Hi Stacked,
My spouse and I are in our 50s, and we live in a two-bedroom condo in Lakeside. The unit has a $600,000 mortgage. At the same time, we also own a fully paid five-room HDB flat in Yew Tee that is rented for $3,200 a month.
As we age, we'd like to move into a freehold property. Our shortlisted properties include Hillvista, Cube 8, 368 Thomson, Skyline Residences and Spottiswoode Residences.
We estimate that if we sell both homes, we'd have about $1.2 million in combined cash proceeds and CPF. However, our current mortgage has a lock-in period, so we can't sell the condo unit until September 2027. We'd also prefer to fund the purchases with only the sale proceeds and our CPF, without touching our cash reserves.
There are two options which we are considering:
- I could buy a smaller unit near our child's school, while taking out a $300,000 loan and making use of my CPF before I turn 55. Meanwhile, my spouse buys a $1.7 million freehold property with a $750,000 loan and a $238,000 cash down payment.
- Alternatively, we could buy a $1.9 million freehold property in the city centre together.
We've also explored the possibility of buying a unit at V on Shenton as a rental property, using the rental income to help with the mortgage. Eventually, when our child moves out, we could live in that unit at V on Shenton and rent the freehold property instead.
What would you recommend?
(This is part of an ongoing series where we answer reader questions about the property market. If you have one of your own, send it to stories@stackedhomes.com.)
(This is part of an ongoing series where we answer reader questions about the property market. If you have one of your own, send it to stories@stackedhomes.com.)
Hi, and thanks for writing in!
It's important to consider that your current property set-up is already pretty robust - this means that you already enjoy a home to live in, and a fully paid flat that brings in rental income of $3,200 a month.
Thus, any new property setup or plan needs to be able to definitively beat this.
For our analysis, we'll take your $1.2 million in cash and CPF as what's left after repaying the condo loan and paying selling costs. We'll also assume you are both Singapore citizens, sell both properties before buying, and qualify for the loans you've proposed.
If you go with the two-property plan, the smaller private home will be under your name and the $1.7 million freehold home in your spouse's.
Crucially, since you'd have sold both current properties by then, neither of you would own another home at the point of purchase, so neither purchase attracts Additional Buyer's Stamp Duty (ABSD).
Later on, we'll examine whether a unit at V on Shenton is the right call for your needs, especially keeping your cash reserves out of the purchasing budget.
Can your budget stretch to own two private homes?
| Item | Amount |
|---|---|
| Available cash and CPF | $1,200,000 |
| Loan for the smaller property | $300,000 |
| Loan for the freehold property | $750,000 |
| Total funds available | $2,250,000 |
| Less: Freehold property purchase price | −$1,700,000 |
| Less: Buyer's Stamp Duty on the freehold property | −$54,600 |
| Balance for the smaller property and remaining purchase costs | $495,400 |
Based on our calculations, the $495,400 already includes the $300,000 loan for the smaller home. As a result, that property would have to cost less than $495,400 since the same money also has to pay its own stamp duty, legal fees for both purchases, and renovation and moving costs.
When we published this article, the cheapest private home we found listed for sale was a one-bedder at The Hillford, which had an asking price of $588,000. But that's $92,600 above your remaining budget, even before we consider other expenses like the $12,240 in stamp duty.
The price also matches the 19 resale transactions of one-bedroom units (398 sq ft) that have changed hands at The Hillford from January 2025 to October 2026. The median price was $590,000.
The Hillford, which has a 60-year leasehold tenure that began in 2013, is also located along Jalan Jurong Kechil in District 21. From our perspective, it's unlikely to be the home near your child's school you had in mind.
However, if you were open to the idea that the smaller home were an HDB flat, the timing wouldn't work. During a resale flat's five-year MOP, neither the owner nor the listed occupiers can buy a private home, so you couldn't buy both at once.
By the time the MOP ended, you'd both be past 55, when CPF sets up a Retirement Account using your Special Account savings first and then your Ordinary Account savings, up to the Full Retirement Sum. Thus, we think that you shouldn't count on having as much CPF for a private purchase in your late fifties as you do today.
