A PSF comparison in Singapore is only reliable when the two properties share the same measurement basis, sale type, tenure, region, period and unit size. Price per square foot (PSF) divides a transacted price by an area, so the result depends on which area is used (land area or strata floor area) and on when and how the building was designed. This guide sets out how PSF is measured, what changed in 2023, a checklist for comparing two projects, and the other figures to read alongside it.
TL;DR
- PSF for landed homes is computed on land area, while PSF for apartments and condominiums is computed on strata floor area, so the two cannot be compared directly.
- Since the floor area harmonisation rule took effect on 1 June 2023, new launches and older condos are measured differently, which can lift the reported PSF of newer projects without a matching rise in total price.
- A fair comparison keeps the same period, unit size, sale type (new sale, sub-sale or resale), tenure and region (CCR, RCR or OCR).
- PSF should be read together with total price, tenure, rental PSF and affordability, not in place of them.
- Price indices from URA adjust for age and unit size, so they are a better guide to market direction than raw PSF averages.
Table of Contents
- What PSF means in Singapore listings
- Why the same PSF can mean different things in different projects
- A five-step checklist for comparing two projects
- Reading PSF alongside other figures
- Common mistakes in PSF comparisons
- How to run a PSF comparison with transaction data
- Our perspective
- Using haio for PSF comparisons
- FAQ
- Sources
What PSF means in Singapore listings
PSF is the transacted or asking price divided by the area of the property in square feet. The difficulty lies in the denominator. According to the URA glossary, the median price per square foot for detached, semi-detached and terrace houses is calculated on land area, while for strata sub-divided properties such as apartments, condominiums, cluster housing and townhouses it is calculated on strata floor area. OneMap's notes on property prices state the same split: conventional landed housing is computed on land area, and strata sub-divided housing (including strata landed housing) on strata area.
The practical consequence is that a landed PSF and a condo PSF describe different things. A landed figure reflects the price of land, with the built-up area of the house playing no part in the calculation. A condo figure reflects the price of enclosed strata space, with a share of common property and land embedded in the price. A landed property that transacts at a lower PSF than a condo may still cost several times more in total, because the land area is far larger than a typical apartment.
A short hypothetical illustrates the point (the figures are for explanation only and are not market data):
| Property | Area basis | Area | PSF | Total price |
|---|---|---|---|---|
| Terrace house | Land area | 2,000 sq ft | S$1,500 | S$3,000,000 |
| Condo unit | Strata floor area | 1,000 sq ft | S$2,100 | S$2,100,000 |
The house carries the lower PSF and the higher quantum, and neither number alone says which is better value for a given household. For a longer walkthrough of the arithmetic, see our explainer on PSF in Singapore.
Why the same PSF can mean different things in different projects
Floor area definitions changed in 2023
URA circular DC22-09 on the harmonisation of floor area definitions took effect on 1 June 2023. Under it, floor areas across agencies are measured to the middle of the wall, all strata areas are included as gross floor area (GFA), and all voids are excluded from strata area.
For comparison purposes, the implication is that the strata area quoted for a unit in a project sold under the newer definitions is not measured in exactly the same way as the area quoted in an older project. Features that were previously counted in marketed or strata area in some older developments (for example air-conditioner ledges, bay windows or void spaces) are treated differently under the harmonised rules. When the denominator shrinks and the total price does not, PSF rises. A higher PSF in a new launch therefore partly reflects a change in how space is counted, and not only a change in what buyers pay.
This does not make PSF useless. It means a gap between a new launch and a 15-year-old resale condo should be read as a combination of two effects: the underlying price difference and the measurement difference. Comparing two projects that were both completed or launched under the same definition removes the second effect.
New sale, sub-sale and resale are different markets
New sales are priced by developers, usually with progressive payment and a different timeline to possession. Resales are priced between private parties and can be occupied or rented out soon after completion. Mixing the two in one average produces a number that describes neither. When reading any project page, separate the transaction types before comparing.
