1,613 psf | $2,669,200 | 1,692 | ↑ 9.3% |
| 946 yrs lease commencing from 1937 | 6 | 0.0% | $1,493 psf | $719,667 | 497 | ↑ 24.9% |
| 99 yrs lease commencing from 1968 | 6 | 0.0% | $1,279 psf | $972,500 | 786 | ↑ 11.1% |
| 103 yrs lease commencing from 2013 | 4 | 0.0% | $1,042 psf | $3,282,006 | 3,138 | ↑ 5.1% |
| 947 yrs lease commencing from 1937 | 4 | 0.0% | $1,728 psf | $1,546,250 | 893 | ↑ 10.2% |
| 999 yrs lease commencing from 1937 | 4 | 0.0% | $1,871 psf | $1,790,250 | 955 | -- |
| 85 yrs lease commencing from 1990 | 4 | 0.0% | $847 psf | $1,116,700 | 1,319 | ↓ 1.3% |
| 99 yrs lease commencing from 1947 | 3 | 0.0% | $327 psf | $1,003,333 | 3,118 | ↑ 7.4% |
| 103 yrs lease commencing from 2008 | 3 | 0.0% | $1,101 psf | $3,663,333 | 3,340 | ↑ 1.0% |
| 99 yrs lease commencing from 1952 | 3 | 0.0% | $298 psf | $1,206,667 | 4,133 | ↓ 19.0% |
| 999 yrs lease commencing from 1881 | 3 | 0.0% | $1,220 psf | $4,079,333 | 3,469 | ↓ 5.1% |
| 99 yrs lease commencing from 1949 | 2 | 0.0% | $325 psf | $1,290,000 | 3,975 | -- |
| 99 yrs lease commencing from 1954 | 2 | 0.0% | $302 psf | $988,888 | 3,274 | -- |
| 103 yrs lease commencing from 2010 | 2 | 0.0% | $2,080 psf | $1,769,000 | 850 | ↑ 5.1% |
| 999 yrs lease commencing from 1827 | 2 | 0.0% | $2,334 psf | $2,525,000 | 1,076 | ↑ 15.7% |
| 993 yrs lease commencing from 1973 | 1 | 0.0% | $1,815 psf | $2,638,000 | 1,453 | ↓ 0.8% |
| 999 yrs lease commencing from 1965 | 1 | 0.0% | $1,520 psf | $900,000 | 592 | -- |
| 99 yrs lease commencing from 1972 | 1 | 0.0% | $550 psf | $2,500,888 | 4,549 | -- |
| 999 yrs lease commencing from 1904 | 1 | 0.0% | $1,365 psf | $3,559,598 | 2,607 | -- |
| 9999 yrs lease commencing from 1957 | 1 | 0.0% | $1,010 psf | $1,050,000 | 1,040 | -- |
| 103 yrs lease commencing from 2011 | 1 | 0.0% | $1,602 psf | $5,312,088 | 3,315 | ↑ 24.9% |
| 999 yrs lease commencing from 1958 | 1 | 0.0% | $2,034 psf | $4,680,000 | 2,301 | -- |
| 953 yrs lease commencing from 1931 | 1 | 0.0% | $1,932 psf | $6,800,000 | 3,520 | ↑ 27.9% |
| 999 yrs lease commencing from 1969 | 1 | 0.0% | $1,285 psf | $1,300,000 | 1,012 | -- |
| 9999 yrs lease commencing from 1995 | 1 | 0.0% | $1,805 psf | $1,088,000 | 603 | -- |
| 9999 yrs lease commencing from 1959 | 1 | 0.0% | $1,375 psf | $1,538,888 | 1,119 | -- |
| 999 yrs lease commencing from 1979 | 1 | 0.0% | $1,973 psf | $2,315,000 | 1,173 | -- |
| 9999 yrs lease commencing from 1958 | 1 | 0.0% | $2,366 psf | $6,500,000 | 2,747 | -- |
| 99 yrs lease commencing from 1953 | 1 | 0.0% | $286 psf | $440,000 | 1,539 | -- |
| 99 yrs lease commencing from 1978 | 1 | 0.0% | $894 psf | $2,150,000 | 2,405 | ↑ 19.6% |
| 999 yrs lease commencing from 1959 | 1 | 0.0% | $1,901 psf | $3,800,000 | 1,999 | -- |
| 999 yrs lease commencing from 1966 | 1 | 0.0% | $1,125 psf | $1,150,000 | 1,023 | -- |
Market Commentary
In 2023, tenure remained a decisive factor in condo pricing. Freehold properties commanded a 87.2% 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 2023?
Freehold and 999-year condos typically trade at a significant PSF premium over 99-year leasehold properties. In 2023, this premium was approximately 87.2%. 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 2023, 106 distinct tenure categories were recorded across 22,352 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.