Does a single $1.9 million freehold home fit your budget?
If the banks would lend you $1.05 million between the two of you, as the two proposed loans suggest, this purchase needs less than that, subject to their assessment of your joint application.
| Item | Amount |
|---|---|
| Freehold property purchase price | $1,900,000 |
| Buyer's Stamp Duty | $64,600 |
| Purchase price including stamp duty | $1,964,600 |
| Less: Available cash and CPF | −$1,200,000 |
| Loan required before other expenses | $764,600 |
The $764,600 loan is around $285,400 below the $1.05 million, which leaves room for legal fees and renovation without dipping into your cash reserves.
You could also borrow more and keep some of the $1.2 million aside as a buffer, at the cost of a higher monthly repayment and more interest.
How do the monthly repayments compare?
To compare the monthly commitments, we assume you're both 52 when you take the new loans and aim to repay them by 65, which works out to a 13-year loan tenure. A loan that extends beyond the borrower's age of 65 years old has a lower loan-to-value (LTV) limit, at 55% instead of 75% for a borrower with no other housing loan outstanding.
We've used an interest rate of 4%, which is the rate MAS requires banks to use when testing whether you can afford a home loan under the Total Debt Servicing Ratio (TDSR). Your actual mortgage rate may be lower.
| Item | Current arrangement | One freehold home | Two private properties |
|---|---|---|---|
| Outstanding/new borrowing | $600,000 | Approximately $764,600 | $1,050,000 |
| Monthly mortgage repayments (new loans illustrated at 4% interest over 13 years) | Not available - existing loan rate and remaining tenure unknown | $6,297 | $8,643 |
| Gross monthly rental income | $3,200 | None | Depends on property rented out |
The second property's rent would offset some of the extra $2,346, but how much depends on which home you rent out, and what's left after maintenance fees, property tax, agent's fees and any vacant months. With one home, the full $6,297 would come from your salaries, usable CPF or savings.
Either way, it looks likely that the mortgage repayments would carry on into your sixties.
In addition, using your CPF on the purchase of the smaller home also comes with a catch. When you sell a home bought with CPF, you have to put back what you used, plus the interest it would have earned in your Ordinary Account, called accrued interest.
If you sell after you turn 55 years old, that refund first goes into your Retirement Account until it reaches the Full Retirement Sum, and only what's left stays in your Ordinary Account for your next home.
So the smaller home has to earn more in terms of rent and achieve a higher price growth than your CPF would have earned at the Ordinary Account's 2.5% a year, or you might have been better off leaving the money where it was.
What you'd give up by selling the Yew Tee flat
Five-room flats in blocks within one kilometre of Yew Tee MRT station sold for a median of $628,000 across 105 resale transactions from January to October 2026.
Over the same period, HDB recorded 212 rentals of five-room flats in those blocks, at a median of $3,200 a month, which is exactly what you're collecting. Based on that valuation, we estimate that your flat earns a gross yield of about 6.1%.
| Property | Price | Monthly rent | Gross rental yield |
|---|---|---|---|
| Five-room HDB, Yew Tee (median) | $628,000 | $3,200 | 6.1% |
| Hillvista two-bedder (average) | $1,660,000 | $4,075 | 2.9% |
| 368 Thomson two-bedder (average) | $1,757,500 | $4,150 | 2.8% |
| Cube 8 two-bedder (average) | $1,775,000 | $4,175 | 2.8% |
A two-bedder at Hillvista could bring in about $875 a month more in rent compared to your HDB flat, roughly 27% more rental income, but it costs about 2.6 times as much.
So if you sell the Yew Tee flat and rent out a two-bedder at Hillvista instead, you'd be putting about $1 million more into the rental home, likely with a loan, only to bring in roughly $875 more a month.
Which properties on your shortlist can you buy based on your budget?
