The quickest reliable way to estimate a Singapore condo's market value is to pull recent URA comparable transactions, preferably from the same project, calculate price per square foot, apply straightforward adjustments and present the result as a range. This produces an indicative market value, not a formal valuation. Owners can check the underlying data through URA, REALIS and IRAS, or run the same figures through a platform such as haio.
TL;DR:
- Recent same-project transactions within the past six months provide the most reliable basis for estimating a condo's market value in Singapore.
- Filtering comparables by sale type, location, floor, and layout is crucial to avoid distortions in the price per square foot calculation.
- Using the median psf and the interquartile range offers a more stable and transparent estimate for adjusting to the subject unit's characteristics.
- Official data sources like URA, REALIS, and IRAS, combined with platforms such as haio, simplify the process but still produce an indicative range rather than a formal valuation.
- A professional valuation is necessary for legal, mortgage, or official reporting purposes, especially when comparables are limited or atypical.
Table of Contents
- Step-by-step method: gather comparables from URA/REALIS and prepare the dataset
- How to choose and filter comparables
- Calculations and adjustments: turning comparables into an indicative value range
- Official data sources and tools available in Singapore
- Confidence limits and when a formal valuation is needed
- Worked example: a reproducible mini-worksheet
- How haio approaches the same valuation problem
- How haio can help with your next valuation check
- Sources
- FAQ
Step-by-step method: gather comparables from URA/REALIS and prepare the dataset
Before comparing a single price, record the subject unit's own attributes precisely: project name, strata floor area, tenure, floor band and the sale type you are trying to match against. These details determine which transactions actually qualify as comparables.
The most current transaction records come from the URA's official property data pages and the REALIS system, which is available on subscription and holds transaction data going back to 1995. URA's own public search tool covers transactions with caveats or Options to Purchase lodged within the past 60 months, so anything older sits outside that window and needs REALIS or historical records instead.
Save the raw caveat or OTP dates alongside each transaction, not just the price. This lets you check recency and spot clusters of activity that might skew an average.
- Record the subject unit's project, strata area, tenure, floor band and sale type before searching.
- Search same-development transactions first, since matching the exact project removes most locational variance.
- If same-development data is thin, define a transparent radius or cluster rule rather than widening the search arbitrarily.
- Log the sample size and date range for every comparable set you build, so the estimate can be checked later.
Pro Tip: Keep a simple spreadsheet listing each excluded transaction and the reason it was dropped. This turns a one-off estimate into a reproducible worksheet anyone can audit.
How to choose and filter comparables
Not every recorded transaction belongs in the same comparison set, and mixing incompatible ones is the most common error in a psf calculation.
- Never mix sale types: a new sale, a subsale and a resale caveat carry different legal and timing implications, and blending them distorts the psf average.
- Match area, bedroom count and floor band first, then treat layout and renovation quality as separate qualitative adjustments rather than folding them into the base comparison.
- Watch for outliers, such as a single unusually high or low transaction in a thin sample, and either exclude it with a stated reason or flag the reduced confidence.
- Keep excluded records on file rather than deleting them, so the final range can be traced back to every decision made.
- Treat listing or asking prices as weaker evidence throughout: a recorded transaction represents agreed consideration, while an asking price may never actually transact.
Calculations and adjustments: turning comparables into an indicative value range
Once a clean set of comparables is assembled, calculate psf for each one by dividing the transacted price by strata area, then use the median rather than the simple average as the central figure, since a median resists distortion from one atypical sale.
- Report the interquartile range alongside the median psf, not just a single number, to show the spread across comparables.
- Apply qualitative adjustments in a consistent direction: a higher floor or better facing typically pushes psf upward, a dated interior pulls it down, and a sale several months old may need a small timing adjustment if the market has moved since.
- Convert the adjusted psf range back into a total price range by multiplying against the subject unit's own strata area, not a comparable's.
- State the sample size, the date range covered and a simple confidence label (high, moderate or low) alongside the final range.
A worked comparable set drawn from three same-project transactions within the past six months gives a materially tighter psf range than one pieced together from five different developments across two years; the underlying transaction records determine how much confidence the final figure deserves.
Official data sources and tools available in Singapore
Singapore's property data sits across three official channels, each with a distinct role, plus platforms that combine them for everyday use.
- URA's public transaction search and property data pages cover caveats and OTPs lodged within the last 60 months, alongside project-level price, rental, vacancy and supply statistics.
- REALIS extends that history back to 1995 and adds project-level detail, but access requires a subscription rather than the free public search.
- IRAS calculates Annual Value from estimated gross annual market rent, checkable at no cost through mytax.iras.gov.sg, and this figure is used for property tax rather than as a market sale value.
- haio combines URA, REALIS-sourced and IRAS data points into a single valuation and analysis view, so owners are not switching between three separate portals to build the same comparable set by hand.
