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 |
|---|---|---|---|---|---|---|---|---|---|---|
| M21 | 11 | CCR | 4 | 16-20 | 1,755 | $3,538,888 | $2,017 | $2,017 | Apr 2026 | Resale |
| M21 | 11 | CCR | 2 | 06-10 | 1,066 | $1,800,000 | $1,689 | $1,689 | Aug 2025 | Resale |
| M21 | 11 | CCR | 2 | 06-10 | 1,066 | $1,750,000 | $1,642 | $1,642 | Jun 2024 | Resale |
| M21 | 11 | CCR | 4 | 11-15 | 1,755 | $3,200,000 | $1,824 | $1,824 | Apr 2024 | Resale |
| M21 | 11 | CCR | 2 | 06-10 | 1,066 | $1,858,888 | $1,744 | $1,744 | Apr 2024 | Resale |
| M21 | 11 | CCR | 3 | 16-20 | 2,433 | $3,180,000 | $1,307 | $1,307 | Sep 2023 | Resale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.