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 |
|---|---|---|---|---|---|---|---|---|---|---|
| RACE COURSE 138 | 8 | RCR | 3* | 01-05 | 1,141 | $1,200,000 | $1,052 | $1,052 | Mar 2026 | Resale |
| RACE COURSE 138 | 8 | RCR | 3* | 01-05 | 1,184 | $1,300,000 | $1,098 | $1,098 | Dec 2025 | Resale |
| RACE COURSE 138 | 8 | RCR | 4* | 01-05 | 1,442 | $1,500,008 | $1,040 | $1,040 | May 2025 | Resale |
| RACE COURSE 138 | 8 | RCR | 4* | 01-05 | 1,432 | $1,625,000 | $1,135 | $1,135 | Mar 2025 | Resale |
| RACE COURSE 138 | 8 | RCR | 3* | 01-05 | 1,141 | $1,310,000 | $1,148 | $1,148 | Mar 2025 | Resale |
| RACE COURSE 138 | 8 | RCR | 5* | 06-10 | 1,658 | $1,725,000 | $1,041 | $1,041 | Mar 2024 | Resale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.