Here's a rundown of the shortlisted properties:
- Hillvista is a 127-unit condo along Elizabeth Drive in District 23, completed in 2010
- 368 Thomson and Cube 8 are both along Thomson Road in District 11
- Skyline Residences is a 283-unit development along Telok Blangah Road in District 4, and it was completed in 2015
- Spottiswoode Residences is a 351-unit development along Spottiswoode Park Road in District 2, and it was completed in 2013
| Project | 1-bedroom | 2-bedroom | 3-bedroom |
|---|---|---|---|
| 368 Thomson | $1,272,963 | $1,757,500 | - |
| Cube 8 | $1,000,000 | $1,775,000 | $2,753,333 |
| Hillvista | - | $1,660,000 | $2,019,256 |
| Skyline Residences | $1,059,627 | $1,945,463 | $3,050,765 |
| Spottiswoode Residences | $1,286,667 | $2,121,535 | - |
Based on resale transactions lodged between January 2025 and June 2026, Hillvista was the only project where the average two-bedder cost less than $1.7 million - with the average price coming in at $1.66 million.
The average resale price at 368 Thomson ($1.76 million) and Cube 8 ($1.78 million) also sits under the $1.9 million threshold. This means that the higher budget widens your choice of available two-bedroom units.
At Hillvista, a more recent sale points to a similar price point, with another 915 sq ft two-bedder selling for $1.63 million in September 2026.
Meanwhile, Spottiswoode Residences has two different two-bedroom layouts. Positively, the 797 sq ft units have typically sold for $1.805 million to $1.9 million, within your budget. But the larger 915 to 947 sq ft units sold for $2.23 million to $2.39 million, which lifted the project's average price for this unit type to $2.12 million.
On the other hand, the 829 sq ft two-bedders at Skyline Residences have fetched prices that range from $1.88 million to $1.99 million, leaving little room for you to find a unit on a better floor or facing.
If you want an extra bedroom, we think that Hillvista is your best bet, where three-bedders command an average price of about $2.02 million - this is roughly $119,000 above your budget.
Meanwhile, one-bedroom units on your shortlist averaged $1 million (at Cube 8) to $1.29 million at Spottiswoode Residences. They fit well within either budget, but would mean living with one less bedroom than you have now.
How do rents compare across your shortlist?
| Project | 1-bedroom | 2-bedroom | 3-bedroom |
|---|---|---|---|
| 368 Thomson | $3,388 | $4,150 | $5,533 |
| Cube 8 | $3,121 | $4,175 | $6,143 |
| Hillvista | - | $4,075 | $4,638 |
| Skyline Residences | $3,438 | $4,693 | $6,910 |
| Spottiswoode Residences | $3,956 | $5,218 | $8,842 |
From January to June 2026, two-bedders at Hillvista, 368 Thomson and Cube 8 rented at an average rate of $4,075 to $4,175. This translates to estimated gross yields of about 2.8% to 2.9% for most landlords there.
The rental units at Spottiswoode Residences and Skyline Residences fetched higher rents - at $5,218 and $4,693 - but the units there cost more too, so both also resulted in average yields of about 2.9%.
If you lived in a smaller home and rented out a two-bedder at Hillvista, 368 Thomson or Cube 8, the rent would cover just under half of the $8,643 combined repayment, before costs, and you'd have to top up the rest each month.
Which project has seen the strongest price growth?
