VALUE FINDS · ISSUE 002

Freehold below $1,400 psf. 22 projects left.

New freehold launches ask $2,000–$3,300 psf. But go by what buyers actually paid — not what showflats ask — and 22 projects with real transaction volume still trade under $1,400. Here is the entire list.

Farhan Adenan · 2 Aug 2026 · 9 min read

URA caveat data to 15 Jul 2026. Last-done PSF, minimum 10 transactions in 24 months. Exit records from POV's matched-pair five-year model.

Highlighted rows = perfect five-year exit records outside the Flora Drive enclave (covered in our Kassia review). Median price = recent transacted, all unit sizes.

Read the geography first. Seven of the 22 sit in one place — the Flora Drive enclave in D17, which we dissected in the Kassia review. Strip those out and the cheap-freehold map is really four pockets: the Geylang–Kembangan belt in D14, the Upper Changi–Pasir Ris corridor in D16/D18, the Sembawang–Springleaf stretch in D27, and a lone Hillview boutique. That clustering is not an accident: these are the districts where freehold land was still cheap when the estates went up, and where no MRT-driven re-rating has yet repriced the old stock.

Ten of the 22 have never let a five-year seller down — 100% profitable exit records at Dahlia Park, Montrosa, Seletaris, Changi Green, Ris Grandeur, NEWest, The Gale, Sunhaven and near-perfect records at Carissa and Ferraria Park. These are the boring compounders: unglamorous addresses where everyone who held five years left with a gain.

Then read the two warnings in the same table. Windy Heights at $1,353 psf looks like the same deal — but only 47% of its 17 exits were profitable, the worst record on the list. Big old units in Kembangan bought dear in earlier cycles have taken a decade to work back. And Azalea Park (66%) shows the oldest Flora Drive phase carrying the enclave's early-buyer scars. Cheap PSF is not the same thing as a safe entry — the exit column is what separates a value find from a value trap.

The Geylang cluster needs its own honesty note. Wing Fong Mansions, # 1 Suites, Guillemard Suites and Starville deliver the best yields on the list (4.4–5.2%) precisely because the address discount never fully closes. Banks are selective by lorong, exit liquidity is thinner, and you should buy there for the rent, not the flip.

Changi Green (D16, $1,315 psf, 21-for-21 exits). A quiet freehold condo near Upper Changi MRT with a perfect record and a $1.3M median quantum — the cheapest clean entry into freehold-plus-MRT on this list. The discount exists because Upper Changi reads as "far" to west-siders; the SUTD-and-Changi workforce renting there disagrees.

Ris Grandeur (D18, $1,317 psf, 26-for-26). Pasir Ris's only large freehold condo estate, one road from the Cross Island Line interchange works. When CRL opens around 2030, the "far east" discount this project trades on starts looking like the mispricing of the decade. Full-facility, family-sized stock.

Seletaris (D27, $1,314 psf, 24-for-24). Regular readers know this one from Issue 001 — freehold at the Springleaf end of Sembawang Road, in the district with Singapore's sharpest 12-month PSF move (+16.5%) and a brand-new 99-year launch up the road that printed $2,175 psf, 941 units, 98% sold. The re-rating benchmark is now sitting two bus stops away.

Here’s the contrarian read on “old and ugly”: in 2022, developers paid $890 million for Chuan Park — a tired 1980s condo on a 99-year lease — because under the tired building sat land. Every project on our list is freehold land trading below $1,400 psf, in a market where developers routinely pay more than that for leasehold dirt at state tenders. You are being sold the building; you are actually buying the plot.

Don’t buy for the en bloc — collective sales are a lottery with a decade-long queue, and most of these estates will never go. Buy because the lottery ticket comes free: the land value under an old freehold estate is a floor that 99-year stock simply doesn’t have. When the building depreciates to zero, you still own the one thing in Singapore they aren’t making more of.

The fun part: the market pays a premium for lobbies and lap pools — things that depreciate — and discounts the land — the thing that doesn’t. This list is that mispricing, itemised.

If you own

If you are buying to live in it, freehold at this level is a genuine floor

Below $1,400 psf on a freehold title, in a market where new freehold launches open above $2,000, the land component alone underwrites a lot of the price.

Choose on the exit record rather than the headline psf. A hundred dollars a foot more for a project running 97% against one running 66% is the cheapest insurance on this page.

If you invest

If you are buying for the en-bloc option, price it at zero

Older freehold blocks on generous plots carry real collective-sale optionality, and at these psf levels you are not paying a premium for it. That asymmetry is the honest attraction.

But treat it as a free option, never as the thesis. Collective sales need 80% owner consent by share value and floor area for developments over ten years old, take years, and fail more often than they complete. If the deal only works when the en bloc lands, it is not a deal — it is a lottery ticket with maintenance fees.

VALUE FINDS · ISSUE 003

The 4% club: 99 projects where rental yields are actually real

Averages say two-something. The data says 99 projects clear 4% — and every high-yield cluster has a catch.

NEIGHBOURHOODS & MASTERPLAN · GUIDE 001

Flora Drive: one private road, nine freehold condos, no MRT — and it works

One private road, nine freehold condos, no MRT — and a 2024 launch that repriced the entire street.

Dataset — URA caveat data to 15 Jul 2026. Last-done PSF, minimum 10 transactions in 24 months. Exit records from POV's matched-pair five-year model.