By Gavan Lee: Singapore Landed Property Specialist, PropNex Top Landed Transactor 2025. Gavan leads the Gavan Lee Division at Eminence Landed and has transacted across every major landed district since 2013. Analysis built on the The Landed Ledger, verified URA Realis caveat data.
Two full years of data, half a year of fresh signal, and a straight read on where landed prices go from here.
What to Expect Through End-2026 and Into 2027
Last year I called +5–8% PSF for 2025. It came in at +6% across the board. For 2026, halfway through, the data is already validating the call I made in January. Here’s where I think the back half of 2026 and the opening of 2027 are headed — and what I’d do about it depending on which side of the table you’re on.
The three signals I’m reading right now
My call: another 4–7% on PSF, quality and freehold leading
I’ll stake my name on it again. I expect 2026 to close with PSF up roughly 4–7% on the 2025 full-year average, with the back half holding the gains rather than giving them back. The character of the market continues to shift: 2025 was broad-based, 2026 is rewarding quality and freehold over everything. Into early 2027, I expect the bifurcation to keep widening — affordability tightening at the leasehold/entry end while freehold prestige keeps running. The base case is not a crash. The risk is being on the wrong side of the freehold line.
What I’d do about it
IF YOU OWN
Three strong years of appreciation are behind your asset. If you hold freehold in a liquid district (D15, D10, D11), you’re sitting on a compounding scarcity asset — there’s no urgency to sell into a rising market. If you hold 99-year, watch the widening premium closely: this may be the cycle to upgrade into freehold while your equity is strong and rates are workable.
IF YOU’RE BUYING
The bargain window has closed — but quality freehold still has room to run. I’d prioritise freehold land in D15, D10 or D11 over a cheaper 99-year sticker. The $5–7M freehold terrace is, in my view, the asset to own going into 2027. In a quality-led market, the best stock moves first and fastest. Be ready to act, not just to watch.
THE STRAIGHT TALK
The era of the cheap landed deal is over, and the data has been saying so for three years straight. The question for 2027 isn’t whether landed appreciates — it’s whether you’re holding the freehold, liquid version of it or the leasehold, thinning-buyer-pool version. That single choice is the whole game now.
My View, and How I Built It
These are my views and mine alone, based solely on data and the on-the-ground district movement my team and I are feeling. Every figure here is derived from caveated transactions recorded in URA Realis and consolidated in the GLD Landed Ledger: 1,937 deals in 2024, 1,802 in 2025, and 812 in 2026 to early June. PSF is computed on land area. 2026 figures are year-to-date and the run-rate is annualised for comparison — the full year will differ.
What caveats do not capture: not every deal is caveated, and not every caveat is lodged promptly. Transactions under non-disclosure agreements, deals where parties are incentivised not to lodge a caveat, share-transfer and company-vehicle transactions, and certain off-market and family transfers are frequently absent — especially at the top of the GCB and prestige market, where privacy carries a premium. Read the trophy-end numbers as a conservative floor, not the full picture.
Forecasts are directional estimates, not guarantees, and nothing here is financial advice. The landed market is thin and uneven; your specific road, plot and tenure can move very differently from the averages above. Always seek independent professional advice before transacting.
Gavan Lee · PropNex Realty · CEA Reg. No. R055759I · Eminence Landed · gavan.co · The Landed Ledger, compiled June 2026.
Gavan Lee is a Singapore landed property specialist with PropNex and a PropNex Top Landed Transactor 2025. Since 2013 he has transacted across every major landed district, from inter-terraces to Good Class Bungalows. He leads the Gavan Lee Division (GLD), an 12-agent specialist team, manages Eminence Landed, and publishes landed market analysis through The Landed Edge. Reach him at gavan.co or +65 9780 7720.