Landed homes for $880,000: What’s the catch, and why may some buyers consider them?
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Last year, 2,147 landed homes changed hands at an average price of $1,931 psf, with a median ticket size of $4.6 million, according to data compiled by EdgeProp.
Prices can be significantly higher in prime landed enclaves (figure 1). At Eden Park, for example, a semi-detached house changed hands last year for $14.16 million, or $4,461 psf. Terraced houses in Emerald Hill also crossed $4,700 psf, reflecting the premium attached to rare landed homes. By region, landed homes in the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) were transacted at average prices of $2,252 psf, $2,097 psf and $1,736 psf, respectively in 2025.
Figure 1: Price trends of landed properties in CCR, RCR and OCR: EdgeProp Market Trends
Against this backdrop, it may be surprising to learn that some landed homes in Singapore are transacting below $500 psf. Recent data also shows semi-detached homes sold for under $900,000.
At Fuyong Estate in Bukit Panjang, a listing on EdgeProp includes a semi-detached house asking for $880,000, or $291 psf (figure 2). URA data shows an average transacted price of $285 psf for the estate, with prices ranging from $240 psf to $328 psf in the last 12 months. At Mayfair Park in Bukit Timah, URA data shows an average sale price of $366 psf. Unique Garden, also in Bukit Timah, has a slightly higher average sale price of $641 psf, but sits well below the national average.
The common factor in this scenario is the tenure of the landed properties. These estates include homes with older 99-year leasehold titles, which means their remaining leases are much shorter.
At Fuyong Estate, some homes are on 99-year leases dating back to 1947. Their leases expire around 2046, or in about 20 years (figure 2). At Mayfair Park, the 99-year leasehold homes, from 1952, have about 25 years left in their tenure (figure 3). For Unique Garden, property on 99-year leases starting from 1960 and 1972, have about 33 years and 45 years left, respectively.
The low prices are, therefore, not a market anomaly. Rather, they reflect the remaining life of the lease, as well as the age, condition and financing limitations of such properties.
Such homes obviously differ from what is typically understood as landed properties. Buyers are not purchasing them for long-term capital preservation. Instead, the appeal rests on a narrower set of considerations.
Landed living at much lower cost
The lower entry price to landed living is the main draw for such properties.
At Fuyong Estate, a 2,792 sq ft semi-detached house at Jalan Asas was transacted at $888,000 in June 2025, while another 2,799 sq ft semi-detached house, on the same stretch of road, changed hands for $808,000 in June 2024. A month later, in July 2024, a 1,880 sq ft terraced house was sold for $780,000.
Row of landed houses in Fuyong Estate: Google Maps
At Mayfair Park in Bukit Timah, a 3,208 sq ft semi-detached house at Jalan Bingka was sold for $850,000 in September 2025. Other recent transactions for semi-detached property include a 3,333 sq ft house at Jalan Keria, which went for $1 million in August 2025, and a 3,651 sq ft house at Jalan Wajek which was sold for $880,000 in December 2025.
Houses in Mayfair Park: Google Maps
For buyers priced out of conventional landed homes, such options may offer a lower-cost route to accessing landed-living attributes such as larger living areas, outdoor space, private parking, greater privacy and a lower-density environment.
Rental income may help offset lease decay
Rental income is another reason some buyers may consider these landed homes.
At Fuyong Estate, recent rental transactions (figure 4) include a unit of 2,500 to 3,000 sq ft, on Jalan Asas, that was rented for $6,000 per month in December 2025. Based on an $888,000 purchase price and monthly rent of $6,000, the gross rental yield works out to about 8.1%. Based on an $808,000 purchase price and the same rent, the gross yield would be about 8.9%.
At Mayfair Park, recent rental transactions (figure 5) include semi-detached homes rented at $7,500 to $8,200 per month. Based on a purchase price of $850,000 and monthly rent of $7,500, the gross rental yield translates to about 10.6%.
However, these are gross yields and do not account for costs such as property tax, maintenance, vacancy, agent fees, repairs, renovation or financing.
Tenants are generally less affected by the remaining lease than buyers. This creates a difference between owner risk and tenant demand. A home may be heavily discounted because of its remaining lease, but still command rent if it offers usable space in a convenient location.
Location can still support demand
A short lease reduces long-term asset value, but it does not remove the value of location from the equation — a good location is still a good location.
Map 1: Location and amenities of Fuyong Estate: URA, EdgeProp Research
Fuyong Estate benefits from its proximity to Hillview, The Rail Mall and the Rail Corridor (map 1). Mayfair Park and Unique Garden are located in Bukit Timah, near established amenities and transport nodes (map 2).
Map 2: Location and amenities of Mayfair Park: URA, EdgeProp Research
For owner-occupiers, the appeal may come from access to amenities, transport nodes and a lower-density residential environment. For landlords, the same attributes may help support tenant demand, and boost yields.
Many risks to consider
While the lower entry price and potential rental yield may attract some buyers, older leasehold landed houses come with substantial risks.
Financing is likely to be one of the main constraints. CPF usage depends on the remaining lease and the age of the youngest buyer drawing from their CPF. If the lease does not cover the youngest buyer until age 95, CPF usage is pro-rated. For properties with very short remaining leases, CPF usage may be restricted.
Bank financing may also be limited. Loan tenure depends on the borrower’s age, income, total debt servicing ratio and the property’s remaining lease. As a result, a low asking price does not necessarily mean the property is easy to finance. Buyers may need a larger cash outlay and, in some cases, may have to pay mostly or entirely in cash.
Lease decay is another key consideration. As the lease runs down, the property’s capital value is likely to be affected. This also has implications for resale liquidity, as future buyers may face tighter CPF and financing limits when the remaining lease gets shorter.
There is also less certainty of an en bloc exit compared with ageing condominiums and apartments. Many landed homes are individually titled, which means a developer looking to redevelop a row of terraced or semi-detached houses would typically need to negotiate with each owner separately to obtain a 100% consent.
This makes land assembly difficult and uncertain. Even if several adjoining plots are acquired, planning controls may still limit the redevelopment potential. The economic upside may therefore be lower than in a condominium collective sale, where a larger site can be redeveloped more intensively.
Buyers also have to factor in the condition of the property. Older landed homes may require repairs to roofing, waterproofing, plumbing, electrical systems and general structure. Renovation — thus, more costs — may also be needed before the home is suitable for own stay or rental.
For investors, the rental yield is only meaningful if the property is tenanted. Vacancy periods, repair downtime and tenant turnover can reduce the effective return.
Conclusion
Landed houses below $1 million or below $500 psf are rare in Singapore. Where they exist, the low price is usually tied to lease, age, condition or location.
For some buyers, these homes may still make sense. They offer lower entry prices, possible rental income, landed space and access to available amenities.
However, such property should not be assessed like conventional freehold or 999-year landed homes.
The key question is not whether these homes are cheap. It is whether the discount is large enough to compensate for a shorter lease, limited financing, higher upkeep and weaker resale prospects.
To find out more about these properties, check out the listings for landed homes below $1 million.
Check out the latest listings for Fuyong Estate properties
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