Pro Tip: Cross-check a small same-project sample against a wider radius search before trusting the result, since URA caveats are not mandatory and some transactions never appear in the dataset at all.
Confidence limits and when a formal valuation is needed
An indicative range built this way suits selling preparation, setting a negotiation position or early budgeting, but it stops short of a standards-based report.
Mortgage underwriting, legal proceedings and financial reporting require a professional valuation prepared under SISV, RICS or IVS practice, which involves physical inspection and formal title and tenure checks that no psf worksheet replicates. Confidence in a manual estimate drops sharply with a very small same-project sample, an unusual unit layout, or nearby transactions that look atypical for the area; any of these signals is a reason to treat the range as a starting point rather than a conclusion.
Worked example: a reproducible mini-worksheet
Take a hypothetical 90 square metre, 99-year leasehold unit on a mid floor, unrenovated, in a fictional development called Riverpoint Residences.
- Comparable A: same project, similar floor band, transacted at $1,450 psf three months ago.
- Comparable B: same project, one floor higher with a better facing, transacted at $1,510 psf two months ago.
- Comparable C: same project, renovated unit, transacted at $1,540 psf one month ago.
The median psf across the three is $1,510. Adjusting Comparable C down slightly for its renovation premium and Comparable B down slightly for its facing advantage narrows the working range to roughly $1,460 to $1,510 psf. Applied to the subject's 90 square metres (about 969 square feet), that converts to an indicative range of roughly $1,415,000 to $1,463,000. Keep this worksheet, with sources and exclusions noted, as the reusable template for any future update.
How haio approaches the same valuation problem
haio builds its valuation and market analysis tools on the same official datasets described above, pulling transaction and pricing signals into one view rather than three separate lookups. The platform also runs personalised affordability checks and current mortgage rate comparisons, aimed at the transparency gap owners and buyers face when trying to piece together listings, official data and financing terms on their own. The platform's listings sit alongside this analysis, combining transaction history with property search in a single place built for the Singapore market.
— HAIO
How haio can help with your next valuation check
A manual worksheet gets an owner most of the way to a defensible range, but pulling fresh comparables every time a decision comes up takes real effort. haio's Valuation Analysis tool runs the same URA and IRAS-based logic automatically against a specific address, and its Property Analysis page adds the comparable detail and export options a manual spreadsheet would otherwise take hours to assemble.
- Valuation Analysis gives an indicative range for a specific unit without the manual data pull.
- Property Analysis adds detailed comparables and data exports for closer review.
- Affordability checks pair a condo's indicative value with current mortgage rate comparisons.
- haio+, at $49 a month or $499 a year, unlocks the fuller report tier along with prioritised alerts on new comparable transactions.
Readers who want to move beyond a spreadsheet estimate can run their address through haio's Valuation Analysis now, or check haio+ for the detailed report tier.
Sources
For further checking: URA's transaction search and property data pages, REALIS for subscription-based historical depth, IRAS's Annual Value service for tax-related checks, and haio's landing pages for a combined view.
- Data
- Property data | Urban Redevelopment Authority (URA)
- IRAS | Find out Annual Values
- REALIS coverage and methodology (URA)
FAQ
How do I determine the value of a condominium?
Gather recent same-project transactions from URA or REALIS, calculate price per square foot for each, then adjust for floor, facing, renovation and timing before converting the adjusted psf range into a total price. This gives an indicative market value rather than a certified figure, and platforms such as haio run this same process automatically against a specific address.
How do I check the Annual Value of my property in Singapore?
Annual Value can be checked free of charge by logging into mytax.iras.gov.sg, or through the IRAS Check Annual Value service for a fee of $2.50 per search covering the current and past five years. AV reflects estimated gross annual market rent and is used for property tax, not market sale value.
How accurate is SRX valuation?
Automated valuation tools, including those built on SRX or similar transaction feeds, offer a useful indicative estimate but rely on the depth and recency of comparable transactions available at the time. Their accuracy narrows when same-project comparables are sparse or when a unit has unusual attributes, which is why a professional valuation remains the standard for mortgage, legal or reporting purposes.
Where can I get a free property valuation in Singapore?
Owners can build a free indicative estimate themselves using URA's public transaction search and IRAS Annual Value data, or use haio's Valuation Analysis tool, which draws on the same official sources. A formal valuation, required for mortgage or legal purposes, is prepared by a licensed valuer rather than offered free.
What is the difference between market valuation and mortgage valuation?
A market valuation estimates what a condo would likely sell for based on comparable transactions and current conditions, while a mortgage valuation is a formal report a bank commissions from a licensed valuer to confirm the property's worth as loan security. The two can differ, since a mortgage valuation follows standards-based practice with physical inspection, rather than a desktop comparable exercise.