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

The Top 5 Legal Considerations When Investing In A Property In Singapore

Jayson Ang – August 21, 2024 –

Investing in property in Singapore is an attractive option for many, given the country's stable economy and strong demand for...

All Opinion

What You Need to Know About Residential En Bloc Sales in 2025

Jayson Ang – October 28, 2025 –

TLDR En bloc sales in Singapore involve selling entire buildings to developers for redevelopment, with most owners needing to agree....

All Blog Posts Buying Tips Opinion Selling Tips

6 Indicators and Measures to Determine if Your Home Has Unrecognized Profits

Jayson Ang – November 11, 2024 –

TLDR The booming real estate market presents opportunities for homeowners to profit from selling their properties. Two key signs that...

All Buying Tips

3 Steps to Prevent Rental Scams

Jayson Ang – January 23, 2024 –

TLDR: Prevent Rental Scams in Real Estate Scammers are targeting prospective tenants by impersonating Real Estate Salespersons (RES) to deceive...

Mandarin Top 5

Top 5 Reasons to Invest in Commercial Property in Singapore – Expert Insights!

Jayson Ang – March 23, 2025 –

Singapore, a thriving business hub in Southeast Asia, offers a robust real estate market with diverse investment opportunities. While residential...

Mandarin Top 5

Top 5 Boutique Shopping Streets in Singapore

Jayson Ang – July 22, 2024 –

Singapore, a cosmopolitan city-state known for its vibrant culture and diverse shopping scene, offers a unique blend of modern malls...

All Blog Posts Buying Tips

Step-By-Step Guide To Buy Resale HDB (Updated March 2023)

Jayson Ang – July 13, 2023 –

TLDR The process of purchasing a resale HDB flat involves steps such as checking eligibility, calculating affordability, registering intent to...

All Blog Posts Opinion

Singapore Property Bubble Ahead? My Friends Share My Market Predictions

Jayson Ang – March 12, 2023 –

TLDR The author delves into various opinions on the Singapore property market for the year 2023. Experts have differing views...

Mandarin Top 5

Top 5 Tips : How Investors Protect Themselves From Risk And Capitalize On Emerging Opportunities In Singapore’s Real Estate Landscape

Jayson Ang – December 31, 2024 –

The real estate landscape in Singapore has always been a lucrative investment opportunity for both local and international investors. However,...

All Buying Tips

It Seems Like Less Folks Living In HDB Flats Are Chasing After The Dream Of Owning A Condo

Jayson Ang – March 21, 2024 –

TLDR The Singapore property market is experiencing a decline in condo purchases by HDB flat owners due to multiple property...

All Blog Posts Buying Tips

3 Trends For New Launch Properties In 2023

Jayson Ang – March 20, 2023 –

TLDR When considering buying or selling a property in Singapore, it's crucial to understand the market dynamics and key metrics....

Mandarin Top 5

5 Top Primary Schools in Singapore Popular with Expat Chinese Community

Jayson Ang – May 25, 2023 –

5 Top Primary Schools in Singapore Popular with Expat Chinese Community When it comes to education, Singapore is a top...

All Buying Tips Opinion Selling Tips

Learning Hard Truths in Property Investment: Timing the Market Can Hurt

Jayson Ang – August 29, 2024 –

TLDR The blog post delves into the complexities of market timing in property investment, highlighting the risks and challenges associated...

All Opinion Selling Tips

Why Selling Your Own HDB Flat May Be More Challenging Than You Anticipate: 7 Hidden Challenges to Prepare For

Jayson Ang – January 29, 2025 –

TLDR Selling your flat can be a daunting task, not because of the paperwork but due to challenges in marketing...

All Blog Posts Buying Tips Opinion

7 Lesser-Known ‘Minor’ Condo Problems That Could Lead to Major Issues Down the Line

Jayson Ang – October 11, 2024 –

TLDR When choosing a condo, it's crucial to look beyond MRT station proximity, developer reputation, and price. Overlooked details can...

All Buying Tips Opinion

Exciting News: Affordable Housing in Singapore by 2024?

Jayson Ang – May 31, 2024 –

TLDR The real estate market in Singapore is experiencing shifts in housing supply and demand, influenced by factors like mortgage...

All Blog Posts Buying Tips Opinion

How Can You Prepare for Retirement in an Expensive Real Estate Market? Discover Your Options Now!

Jayson Ang – June 30, 2023 –

TLDR The article discusses the challenges of investing in a second property for retirement amidst Singapore's real estate market conditions....

All Blog Posts Buying Tips

Five Pitfalls of Selling a Home for the First Time

Jayson Ang – July 23, 2023 –

TLDR When selling your first home, avoid holding out for a better offer as it may backfire. Let your agent...

All Buying Tips

Strategies for Overcoming ABSD and Acquiring Multiple Properties in 2023 (Revised)

Jayson Ang – August 15, 2023 –

TLDR When it comes to navigating the Additional Buyers Stamp Duty (ABSD) in Singapore, there are legal strategies available to...

Mandarin Top 5

Top 5 : Nationalities Of Prime Property Buyers in Singapore

Jayson Ang – November 29, 2024 –

Singapore, a thriving city-state known for its stable political climate, excellent infrastructure, and strong economic fundamentals, has long been an...