Your search results

Beyond Tenure: Why These Buyers Chose Older Leasehold Condos in Singapore

Posted by Jayson Ang on February 14, 2026

| 0

TLDR

Older leasehold condos in Singapore may face skepticism but offer key benefits such as affordability, location, and flexibility. Three homeowners shared their experiences: CH and his wife, both self-employed, chose an older leasehold condo for its sea view and price under $1.2M, preserving future purchase options. SY bought Pearl Bank Apartment near Chinatown for convenience and profited significantly from its 2018 en bloc sale. GT needed space for a home-based business and found a leasehold unit near Jurong East that fit his budget and lifestyle. These stories show that older leasehold condos can be smart choices for affordability, en bloc potential, and unique needs. Whether to buy, sell, or wait depends on personal circumstances, and expert advice can help tailor a strategic plan based on market data and individual goals.

In the Singapore property market, older leasehold condos often face skepticism, with many buyers preferring the perceived permanence of freehold properties. However, for some, the practical advantages and unique opportunities offered by older leasehold developments outweigh the concerns about tenure. Here are the stories of three homeowners who chose this path and have no regrets:

1. Affordability and Flexibility for Self-Employed Couples

For CH, a Malaysian working in Singapore, and his self-employed Singaporean wife, affordability was a primary concern. As both are self-employed, their variable income is subject to a 30% reduction for Total Debt Servicing Ratio (TDSR) calculations, limiting their maximum loan amount and requiring a larger down payment. The inherent uncertainty of self-employment, including the fear of dry spells, added to their financial considerations.

After exploring various options, including properties in Malaysia, they found a unit in an older leasehold condo on the East Coast that met their size and budget requirements. Despite the condo’s age (dating back to 1986) and large size (over 1,000 units), the sea view and privacy won them over. The attractive price per square foot ($1,279 psf for a 937 sq. ft. unit) was a significant factor, as their agent highlighted the rarity of finding such a large unit with a sea view at that price, even for a leasehold property.

The total cost of under $1.2 million allowed them to purchase the condo entirely under CH’s wife’s name, preserving his eligibility to purchase another property in the future. With a remaining lease of 60 years, the couple, in their early forties, is not concerned about the long term and may hold the condo until the end of its lease.

2. Location, Convenience, and En Bloc Potential

SY’s experience with Pearl Bank Apartment (now redeveloped as One Pearl Bank) in Chinatown highlights the potential for older leasehold properties to offer both desirable locations and en bloc windfalls. Despite warnings from family and friends about the condo’s age (built in 1976) and reputation, SY and his spouse chose it for its proximity to their frequented temple and the vibrant Chinatown area, offering convenient access to amenities and public transport.

SY’s decision proved to be a wise one when CapitaLand acquired Pearl Bank Apartment in 2018 for $728 million. The en bloc sale resulted in significant gains for the owners, with units receiving between $1.8 million and $4.9 million. SY’s gains surpassed those of his siblings who had purchased newer properties. While he didn’t purchase a unit in the redeveloped One Pearl Bank due to changing living circumstances, he considers his decision to buy at Pearl Bank Apartment one of his best, with the sale proceeds covering the cost of his current resale condo.

3. Space and Versatility for Home-Based Business

GT, a product design and prototyping professional, sought a home that could also serve as his office and showroom. His need for ample space within a fixed budget led him to consider leasehold properties. When his agent showed him a 1,180+ sq. ft. unit in Lakeshore (lease from 2002), he immediately envisioned how he could adapt the space to his needs.

GT planned to merge two bedrooms to create a combined bedroom/office space and utilize the study area as a separate gallery. The unit’s price, approximately $1.6 million, was within his budget, making it a feasible option after selling his previous two-bedroom unit. GT does not consider the leasehold tenure of Lakeshore to be particularly old and is open to upgrading in the future. For now, he enjoys the convenience of living near Jurong East.

