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).
Transaction prices per square foot
| Project | Dist | Region | Bed | Floor | Area | Price | PSF | 99yr Norm | Date | Type |
|---|---|---|---|---|---|---|---|---|---|---|
| ILLUMINAIRE ON DEVONSHIRE | 9 | CCR | 1 | 11-15 | 463 | $1,050,000 | $2,269 | $2,269 | Nov 2025 | Resale |
| ILLUMINAIRE ON DEVONSHIRE | 9 | CCR | 1 | 01-05 | 441 | $1,010,000 | $2,289 | $2,289 | Apr 2025 | Resale |
| ILLUMINAIRE ON DEVONSHIRE | 9 | CCR | 2 | 16-20 | 635 | $1,460,000 | $2,299 | $2,299 | Dec 2024 | Resale |
| ILLUMINAIRE ON DEVONSHIRE | 9 | CCR | 2 | 16-20 | 635 | $1,390,000 | $2,189 | $2,189 | Oct 2024 | Resale |
| ILLUMINAIRE ON DEVONSHIRE | 9 | CCR | 1 | 01-05 | 441 | $968,000 | $2,193 | $2,193 | Oct 2024 | Resale |
| ILLUMINAIRE ON DEVONSHIRE | 9 | CCR | 2 | 01-05 | 635 | $1,368,000 | $2,154 | $2,154 | Aug 2024 | Resale |
| ILLUMINAIRE ON DEVONSHIRE | 9 | CCR | 1 | 06-10 | 441 | $1,008,000 | $2,284 | $2,284 | Jun 2024 | Resale |
| ILLUMINAIRE ON DEVONSHIRE | 9 | CCR | 1 | 06-10 | 441 | $1,090,000 | $2,470 | $2,470 | May 2024 | Resale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.