What is Per Square Foot (PSF) in Singapore?
PSF stands for Per Square Foot, a term that refers to the standard unit for quantifying the size of a property’s area.
As such, a higher PSF would indicate a greater property size, whereas a lower PSF value would suggest a smaller area.
PSF is a more widely used metric in Singapore than square metres, although the two terms are sometimes used interchangeably.
When putting your home on the market, accurately calculating the size of the property is important in establishing the appropriate asking price.
Related article: Price Per Square Foot Versus Quantum: Which is More Important?
What is the price Per Square Foot (PSF) in Singapore?
Price PSF represents the estimation of the money you pay for each square foot of usable living area. PSF is a benchmark to evaluate the cost of a property.
The lower the PSF value, the more economical the property.
How to calculate the price Per Square Foot (PSF) in Singapore?
Here is the formula to calculate the price per square foot:
Price per square foot = Total price of the property ÷ total square footage of the property
Is per Square Foot (PSF) the only main indicator when comparing property prices?
When comparing property prices, it is not enough to just look at the PSF figure. Other factors that should be taken into account include:
- Smaller units tend to have a higher price PSF, while larger units have a lower price PSF.
- Smaller units have a lower overall cost, while larger units have a higher overall cost.
- Newer units have higher monthly maintenance costs, while older units have higher upkeep costs.
- Smaller units may have a more efficient layout, while larger units may not maximise the unit space.
- New launch units may not be available for immediate move-in, while resale units are ready for immediate move-in.
- Smaller developments may have more units squeezed into the plot, while larger developments may have more space for additional features.
- Newer units may be less furnished than resale, resulting in higher renovation costs.
Additional reading: 4 ways the new URA size restriction can affect you
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Additional Reading
Sales and Purchase Agreement (S&PA)
Singapore Land Authority (SLA)