These stories demonstrate that while “old and leasehold” may not be the preferred combination for many, older leasehold condos can offer compelling advantages, including affordability, desirable locations, en bloc potential, and the flexibility to accommodate unique needs and lifestyles.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

Mandarin Top 5

Top 5 Rooftop Pools in Singapore for a Swim

Jayson Ang – March 30, 2024 –

Singapore, a bustling city-state known for its iconic skyline and innovative architecture, is home to some of the most stunning...

Mandarin Top 5

5 Tips : How To Buy A Property In Singapore As A Foreigner

Jayson Ang – June 16, 2024 –

Singapore's property market is a popular choice for both locals and foreigners looking to invest in real estate. However,...

Mandarin Top 5

Retiring in Singapore? Here’s Where to Find the 5 Best Property Investments for Comfort and Security!

Jayson Ang – March 22, 2024 –

Retirees have unique needs when it comes to property investments. They require properties that offer comfort, security, and easy access...

Mandarin Top 5

Discover Singapore: 5 Must-See Attractions for a Culture Lovers’ Paradise

Jayson Ang – April 18, 2025 –

Singapore, a bustling metropolis in Southeast Asia, is a melting pot of cultures and traditions that offers a unique blend...

All Buying Tips Opinion

Discover Affordable Executive Condos in 2024 Starting at $560,000

Jayson Ang – October 23, 2024 –

TLDR The Executive Condos (ECs) offer affordable options compared to private properties in Singapore. Despite price variations, most ECs remain...

All Buying Tips Selling Tips

Singapore Homebuyers: Finding Hidden Value in ‘Undesirable’ Property Traits

Jayson Ang – June 15, 2025 –

TLDR Many perceived drawbacks in Singapore’s property market—such as mortgage lock-ins, leasehold status, west-facing units, nearby construction, inefficient spaces, and...

All Blog Posts Buying Tips

CPF Accrued Interest On Housing: Learn What It Is and How to Calculate It

Jayson Ang – February 14, 2023 –

TLDR Understanding the CPF accrued interest on housing loans is crucial for Singaporean homeowners. When using CPF funds to finance...

Mandarin Top 5

Top 5 : Exploring the Streets of Singapore – A Journey Beyond Just Shopping!

Jayson Ang – February 11, 2025 –

Singapore, a vibrant city-state known for its diverse culture and rich history, offers a plethora of unique experiences that go...

All Buying Tips

Is 2024 the Perfect Moment to Refinance Your Home Loan? Discover What Homeowners Should Consider!

Jayson Ang – July 20, 2024 –

TLDR The article covers the shift to SORA for home loan rates, urging consideration of refinancing options amidst rising rates....

All Buying Tips

Uncovering Hidden Details: Key Questions to Ask at a New Launch Condo Show Flat

Jayson Ang – January 2, 2026 –

TLDR Show flats can be impressive but may hide important details. Buyers should ask about room sizes, furniture fit, balcony...

Buying Tips Mandarin Top 5

5 Things to Know About Singapore’s Freehold & Leasehold Properties

Jayson Ang – June 10, 2023 –

5 Things to Know About Singapore's Freehold & Leasehold Properties Here are 5 things you need to know about Singapore's...

All Buying Tips

7 Essential Tips for Finding Your Perfect Retirement Home

Jayson Ang – October 27, 2024 –

TLDR Searching for a forever home should balance heart and practicality. Avoid homes with stairs, high cabinets, big kitchens, and...

All Opinion

What’s Needed For Singapore To Lift Those Cooling Measures?

Jayson Ang – February 2, 2024 –

TLDR The blog post discusses the recent relaxation of real estate restrictions in Hong Kong, contrasting with Singapore's stricter regulations....

All Buying Tips Opinion

Singapore’s Priciest Districts Are Shifting—4 Key Buyer Trends Driving the Change in 2026

Jayson Ang – April 8, 2026 –

TLDR The Core Central Region (CCR) property market in Singapore is shifting from luxury trophy assets to practical, lifestyle-driven homes....

All Buying Tips Opinion

Mega Developments vs. Regular Condos in Singapore: A Data-Driven Comparison

Jayson Ang – March 22, 2026 –

TLDR Mega-developments (1,000+ units) in Singapore, once seen as chaotic, now offer competitive pricing and extensive facilities, making them attractive...