From $845 to $2,159 PSF: How Singapore's Landed Market Changed in 10 Years
In 2015, freehold terraces transacted at a median $1,333 psf of land. By 2Q 2025, that had reached $2,159 psf, a 62% increase. Even 99-year landed homes rose 51%, from an average $845 to $1,277 psf.
That works out to roughly 4% to 5% annual growth. Strong, but nowhere near the idea that landed prices normally rise 10% every year.
10 years in one table
| Landed segment | 2015 land PSF | 2025 land PSF | Change | Annualised |
|---|---|---|---|---|
| Freehold terrace | $1,333 | $2,159 | +62% | 4.9% |
| Freehold semi-D | $1,192 | $1,848 | +55% | 4.5% |
| Freehold detached | $1,229 | $1,834 | +49% | 4.1% |
| 99-year landed, all types | $845 | $1,277 | +51% | 4.2% |
The freehold figures are 2015 to 2Q 2025 medians from PropertyLimBrothers’ URA-based analysis. The 99-year figures are annual islandwide averages from Stacked’s URA transaction analysis.
Landed beat condos
Over the same 10 years from 2Q 2016 to 2Q 2026, landed prices rose 65%, compared with 54% for condos and apartments.
| Market | 2Q 2016 index | 2Q 2026 index | 10-year change | Annualised |
|---|---|---|---|---|
| Landed | 156.6 | 258.4 | +65.0% | 5.1% |
| Condos and apartments | 136.5 | 210.6 | +54.3% | 4.4% |
Landed outperformed by 10.7 percentage points. Put another way, $1 million tracking the landed index would have grown to $1.65 million, versus $1.54 million for condos and apartments.
These are URA price indices published by SingStat, not raw PSF averages. URA calls the condo and apartment category “non-landed” and adjusts the index for differences such as property age and unit size.
Freehold didn’t win by a landslide
Freehold terraces were the clear winner. But freehold detached houses gained 49%, slightly less than the broad 99-year landed market’s 51%.
So tenure wasn’t the only thing driving returns. Location, plot size, condition and the type of landed house mattered too. This isn’t a perfectly controlled comparison either: one source reports medians by house type, while the other reports an islandwide average.
There is still a large price gap today. From 2022 to 2026, freehold landed transacted at a median $2,016 psf, compared with $1,413 psf for true 99-year land. Freehold carried a 43% premium, while 999-year land was only 7% cheaper. See the tenure breakdown.
Small terraces ran fastest
Terraces have the lowest entry price among conventional landed homes, giving them the widest upgrader pool. Their smaller plots can also produce a higher land PSF even when their total price remains below a semi-D or detached house.
That helps explain today’s sharp movement at the entry end of the market. A $500,000 jump from $3.75 million to $4.25 million is 13.3% in one year, but it isn’t the normal 10-year return for every landed property.
What this means for Pocket View
Our Pocket View case study estimated a $7.8 million purchase and an appreciation target of 5% a year. That target is close to the historical 4% to 5% range shown here.
But the property has negative cash flow, so appreciation has to do the heavy lifting. A decade of market growth supports the thesis. It doesn’t guarantee that one $7.8 million semi-D will follow the index.
A freehold title doesn’t rescue a bad entry price.