Tenure and region shift PSF structurally
Freehold and 99-year leasehold properties price remaining land rights differently, and the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) carry different land values. Even within one region, local conditions differ: The Straits Times reported that non-landed homes in Sentosa Cove were at about S$1,792 psf in 2024 and about S$1,728 psf in the first nine months of 2025, even as CCR resale condo median PSF rose over the same period. A regional label is a starting point, and a sub-market can move in a different direction. For how the three regions affect a budget, see our piece on CCR, RCR and OCR.
A five-step checklist for comparing two projects
- Fix the period. Compare transactions from the same window, such as the same two quarters, because the market moves between them. A 2024 average set against a 2026 average mixes price growth with project differences.
- Match the unit size. Smaller units tend to carry a higher PSF because fixed costs such as kitchens and bathrooms are spread across less area. Compare one-bedroom units with one-bedroom units, and three-bedroom units with three-bedroom units.
- Separate the sale type. Keep new sales, sub-sales and resales apart, and compare like with like.
- Match the tenure. Compare freehold with freehold and 99-year leasehold with 99-year leasehold, or at least note the remaining lease on each unit.
- Stay in the same region. Compare CCR with CCR, RCR with RCR, and OCR with OCR, and preferably the same planning area or district.
If all five hold, a PSF gap between two projects is a reasonably clean signal. If one is broken, the gap should be adjusted mentally or the comparison treated as indicative only.
A worked example
Suppose a buyer considers two hypothetical 1,000 sq ft, 99-year leasehold units in the same district: a new launch at S$2,100 psf and a resale at S$1,650 psf. The quantum is S$2,100,000 against S$1,650,000, a difference of S$450,000, or about 21% of the resale price.
Before concluding that the new launch is S$450,000 "more expensive", the buyer asks what that gap contains. Part of it reflects a newer building with a longer remaining lease. Part may reflect the measurement change described above. Part reflects the new-launch pricing basis and the payment schedule. Only after separating those components does the PSF gap become useful. The buyer should also run the total cost through an affordability check, since stamp duties and the loan size matter more to monthly cash flow than the PSF label does.
Reading PSF alongside other figures
Total price and affordability
PSF cannot show whether a purchase fits a household's income and loan limits. Two units at the same PSF can sit hundreds of thousands of dollars apart in quantum because of size. Total price, the down payment, stamp duties and the monthly instalment should be modelled before PSF is used to rank options. If the choice is between public and private housing, our comparison of HDB and condo purchases sets out how the rules and costs differ.
Rental PSF and yield
For investors and tenants, the rental equivalent matters. The URA glossary defines median rental per month in dollars per square foot as the level at or below which 50% of rental contracts for a private residential project fall, and it defines the 25th and 75th percentile rentals in the same way for 25% and 75% of contracts. Looking at the 25th to 75th percentile range gives a better sense of the spread than a single median does. Dividing annual rent by purchase price gives a gross yield, and the steps to net that figure down to cash flow are covered in our guide to rental property cash flow.
Maintenance fees and holding costs
Two condos at the same PSF can have quite different monthly maintenance fees depending on facilities and unit count. Holding costs reduce net returns for owners and investors alike, and our condo maintenance checklist lists what to review.
Price indices versus raw averages
For market direction, a raw average PSF can be distorted by which projects happened to transact in a quarter. URA's REALIS methodology notes that, from 1Q 2015, the private residential price indices are computed using stratified hedonic regression, which controls for attributes including property age and unit size. Indices of this kind are therefore less affected by changes in the mix of units sold than a simple average PSF.
The headline figures from the index illustrate how segments differ. The Business Times reported, summarising URA flash estimates, that private home prices rose 3.4% in 2025, with landed property up 7.7% and non-landed up 2.4%, after a 0.7% rise in the fourth quarter. For 2023, it reported a 6.7% full-year gain with the fourth-quarter rise of 2.7% pulled up by new launches priced at fresh benchmarks amid low transaction volume. Both reports show that new launch pricing can lift averages in a period of thin volume, which is one more reason to separate sale types when comparing. Our own coverage tracks the latest releases in Singapore property market trends and the property price index.
