For discerning buyers seeking a home that caters to a large or multi-generational family while offering privacy and exclusivity, the two standout choices are penthouses and landed homes.
The decision often boils down to personal preference. A pure landed home grants full land ownership, greater flexibility for renovations, and complete control over the layout. Meanwhile, a spacious penthouse delivers a “landed in the sky” experience, often with panoramic views and the added perk of having no upstairs neighbours.
Beyond lifestyle, financial and investment considerations play a crucial role. While both property types offer exclusivity, they provide distinctly different living experiences and come at varying price points, depending on location and development. Another key factor? Tenure. Freehold properties demand a premium, while 99-year leasehold options come at a lower entry price.
In this article, we’ll break down the differences between 99-year leasehold penthouses and 99-year leasehold pure landed homes—comparing lifestyle appeal, price points, and the key factors every buyer should consider.
Penthouse vs Landed Home: What You Need to Know Before Buying
When comparing 99-year leasehold penthouses and landed homes, several factors come into play beyond just price.
Lifestyle Differences: Penthouses offer high-rise living with scenic views, condominium facilities, and lower maintenance responsibilities under MCST management. Landed homes, on the other hand, provide greater autonomy, renovation flexibility, and direct access to outdoor spaces but come with higher self-managed upkeep costs.
Price & Value: When assessed by built-up area, landed homes often have a lower PSF price and overall quantum compared to penthouses. However, penthouses come with shared amenities and security, while landed homes offer the potential for future modifications or expansions.
Lease Considerations: The remaining lease years impact long-term value. While both property types are subject to lease decay, landed homes may retain appeal due to their land component, whereas penthouses benefit from their exclusivity in well-located developments.
Ultimately, the choice between a penthouse and a landed home depends on individual priorities—whether it’s the convenience of strata living or the independence of landed ownership. Understanding these key distinctions helps buyers make an informed decision that aligns with their lifestyle and financial goals.
The Lifestyle Debate: Should You Buy a Penthouse or a Landed Home?
When deciding between a 99-year leasehold penthouse and a landed home, lifestyle factors significantly shape the living experience. Here’s how they compare:
Privacy & Surroundings
Penthouses offer seclusion at the top, often with unblocked views and private lift access in some developments. Landed homes provide independent living, but inter-terrace units may still be close to neighbours, fostering a community-centric environment.
Space & Renovation Flexibility
Landed homes allow greater flexibility for renovations, extensions, and multi-generational living. Penthouses, while spacious, have fixed layouts governed by MCST regulations, but still offer open-concept living with high ceilings and large terraces.
Maintenance & Upkeep Costs
Landed homeowners bear full responsibility for repairs, landscaping, and structural upkeep, making costs less predictable. Penthouses benefit from shared MCST maintenance, offering convenience but with recurring fees.
Facilities & Amenities
Penthouses provide condominium perks like pools, gyms, and function rooms. Landed homeowners can build custom features such as private gardens or pools, but at an added cost.
Views & Ventilation
Penthouses enjoy panoramic skyline views, enhanced ventilation, and more natural light. Landed homes offer direct outdoor access to gardens or patios, promoting a seamless indoor-outdoor living experience.
Each property type caters to different lifestyle preferences—whether it’s the exclusivity and facilities of a penthouse or the autonomy and flexibility of a landed home.
Market Trends & PSF Analysis: 99-Year Leasehold Penthouses vs Landed Homes
In this section, we will examine the price trends of selected 99-year leasehold penthouses and landed homes across different regions in Singapore. To provide a clearer comparison, we will also analyse their per square foot (PSF) prices after adjusting for a reset lease. This allows for a fairer assessment of how both property types compare in terms of value across various locations.
Core Central Region (CCR)
The median prices of 99-year leasehold landed homes (excluding strata landed) have experienced notable fluctuations over the past decade (2015–2025), with periods of sharp dips and rebounds. The most recent dip in 2023 was likely driven by the Additional Buyer’s Stamp Duty (ABSD) hike for foreigners, which doubled from 30% to 60%, reducing foreign demand and putting downward pressure on residential property prices. Despite this, 99-year leasehold landed homes in the Core Central Region (CCR) have maintained their premium positioning, with median transacted prices showing signs of recovery in 2024—likely supported in part by lower interest rates.
CCR Showdown: 99-Year Leasehold Penthouse vs Semi-Detached Home
For our case study in the CCR, we will compare a semi-detached home in Victoria Park Villas with a penthouse in D’Leedon.
Victoria Park Villas is a landed enclave in District 10 (D10), comprising 99-year leasehold semi-detached and detached homes. These homes currently have 88 years of lease remaining. For this analysis, we are referencing a semi-detached home with a land area of approximately 2,200 square feet (sqft) and a built-up area of around 3,600 sqft, with an estimated market value of $5.9 million. This valuation is based on recent market trends and average asking prices for similar-sized homes within Victoria Park Villas.