| Year | 368 Thomson | Cube 8 | Hillvista | Skyline Residences | Spottiswoode Residences | All 999y/freehold non-landed private properties |
|---|---|---|---|---|---|---|
| 2016 | $1,449 | $1,441 | $1,174 | $1,892 | $1,786 | $1,393 |
| 2017 | $1,538 | $1,410 | $1,127 | $1,728 | $1,892 | $1,461 |
| 2018 | $1,571 | $1,590 | $1,219 | $1,920 | $2,047 | $1,524 |
| 2019 | $1,560 | $1,556 | $1,254 | $1,963 | $1,900 | $1,572 |
| 2020 | $1,600 | $1,500 | $1,280 | $1,953 | $2,045 | $1,488 |
| 2021 | $1,654 | $1,585 | $1,350 | $2,025 | $2,066 | $1,586 |
| 2022 | $1,836 | $1,691 | - | $2,167 | $2,158 | $1,709 |
| 2023 | $1,888 | $1,800 | $1,533 | $2,189 | $2,309 | $1,799 |
| 2024 | $1,855 | $1,844 | $1,638 | $2,177 | $2,272 | $1,856 |
| 2025 | $2,040 | $1,946 | $1,762 | $2,233 | $2,296 | $1,938 |
| 2026 (Up to June) | $1,848 | $2,146 | $1,654 | $2,225 | $2,240 | $1,985 |
| Annualised | 2.46% | 4.06% | 3.49% | 1.63% | 2.29% | 3.61% |
If we consider the resale transactions lodged in the first six months of 2026, the data shows that Cube 8 grew at the fastest pace of 4.06% a year, roundly beating the market average price growth of 3.61%.
The Hillvista is a close runner-up, recording price growth of 3.49% over the same period.
However, we caution against taking these figures too seriously, since they are based on a single recorded sale at each of these developments: a 1,905 sq ft four-bedder at Cube 8 at $2,146 psf, and a 1,130 sq ft three-bedder at Hillvista at $1,654 psf.
When we consider the full-year transactions in 2025, Hillvista grew at the fastest pace of 4.61% a year, with the average selling price rising about 50% from $1,174 psf in 2016 to $1,762 psf in 2025.
Coming in second place is 368 Thomson, which saw its average resale price grow by 3.87% over the entire year. But the 3.39% growth at Cube 8 falls behind the wider market's performance of 3.74%.
Resale prices at Skyline Residences and Spottiswoode Residences grew by less than 3% last year. We think that the case for these two projects rests more on their specific location or choice of unit layouts.
Have freehold private homes actually outperformed 99-year leasehold homes?
Broadly speaking, a private home with a freehold tenure would be suitable if you plan to keep it when you retire, and perhaps leave it to your child.
But the market data doesn't definitively indicate that freehold private residential properties increase in capital value faster than 99-year leasehold private homes.
| Year | All 999y/freehold non-landed private properties | All 99-year leasehold properties |
|---|---|---|
| 2016 | $1,393 | $1,140 |
| 2017 | $1,461 | $1,123 |
| 2018 | $1,524 | $1,164 |
| 2019 | $1,572 | $1,189 |
| 2020 | $1,488 | $1,159 |
| 2021 | $1,586 | $1,227 |
| 2022 | $1,709 | $1,370 |
| 2023 | $1,799 | $1,516 |
| 2024 | $1,856 | $1,616 |
| 2025 | $1,938 | $1,683 |
| 2026 (Up to June) | $1,985 | $1,722 |
| Annualised | 3.61% | 4.21% |
Based on the transaction data compiled by Stacked, the 99-year leasehold segment grew 4.21% a year up to the first half of 2026. In contrast, freehold and 999-year leasehold properties recorded a price increase of 3.61% over the same period.
The performance of 99-year leasehold properties still comes out ahead if we consider the resale transactions until the end of 2025.
Still, it is also true that freehold properties remain the pricier option, and most 99-year leasehold homes went from being about 18% cheaper compared to their freehold counterparts in 2016 to about 13% cheaper in 2026.
We found a similar pattern when we looked at whether freehold or leasehold condos perform better.
But these are averages across the whole market, and the result changes by region. From 2021 to 2026, freehold grew faster in the Core Central Region, where 368 Thomson and Cube 8 sit, while 99-year leasehold condos grew faster in the Rest of Central Region, where Skyline Residences and Spottiswoode Residences are, and the Outside Central Region, where Hillvista sits.
In your case, there is nothing wrong with picking a freehold property, as long as it doesn't mean settling for a poor layout or dipping into your cash reserves.
For a property you mainly want to rent out, we think that you should be considering various 99-year leasehold options, since the rental income and whether the lease covers your holding period are much more vital to your considerations.
