In the Core Central Region, the median freehold resale sat 9.8% above the median 99-year resale, according to Truestorey's calculation from URA's filed private residential transactions for 2024-10 to 2026-09. In the Rest of Central Region, the same comparison came out at -9.9%, so freehold was the cheaper tenure by the median. If you are weighing freehold against leasehold, the gap depends heavily on which region you look at, and a raw median cannot explain why.
- 9.8% freehold median against 99-year median, Core Central Region 2024-10 to 2026-09 · Truestorey, from URA Data Service — private residential transactions
- -9.9% freehold median against 99-year median, Rest of Central Region 2024-10 to 2026-09 · Truestorey, from URA Data Service — private residential transactions
- 3.9% freehold median against 99-year median, Outside Central Region 2024-10 to 2026-09 · Truestorey, from URA Data Service — private residential transactions
These medians mix tenure with location, age and size
Every figure here is a raw median. It takes all freehold resales in a region and all 99-year resales in the same region and finds the middle of each. It does not compare like with like.
That matters because the two groups are built differently. Freehold projects cluster in older districts and are often older buildings. Many 99-year projects are newer. Unit sizes differ between the groups as well. When the medians move apart, some of the movement comes from where the homes are, how old they are and how big they are, and a median has no way to separate those effects from tenure.
So the gap in any region is not the value of freehold on any one home. It describes the two sets of homes that happened to change hands, and no single flat in either set.
What URA's filed resales show, region by region
URA's filed resale transactions for 2024-10 to 2026-09 give the following medians, per square foot.
| Region | Freehold median | 99-year median | Freehold against 99-year | Resales behind the medians |
|---|---|---|---|---|
| Core Central Region | S$2,255 psf | S$2,054 psf | 9.8% | 2,534 freehold, 1,580 leasehold |
| Rest of Central Region | S$1,793 psf | S$1,991 psf | -9.9% | 2,943 freehold, 4,455 leasehold |
| Outside Central Region | S$1,592 psf | S$1,531 psf | 3.9% | 1,992 freehold, 9,650 leasehold |
The percentage column is Truestorey's calculation from the same URA data. It sets each freehold median against the 99-year median in the same region.
No simple rule fits all three regions. Freehold leads in the Core Central Region and the Outside Central Region and trails in the Rest of Central Region. The lead in the core is more than double the lead in the Outside Central Region.
Why the core shows a premium that may understate or overstate tenure
In the Core Central Region, freehold resales outnumbered leasehold resales: 2,534 against 1,580 over the period. The freehold median of S$2,255 psf reflects many transactions in established districts where freehold has long been the usual tenure.
The gap here can mislead in either direction. Many freehold buildings in the core are older, and older buildings tend to trade at lower prices per square foot than newer ones nearby. That drags the freehold median down, so the 9.8% could understate what tenure alone is worth. On the other hand, some of the most sought-after addresses in the core are freehold. Location lifts the freehold median, which could make the 9.8% overstate tenure.
The median cannot tell you which effect is stronger. It only tells you that, taken together, freehold resales in the core were priced above 99-year resales.
Why freehold can look cheaper in the Rest of Central Region
The Rest of Central Region is where the raw median reverses. Freehold's median of S$1,793 psf sat below the 99-year median of S$1,991 psf, and the gap came out at -9.9%.
That does not show that leasehold is worth more than freehold in this region. The more likely reading follows from the caveat. Freehold stock in these districts is often older, while 99-year resales include many newer projects. Newer buildings usually trade at higher prices per square foot, so building age can outweigh tenure and push the leasehold median above freehold.
The resale mix points the same way. Leasehold resales outnumbered freehold here, 4,455 against 2,943. The 99-year median rests on a larger and probably newer body of transactions. If you compared freehold and leasehold buildings of similar age in the same neighbourhood, the order could look quite different. The median alone cannot show that.
If you are looking in this region, a lower freehold price per square foot says nothing about quality or value. Check the building's age, condition and unit sizes before you read anything into it.
Outside the centre, a narrow gap built on an uneven sample
In the Outside Central Region, freehold's median of S$1,592 psf sat 3.9% above the 99-year median of S$1,531 psf. That is the smallest positive gap of the three regions.
The samples are very uneven. There were 9,650 leasehold resales against 1,992 freehold, so leasehold resales were several times more numerous. Most private homes that changed hands outside the centre were 99-year, and the freehold median rests on a much thinner and possibly more particular set of homes.
A narrow gap on an uneven sample is fragile. The freehold transactions may be concentrated in a few estates or building types. A modest difference in the median may then say more about which freehold homes came up for sale than about tenure.
What to check before tenure decides your purchase
The regional medians show that freehold and 99-year homes trade at different prices. They do not show how much tenure is worth on the home you are considering. To get closer to that, compare narrower groups.
- Match the building age. Set a freehold building against 99-year buildings of similar age. Comparing an older freehold block with a new leasehold project mostly measures age.
- Match the location. Compare within a small area, not across a whole region. A region-wide median combines very different neighbourhoods.
- Match the unit size. Smaller units often carry higher prices per square foot. A mix weighted towards small or large units can move the median without any change in tenure.
- Check the remaining lease. A 99-year home with most of its lease left and one well into its term are different propositions. A region-wide median treats them the same.
- Look at how many transactions sit behind a comparison. A handful of resales can produce a median that a single unusual sale can move.
For how remaining lease relates to value across the term of a 99-year home, see the Truestorey leasehold relativity table. It shows how much of the gap in any comparison may come from lease decay and how much from age, location and size.
