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).
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Transaction prices per square foot
| Project | Dist | Region | Bed | Floor | Area | Price | PSF | 99yr Norm | Date | Type |
|---|---|---|---|---|---|---|---|---|---|---|
| RAYA GARDEN | 19 | OCR | 5* | - | 1,704 | $4,750,000 | $2,788 | $2,788 | Aug 2025 | Resale |
| RAYA GARDEN | 19 | OCR | 5* | - | 1,683 | $3,200,000 | $1,901 | $1,901 | Jun 2025 | Resale |
| RAYA GARDEN | 19 | OCR | 5* | - | 5,461 | $6,500,000 | $1,190 | $1,190 | Nov 2024 | Resale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.