Could V on Shenton work as a rental asset now and a home later?
V on Shenton is a 99-year leasehold condo along Shenton Way in District 1, and the development was completed in 2017. Its lease began in 2011, so it would have about 84 years left in 2026.
| Unit type | Average price | Tnx volume |
|---|---|---|
| 1-bedroom | $1,102,500 | 16 |
| 2-bedroom | $1,903,727 | 11 |
| 3-bedroom | $3,025,000 | 2 |
| Unit type | Average rent | Tnx volume |
|---|---|---|
| 1-bedroom | $4,294 | 25 |
| 2-bedroom | $6,137 | 46 |
| 3-bedroom | $9,305 | 19 |
Alongside being a 99-year leasehold property, a one-bedroom unit is the most realistic option for you there. At an average price of about $1.1 million - and commanding an average monthly rent of $4,294 - you could see an expected gross rental yield of about 4.67%.
Meanwhile, the gross rental yield for the two-bedders there is about 3.87%, and 3.69% for the three-bedroom units.
But the one-bedders vary quite a bit in size. Units of 441 to 506 sq ft sold for $900,000 to $1.1 million, while those of 689 to 743 sq ft - which a couple would find easier to live in later - sold for $1.24 million to $1.4 million.
Even the average one-bedder costs about $607,100 more than the $495,400 left in your two-property budget, before stamp duty and legal fees. As that $495,400 already includes the $300,000 loan, you'd need to find the difference in cash or borrow more, which would raise the repayment.
After you rent out the one-bedroom unit, its expected rent could cover about half of the $8,643 combined repayment before costs. On the other hand, a two-bedroom unit, which costs about $1.9 million, would use up nearly all of your single-home budget.
If you swap the arrangement - live first, then rent - it wouldn't raise your rental income either. A one-bedroom unit at V on Shenton rents for $4,294, while a two-bedder at Hillvista, Cube 8, or 368 Thomson typically fetches an average rent in the range of $4,075 to $4,175.
This means that you'd be renting out the bigger home for slightly less than what the smaller property could earn.
| Year | V on Shenton | All 99-year leasehold properties |
|---|---|---|
| 2016 | $1,976 | $1,140 |
| 2017 | $2,077 | $1,123 |
| 2018 | $2,343 | $1,164 |
| 2019 | $2,348 | $1,189 |
| 2020 | $2,259 | $1,159 |
| 2021 | $2,148 | $1,227 |
| 2022 | $2,126 | $1,370 |
| 2023 | $2,164 | $1,516 |
| 2024 | $2,032 | $1,616 |
| 2025 | $1,976 | $1,683 |
| 2026 (Up to June) | $1,892 | $1,722 |
| Annualised | -0.43% | 4.21% |
The transaction data also suggest that the average price at V on Shenton likely peaked at $2,348 psf in 2019. The resale price is now 19% lower, while the wider 99-year leasehold market grew at a yearly rate of 4.21% since 2016.
So, the case for V on Shenton rests on the expected rent, since the data suggests that its average resale price has fallen over the past decade.
So, what should you do?
Based on what you've shared, jointly purchasing one freehold home fits best with your plan to rely on sale proceeds and CPF, while still keeping your cash reserve intact. A $1.9 million purchase is within your affordability and needs about $285,400 less in terms of overall borrowing, in contrast to the two-property plan.
The only downside is the loss of rental income from your Yew Tee flat. It earns a gross rental yield of about 6.1% with no outstanding loan attached to it. It would seem that nothing on your shortlist comes close in terms of that rental performance.
Hillvista is the project we'd look at first, with the lowest price, similar rents and the strongest growth up to 2025, although that growth was based on a few transactions.
If you purchased a unit that fetched less than $1.9 million, it would allow you to take a smaller loan, or keep more of your sale proceeds as cash and CPF.
Therefore, we reckon that the two-property plan only works if you tap into your cash reserves or spend less on the freehold home, since $1.7 million leaves just $495,400 for you to acquire a smaller private home to stay.
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