For many Singapore property buyers, the choice between freehold and 99-year leasehold has always been an important consideration.
Freehold properties are often attractive to buyers who value long-term ownership, wealth preservation and the ability to hold a property across generations. But in 2026, there is another reason why buyers may want to pay closer attention to freehold properties:
New freehold launches are becoming increasingly scarce.
New Freehold Supply Has Fallen Sharply
Most new private housing supply in Singapore comes from Government Land Sales (GLS) sites, which are generally sold with 99-year leases.
New freehold developments, on the other hand, are largely dependent on developers acquiring existing freehold sites, including through collective sales.
With fewer major en bloc transactions in recent years, the pipeline of new freehold developments has gradually tightened.
The numbers illustrate just how significant the decline has been:
- 2022: About 1,620 freehold units across 28 projects
- 2023: About 1,627 units across 13 projects
- 2024: 905 units across 11 projects
- 2025: 647 units across 7 projects
- First 7 months of 2026: Just 293 units across 3 projects
For buyers who specifically want a brand-new freehold condominium, the choices are therefore becoming much more limited.
The Freehold Price Premium Has Narrowed
Perhaps even more interesting is what has happened to the price difference between new freehold and leasehold properties.
In the first quarter of 2020, the median price of new freehold non-landed homes was approximately $2,497 psf, compared with $1,685 psf for leasehold properties.
That represented a substantial freehold premium of about 48.2%.
Fast-forward to the first eight months of 2026 and the picture looks very different.
The median price of new 99-year leasehold homes had increased to approximately $2,544 psf, while new freehold homes recorded a median of around $2,724 psf.
The difference? Only about 7.1%.
Does This Make Freehold Property Better Value?
This narrowing price gap is worth considering.
When the difference between freehold and leasehold properties was almost 50%, buyers had to decide whether perpetual ownership justified paying such a large premium.
Today, with the median PSF gap significantly smaller, some buyers may find the additional premium for freehold ownership easier to justify.
However, tenure should never be considered in isolation.
Location, entry price, development quality, unit layout, surrounding amenities, future transformation and potential resale demand are equally important when evaluating a property.
A well-located 99-year leasehold development purchased at the right price can still be an excellent property choice.
Likewise, simply being freehold does not automatically make a property a good investment.
Why Scarcity Matters
Property is ultimately influenced by both demand and supply.
If the number of new freehold developments continues to decline while buyers continue to value perpetual ownership, well-located freehold developments could become increasingly difficult to replace.
This may be particularly relevant for buyers looking at property from a longer-term perspective — whether for their own occupation, wealth preservation or future generations.
Are There Still Freehold Opportunities in 2026?
Although supply has tightened, freehold opportunities have not disappeared completely.
One upcoming development is The Serra Residences in the Novena area. The 133-unit freehold development is expected to offer a range of two- to five-bedroom homes, including penthouses.
Its city-fringe location provides convenient access to Novena MRT, shopping amenities and the growing HealthCity Novena medical hub.
For buyers considering landed living, Belgravia Ace at Seletar Hills provides another alternative. The development comprises 107 freehold strata landed homes and offers buyers the opportunity to own a completed freehold landed property.
Should You Choose Freehold or Leasehold?
There is no single answer that applies to everyone.
If your priority is long-term ownership, legacy planning or holding a property without concerns over lease decay, a freehold development may deserve serious consideration — particularly when the price difference compared with a comparable leasehold property is reasonable.
For buyers focused primarily on capital appreciation, rental returns or shorter investment horizons, other factors may carry greater weight than tenure alone.
The key is to compare properties based on their overall value proposition, rather than making a decision based purely on the words “freehold” or “99-year leasehold”.
My Take
With fewer new freehold homes entering the market and the median price gap between new freehold and leasehold properties narrowing considerably, 2026 presents an interesting window for buyers who have always preferred freehold ownership.
But scarcity alone should never be the reason to buy.
The right property should still match your financial position, objectives, intended holding period and future plans.
Before committing, it is worth asking:
Am I simply buying a property — or am I choosing an asset that fits my longer-term property journey?
