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 |
|---|---|---|---|---|---|---|---|---|---|---|
| SHEPHERD'S HILL ESTATE | 3 | RCR | 5* | - | 5,155 | $15,078,688 | $2,925 | $2,925 | Nov 2025 | Resale |
| SHEPHERD'S HILL ESTATE | 3 | RCR | 5* | - | 5,595 | $12,000,000 | $2,145 | $2,145 | Oct 2025 | Resale |
| SHEPHERD'S HILL ESTATE | 3 | RCR | 5* | - | 4,662 | $8,200,000 | $1,759 | $1,759 | May 2024 | Resale |
| SHEPHERD'S HILL ESTATE | 3 | RCR | 5* | - | 5,038 | $8,480,000 | $1,683 | $1,683 | Dec 2023 | Resale |
| SHEPHERD'S HILL ESTATE | 3 | RCR | 5* | - | 5,199 | $8,250,000 | $1,587 | $1,587 | Nov 2023 | Resale |
Normalized via Bala's Table (SLA differential premium curve). Fresh 99yr lease ≈ 96% of freehold; below 40yr we don't normalize.