How much more does freehold cost in Singapore?
Across 25 districts with sufficient data, freehold properties cost an average of 47% more than 99-year leasehold equivalents. The premium varies widely: from -35% in Raffles Place to 218% in Kranji. This analysis is based on 37,684 freehold and 94,207 leasehold transactions recorded by URA.
The Freehold Premium Explained
In Singapore, most private residential properties are either freehold (no expiry) or 99-year leasehold (the land reverts to the state after 99 years). The price difference between these two tenure types is called the freehold premium, and it varies significantly by district.
Kranji (D25) has the largest premium at 218%. Freehold properties here cost a median of S$3,785,000, while leasehold units cost S$1,190,000. That is a gap of S$2.6M per unit.
At the other end, Raffles Place (D01) has the smallest premium at just -35%. In districts with newer leasehold stock (freshly launched 99-year developments), the premium tends to be lower because the leasehold units still have nearly their full lease remaining.
Freehold vs Leasehold by District
D25 Kranji
Freehold: S$3.8M (30 txns) · Leasehold: S$1.2M (2,183 txns)
+218%
S$2.6M gap
D28 Seletar
Freehold: S$3.8M (474 txns) · Leasehold: S$1.3M (2,667 txns)
+197%
S$2.5M gap
D22 Jurong
Freehold: S$4.2M (24 txns) · Leasehold: S$1.5M (3,152 txns)
+179%
S$2.7M gap
D27 Yishun
Freehold: S$2.7M (219 txns) · Leasehold: S$1.3M (5,794 txns)
+110%
S$1.4M gap
D20 Bishan
Freehold: S$3.6M (1,053 txns) · Leasehold: S$1.8M (2,531 txns)
+106%
S$1.9M gap
D13 Macpherson
Freehold: S$2.8M (989 txns) · Leasehold: S$1.5M (1,866 txns)
+86%
S$1.3M gap
D16 Bedok
Freehold: S$2.8M (1,196 txns) · Leasehold: S$1.6M (4,791 txns)
+76%
S$1.2M gap
D26 Upper Thomson
Freehold: S$3.3M (534 txns) · Leasehold: S$1.9M (4,108 txns)
+75%
S$1.4M gap
D19 Serangoon Garden
Freehold: S$2.1M (2,426 txns) · Leasehold: S$1.4M (13,407 txns)
+54%
S$750K gap
D09 Orchard
Freehold: S$2.9M (3,313 txns) · Leasehold: S$2.0M (2,551 txns)
+46%
S$906K gap
D23 Hillview
Freehold: S$1.9M (658 txns) · Leasehold: S$1.4M (7,599 txns)
+38%
S$520K gap
D05 Pasir Panjang
Freehold: S$2.2M (1,135 txns) · Leasehold: S$1.7M (7,108 txns)
+27%
S$459K gap
D02 Anson
Freehold: S$1.9M (480 txns) · Leasehold: S$1.5M (977 txns)
+23%
S$350K gap
D10 Ardmore
Freehold: S$3.0M (5,667 txns) · Leasehold: S$2.4M (2,583 txns)
+23%
S$550K gap
D21 Upper Bukit Timah
Freehold: S$2.2M (1,849 txns) · Leasehold: S$1.9M (3,050 txns)
+14%
S$274K gap
D15 Katong
Freehold: S$2.4M (7,721 txns) · Leasehold: S$2.1M (3,852 txns)
+12%
S$265K gap
D18 Tampines
Freehold: S$1.5M (51 txns) · Leasehold: S$1.4M (9,720 txns)
+8%
S$118K gap
D03 Queenstown
Freehold: S$2.0M (275 txns) · Leasehold: S$2.0M (5,549 txns)
+4%
S$75K gap
D11 Watten Estate
Freehold: S$2.6M (2,910 txns) · Leasehold: S$2.7M (653 txns)
+-1%
S$-38,000 gap
D17 Loyang
Freehold: S$1.4M (1,204 txns) · Leasehold: S$1.4M (1,814 txns)
+-3%
S$-44,000 gap
D14 Geylang
Freehold: S$1.3M (2,841 txns) · Leasehold: S$1.4M (2,494 txns)
+-10%
S$-151,000 gap
D12 Balestier
Freehold: S$1.5M (1,738 txns) · Leasehold: S$1.8M (1,337 txns)
+-18%
S$-334,000 gap
D08 Little India
Freehold: S$1.3M (688 txns) · Leasehold: S$1.6M (866 txns)
+-19%
S$-305,000 gap
D04 Telok Blangah
Freehold: S$1.9M (189 txns) · Leasehold: S$2.8M (1,742 txns)
+-32%
S$-900,000 gap
D01 Raffles Place
Freehold: S$1.3M (20 txns) · Leasehold: S$2.0M (1,813 txns)
+-35%
S$-703,800 gap
Should You Buy Freehold or Leasehold?
The answer depends on your holding period. For investors planning to sell within 5-10 years, a newer 99-year leasehold development often delivers comparable returns at a lower entry price. The lease decay effect is minimal in the first 30-40 years.
For buyers planning to hold for 20+ years or pass the property to the next generation, freehold eliminates the uncertainty of lease decay and ensures the property retains its full value indefinitely. The premium you pay today may be justified by stronger capital preservation over decades.
In districts where the premium exceeds 50%, the entry cost difference is substantial. Consider whether that extra S$1.7M (average gap in high-premium districts) could be better deployed elsewhere in your portfolio.
Frequently Asked Questions
How much more does freehold cost vs leasehold in Singapore?
On average, freehold properties cost 47% more than 99-year leasehold across all districts. The premium ranges from -35% in Raffles Place (D01) to 218% in Kranji (D25). This is based on 131,891 URA transactions.
Which district has the highest freehold premium?
Kranji (D25) has the highest freehold premium at 218%. Freehold properties here cost a median of S$3,785,000 versus S$1,190,000 for leasehold, a gap of S$2.6M.
Is freehold always worth the premium in Singapore?
Not always. For a 5-10 year hold, the extra cost of freehold may not be recovered through appreciation alone. Freehold makes the most financial sense for long-term holds (20+ years) where lease decay on 99-year properties starts to accelerate. Newer 99-year leasehold developments often offer modern facilities at lower prices.
Source: URA Private Residential Property Transactions. Analysis by FairComparisons.