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 |
|---|---|---|---|---|---|---|---|---|---|---|
| LUMA | 9 | CCR | 2 | 21-25 | 1,173 | $2,650,000 | $2,259 | $2,259 | Apr 2026 | Resale |
| LUMA | 9 | CCR | 2 | 06-10 | 904 | $1,930,000 | $2,135 | $2,135 | Apr 2026 | Resale |
| LUMA | 9 | CCR | 1 | 11-15 | 743 | $1,580,000 | $2,127 | $2,127 | Sep 2025 | Resale |
| LUMA | 9 | CCR | 1 | 11-15 | 743 | $1,558,000 | $2,098 | $2,098 | Jan 2025 | Resale |
| LUMA | 9 | CCR | 1 | 21-25 | 743 | $1,635,000 | $2,201 | $2,201 | Nov 2024 | Resale |
| LUMA | 9 | CCR | 2 | 06-10 | 1,173 | $2,350,000 | $2,003 | $2,003 | Aug 2024 | Resale |
| LUMA | 9 | CCR | 2 | 11-15 | 904 | $2,037,000 | $2,253 | $2,253 | Jul 2024 | Resale |
| LUMA | 9 | CCR | 2 | 11-15 | 1,173 | $2,348,000 | $2,001 | $2,001 | Jun 2024 | Resale |
| LUMA | 9 | CCR | 2 | 21-25 | 904 | $1,950,000 | $2,157 | $2,157 | Mar 2024 | Resale |
| LUMA | 9 | CCR | 1 | 16-20 | 743 | $1,460,000 | $1,966 | $1,966 | Feb 2024 | Resale |
| LUMA | 9 | CCR | 1 | 21-25 | 743 | $1,580,000 | $2,127 | $2,127 | Feb 2024 | Resale |
| LUMA | 9 | CCR | 2 | 11-15 | 1,173 | $2,250,000 | $1,918 | $1,918 | Oct 2023 | Resale |
| LUMA | 9 | CCR | 2 | 16-20 | 904 | $1,815,000 | $2,007 | $2,007 | Jul 2023 | Resale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.