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 |
|---|---|---|---|---|---|---|---|---|---|---|
| NEU AT NOVENA | 11 | CCR | 2 | 11-15 | 657 | $1,865,000 | $2,840 | $2,840 | Oct 2025 | Sub Sale |
| NEU AT NOVENA | 11 | CCR | 2 | 06-10 | 549 | $1,494,888 | $2,723 | $2,723 | Aug 2025 | Sub Sale |
| NEU AT NOVENA | 11 | CCR | 4 | 16-20 | 1,302 | $3,550,000 | $2,726 | $2,726 | Mar 2025 | Sub Sale |
| NEU AT NOVENA | 11 | CCR | 2 | 06-10 | 549 | $1,450,000 | $2,641 | $2,641 | Sep 2023 | Sub Sale |
| NEU AT NOVENA | 11 | CCR | 4 | 06-10 | 1,302 | $3,333,120 | $2,559 | $2,559 | Sep 2023 | New Sale |
| NEU AT NOVENA | 11 | CCR | 4 | 11-15 | 1,195 | $3,080,000 | $2,578 | $2,578 | Jul 2023 | New Sale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.