{"id":4519,"date":"2025-10-01T18:11:13","date_gmt":"2025-10-01T10:11:13","guid":{"rendered":"http:\/\/www.gssinst.org\/irer\/?p=4519"},"modified":"2026-01-05T18:41:14","modified_gmt":"2026-01-05T10:41:14","slug":"unpacking-singapores-leasehold-relativity-table-an-empirical-and-legal-analysis","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2025\/10\/01\/unpacking-singapores-leasehold-relativity-table-an-empirical-and-legal-analysis\/","title":{"rendered":"Unpacking Singapore\u2019s Leasehold Relativity Table \u2013 An Empirical and Legal Analysis"},"content":{"rendered":"\t\t
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Article<\/div>\n

Unpacking Singapore’s Leasehold Relativity Table \u2013 An Empirical and Legal Analysis<\/p>\n\n

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Author<\/p>\n

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Koon Shing Kwong, Jing Rong Goh, Edward SW Ti<\/p>\n

385 \/ 412<\/p>\n

28<\/p>\n

3<\/p>\n

2025<\/p>\n

International Real Estate Review<\/p>\n\n<\/div>\n

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Abstract<\/p>\n

In Singapore, most land is state-owned, with the state generally issuing leasehold estates via state leases of not more than 99 years, depending on the intended land use. Naturally, the value of a leasehold estate, which erodes over time as the lease approaches the end of its term, is a key component of the premium charged for lease renewals, or the tax imposed for permission given in relation to a development that would increase the value of the land. By law, the state valuation of leasehold land is prescribed by a leasehold relativity table colloquially known as \u2018Bala\u2019s Curve\u2019 or \u2018Bala\u2019s Table\u2019. Since its adoption in 1948, however, the underlying assumptions and discount rate inherent to the curve have not been disclosed. This paper aims to deconstruct or reverse engineer Bala\u2019s Table to derive the best fit model of the curve. Doing so allows policymakers to evaluate whether the model parameters align with prevailing economic realities, and if not, modify them to reflect the market and more accurately value leasehold estates for calculating taxes and premiums.<\/p>\n
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View PDF – https:\/\/doi.org\/10.53383\/100408<\/strong><\/a><\/p>\n
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Keywords<\/p>\n

Leasehold land valuation, Law and economics, Land policy, Planning law<\/p>\n\n<\/div>\n

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