About this number
Normalized PSF uses Bala's Table - the Singapore Land Authority differential premium reference for valuing leasehold against freehold. Bala values a fresh 99-year lease at 96% of freehold; the curve drops non-linearly, reaching ~75% at 50 years remaining and ~60% at 30 years.
Below 40 years remaining we stop normalizing because the curve diverges from market reality once CPF withdrawal restrictions and bank LTV cliffs dominate.
A separate 5% adjustment applies to projects whose lease commenced before 2023, reflecting the older strata-area measurement convention (which counted air-con ledges and bay windows).
Source: Singapore Land Authority differential premium reference (Bala's Table).
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Transaction prices per square foot
| Project | Dist | Region | Bed | Floor | Area | Price | PSF | 99yr Norm | Date | Type |
|---|---|---|---|---|---|---|---|---|---|---|
| CHENG SOON GARDEN | 21 | RCR | 5* | - | 3,903 | $6,830,000 | $1,750 | — | Apr 2026 | Resale |
| CHENG SOON GARDEN | 21 | RCR | 5* | - | 4,346 | $7,600,000 | $1,749 | — | Feb 2026 | Resale |
| CHENG SOON GARDEN | 21 | RCR | 5* | - | 7,551 | $12,650,000 | $1,675 | — | Apr 2025 | Resale |
| CHENG SOON GARDEN | 21 | RCR | 5* | - | 3,972 | $7,388,888 | $1,860 | — | Jul 2024 | Resale |
| CHENG SOON GARDEN | 21 | RCR | 5* | - | 3,698 | $5,500,000 | $1,487 | — | Oct 2023 | Resale |
| CHENG SOON GARDEN | 21 | RCR | 5* | - | 2,824 | $4,820,000 | $1,707 | — | Sep 2023 | Resale |
| CHENG SOON GARDEN | 21 | RCR | 5* | - | 2,842 | $4,950,000 | $1,742 | — | Jul 2023 | Resale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.