D’Leedon, also located in D10, is a condominium development with 85 years left on its lease. While the project includes strata landed semi-detached homes, our focus will be solely on penthouse units. For this comparison, we are referencing a 3,670 sqft penthouse with a real-time market value of $7,367,000, equating to approximately $2,007 per square foot (PSF).
Although the PSF prices of semi-detached homes at Victoria Park Villas are typically listed based on land size, a more accurate comparison with a penthouse should be based on built-up area, as that reflects the actual liveable space. Unlike landed homes, where ownership extends to the land itself, penthouses are strata-titled, meaning buyers are paying for the total built-up unit space, including any designated private outdoor areas like balconies or roof terraces.
When comparing both PSF and overall quantum price based on built-up area, the 3,600 sqft semi-detached home at Victoria Park Villas—both before and after adjusting for a lease reset—appears to be the more cost-effective option in terms of total liveable space.
Rest of Central Region (RCR)
The median prices of 99-year leasehold landed homes in the RCR, excluding strata landed homes, have remained relatively stable with less dramatic fluctuations compared to those in the CCR. These homes also transacted at significantly lower price points, with the highest median price in the past decade peaking at just over $2.2 million in 2021.
Notably, despite the ABSD hike in 2023, median prices in the RCR continued in an upward trend. This suggests steady demand from discerning buyers seeking more affordable landed options, with local buyers playing a key role in sustaining market resilience.
Landed vs Penthouse in RCR: A Price & Space Breakdown
For our analysis of the RCR, we will reference an inter-terrace home in the Upper Bukit Timah area, approximately 1.3km from Beauty World MRT. This home sits on a land area of 2,468 sqft with a total built-up area of 3,500 sqft, and is currently listed at $3,800,000.
For the penthouse comparison, we will refer to a unit at Cavendish Park condominium, measuring 2,359 sqft, with a market price of approximately $3,500,000.
Both the inter-terrace home and the penthouse have 66 years of lease remaining.
Similarly, our PSF price reference for the inter-terrace home will be based on its total built-up area, providing a more accurate comparison of liveable space. As with our CCR analysis, the PSF price of 99-year leasehold landed homes in the RCR (excluding strata landed) — both before and after adjusting for a lease reset — appears to be the more affordable option when assessed based on built-up area and actual liveable space.
Outside Central Region (OCR)
Interestingly, the median transacted prices of 99-year leasehold landed homes in the Outside Central Region (OCR) have been on a steady upward trajectory since 2020, showing resilience even after the ABSD hike. In fact, median prices in the OCR have surpassed those in the RCR, highlighting the strong demand from discerning local buyers who prioritise value and prefer landed homes in familiar neighbourhoods.
OCR Property Face-Off: Semi-Detached vs Penthouse in Serangoon
For our OCR analysis, we will compare a semi-detached home in 15 Serangoon Terrace with a penthouse at The Minton, located approximately 1km from the Serangoon MRT interchange.
The semi-detached home sits on a 2,920 sqft land plot with a built-up area of 3,550 sqft and is currently listed at $3,988,888, translating to $1,124 PSF based on built-up space. It has 67 years remaining on its lease.
The penthouse at The Minton spans 3,434 sqft and is currently listed at $5,200,000, which equates to $1,514 PSF based on built-up area. The development has 82 years remaining on its lease.
As with our analyses of the CCR and RCR, our OCR case study also indicates that 99-year leasehold landed homes tend to have a lower PSF and overall quantum price—both before and after a lease reset—when measured by built-up area. However, it’s important to note that in some cases, directly comparing penthouses and landed homes based on built-up area may not always be entirely accurate.
That said, landed homes typically allow for additional storeys, including basements, which increases liveable space. Given this flexibility, we believe using built-up area provides a fairer comparison to penthouses in this article. Additionally, landed homeowners have the advantage of utilising any remaining land space for personalised features such as a mini private pool or garden, adding to their overall lifestyle appeal.
In Summary
Both 99-year leasehold penthouses and landed homes offer unique advantages, catering to different lifestyle preferences and financial considerations. Penthouses provide high-rise exclusivity, panoramic views, and access to condominium facilities, while landed homes offer greater flexibility in renovations, more autonomy, and the potential for personalised outdoor spaces.
When assessed by built-up area, 99-year leasehold landed homes generally have a lower PSF price and overall quantum across the CCR, RCR, and OCR. However, factors such as location, remaining lease tenure, and maintenance responsibilities also play a critical role in long-term value.
Ultimately, the decision comes down to individual priorities—whether one values the convenience and facilities of a penthouse or the independence and space of a landed home. Understanding these distinctions allows buyers to make informed choices that best suit their lifestyle needs and financial goals.
Unsure whether a 99-year leasehold penthouse or a landed home is the right choice for you? With varying price trends, lease considerations, and lifestyle factors, making an informed decision is key to securing a home that fits your long-term needs. If you’re looking for expert insights on maximising value and finding the ideal property, reach out to our consultants today. Let us help you navigate your options with confidence.
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