Common mistakes in PSF comparisons
- Comparing landed with strata PSF. The area bases differ, as set out above.
- Using asking PSF as if it were transacted PSF. Listings show what sellers hope to achieve, while transaction records show what buyers paid.
- Ignoring remaining lease. A 99-year lease with 60 years left is not the same product as one with 95 years left, even at an identical PSF.
- Using a single transaction. One unit on a high floor or with a premium view can sit well above the project median.
- Treating a new-launch premium as a fixed rule. The gap between new and resale differs by project, location and market cycle, and each comparison should be calculated from actual transactions.
- Reading PSF without the quantum. A low PSF on a large unit may still exceed a budget, and a high PSF on a compact unit may fit it.
How to run a PSF comparison with transaction data
The cleanest route is to start from recorded transactions and filter them before averaging. A repeatable method looks like this:
- List the transactions for each project over the same period, using the project's resale records and, separately, its new-sale records.
- Restrict to the target unit size band, for example 650 to 750 sq ft.
- Note tenure and remaining lease for each project.
- Compute the median PSF, not the mean, so that a few outliers do not dominate.
- Compare the medians, then compare the rental PSF range for the same project.
- Convert the PSF difference into a total price difference for the unit you actually intend to buy.
A worksheet version of these steps using URA and REALIS data is set out in our condo valuation guide.
Our perspective
Price per square foot is a ratio, and a ratio is only as informative as the consistency of its inputs. In Singapore the inputs vary more than most readers assume: land area for landed homes, strata area for apartments, different area definitions before and after June 2023, and different mixes of unit size, tenure and sale type from one quarter to the next.
For that reason we build haio around the underlying transactions, not around a single headline PSF. Our aim is to bring Singapore residential property data sources into one place, so that a buyer, investor, tenant, homeowner or agent can filter by period, size, sale type and tenure before reading any average. The same data supports valuation, affordability and market analysis, so that PSF becomes one input among several and not the whole decision.
In practice, we would suggest treating PSF as the first screen and quantum, rental range and affordability as the second. A comparison that survives both is far more likely to hold up when the property is eventually valued, financed or sold.
HAIO
Using haio for PSF comparisons
haio provides project-level pages with price history and transactions, for example Casa Meyfort and Everitt Edge, so that transacted figures can be viewed per project. The Property Analysis tool supports side-by-side market analysis, and the Affordability tool tests a budget against loan and tenure assumptions. Premium analytics, valuation reports and Master Plan tools sit under haio+, listed at S$49 per month or S$499 per year, with a Basic plan available as well.
FAQ
Is a higher PSF always a sign of a better property?
No. A higher PSF can reflect a smaller unit, a newer building, a central location, a freehold tenure or a different area definition. It indicates what was paid per unit of area, and it says nothing on its own about quality, remaining lease or suitability for a household.
Can I compare the PSF of a landed house with a condo?
Not directly. URA computes landed PSF on land area and condo PSF on strata floor area, so the two measure different things. Comparing total price, location and expected use is more informative.
Why is the PSF of new launches higher than resale condos?
Several factors combine: newer buildings, longer remaining leases, developer pricing and, since 1 June 2023, a different way of counting floor area under the harmonised definitions. The size of the gap varies by project and period, so it should be calculated from actual transactions in the districts being compared.
Which PSF figure should an investor focus on?
Investors typically look at purchase PSF and rental PSF together, because their ratio drives gross yield. Using the median together with the 25th to 75th percentile rental range from URA data shows how stable the rent is across contracts in a project.
Sources
- Glossary, Urban Redevelopment Authority
- Notes for Property Prices, OneMap
- Harmonisation of Floor Area Definitions, URA circular DC22-09
- Coverage and Methodology, URA REALIS
- Singapore private home prices up 3.4% in 2025, Business Times
- Private home prices up 2.7% in Q4 2023, Business Times
- Sentosa home prices buck Singapore's uptrend, The Straits Times