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 |
|---|---|---|---|---|---|---|---|---|---|---|
| PAYA LEBAR GARDENS | 19 | OCR | 4* | - | 1,279 | $4,800,000 | $3,754 | $3,754 | Jan 2026 | New Sale |
| PAYA LEBAR GARDENS | 19 | OCR | 5* | - | 1,600 | $4,000,000 | $2,501 | $2,501 | Oct 2025 | Resale |
| PAYA LEBAR GARDENS | 19 | OCR | 5* | - | 1,796 | $4,000,000 | $2,227 | $2,227 | Oct 2024 | Resale |
| PAYA LEBAR GARDENS | 19 | OCR | 4* | - | 1,281 | $3,258,888 | $2,544 | $2,544 | Oct 2024 | Resale |
| PAYA LEBAR GARDENS | 19 | OCR | 5* | - | 1,827 | $5,300,000 | $2,902 | $2,902 | Jun 2024 | Resale |
| PAYA LEBAR GARDENS | 19 | OCR | 4* | - | 1,301 | $3,030,000 | $2,328 | $2,328 | May 2024 | Resale |
| PAYA LEBAR GARDENS | 19 | OCR | 5* | - | 1,600 | $3,445,000 | $2,154 | $2,154 | Apr 2024 | Resale |
| PAYA LEBAR GARDENS | 19 | OCR | 4* | - | 1,301 | $3,100,000 | $2,382 | $2,382 | Feb 2024 | Resale |
| PAYA LEBAR GARDENS | 19 | OCR | 4* | - | 1,279 | $2,718,000 | $2,126 | $2,126 | Sep 2023 | Resale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.