What Does $5 Million Get You in Kovan in 2026?
If you have a $5 million budget for a landed property in Kovan, what can you actually buy in 2026?
This is a question I have been getting more often, and I think it deserves a proper answer.
Because $5 million used to sound like a very substantial landed-property budget. In Kovan, $5 million can still get you into landed living — but the type of house, land size, and condition you can expect have become increasingly important.
Based on the 2026 Kovan landed transaction data I am working with, the average transacted prices are approximately:
Property Type | Average Transacted Price | Average PSF |
Detached | $13,416,667 | $1,215.99 |
Semi-Detached | $6,643,418 | $1,764.68 |
Corner Terrace | $5,634,926 | $2,047.03 |
Inter-Terrace | $4,707,494 | $2,454.33 |
These figures tell us something quite interesting.
If your budget is around $5 million, the most realistic landed property type to focus on in Kovan is the inter-terrace.
A corner terrace is not completely out of the question, but you would probably need to find a smaller land plot or a property with other characteristics that keep the quantum below the $5 million mark. A Semi-Detached or Detached house, meanwhile, is generally going to require a substantially higher budget based on the average transaction values.
Using the 2026 average corner-terrace PSF of approximately $2,047 psf, a hypothetical 2,400 sq ft plot would work out to roughly:
2,400 sq ft × $2,047 psf = approximately $4.91 million.
That puts a smaller corner terrace within the $5 million conversation. But there is much more to this story than simply looking at the average price.
First, What Does $5 Million Actually Buy You?
Landed property is not priced purely according to PSF. Land size, frontage, condition, number of storeys, layout, tenure, location within Kovan, and redevelopment potential can all create significant differences between properties.
For example, an older two-storey inter-terrace with a larger plot may sell for less on a PSF basis than a newly rebuilt three-storey terrace on a smaller plot.
The first property may have a lower PSF but require substantial renovation. The second may command a higher PSF because the buyer is effectively paying for a newer house and the cost already invested in rebuilding.
So if you have $5 million, there isn't one standard "Kovan landed house" that you can expect to get.
You have to decide what matters more to you:
More land?
Better condition?
More built-up space?
Newer house?
Freehold tenure?
Closer to MRT?
Potential to rebuild?
Or perhaps simply:
"I want to live in a landed home, and $5 million is my comfortable budget."
That last buyer profile is actually more common than you might think.
Why $5 Million Is Becoming An Interesting Price Point
There is another reason I think $5 million is an interesting psychological threshold. The average 2026 transaction value for an inter-terrace in Kovan is approximately $4.71 million based on the dataset I am using.
That means $5 million is no longer an unusually high budget for an inter-terrace. It is becoming much closer to the middle of the landed market conversation. And that is important for buyers who may have been sitting on the sidelines thinking:
"I'll wait until landed prices come down."
The problem is that the market has already moved considerably over the longer term. Based on my Kovan landed data, the average PSF for inter-terraces has increased by approximately 71% since 2020. Even compared with 2025, the average PSF has increased by around 5.8%.
And remember — we are only in September 2026.
If the market continues to move progressively over the remaining months, the average inter-terrace quantum could potentially move above the $5 million mark. That doesn't mean every house will cross $5 million, nor does it mean prices must continue rising. Property markets don't move in straight lines.
But it does illustrate how the definition of an "affordable" landed home in Kovan has changed.
The Interesting Relationship Between Land Size And PSF
This is one of the most important concepts for anyone buying or selling landed property.
Land size and PSF generally have an inverse relationship.
In simple terms, larger plots tend to transact at a lower PSF, while smaller plots can command a higher PSF. This explains something that may initially look strange in the table above. Why does a detached property have an average PSF of only around $1,216, while an inter-terrace is around $2,454 PSF?
Does that mean detached houses are cheaper?
Absolutely not.
The average detached house is around $13.4 million because the land size is substantially larger.
Imagine buying a 10,000 sq ft piece of land at $1,300 psf. The PSF sounds relatively low. But the quantum is already $13 million.
Now compare that with a 2,000 sq ft terrace plot at $2,400 psf. The PSF sounds much higher, but the land component is only around $4.8 million.
This is why I always caution homeowners against looking at PSF in isolation. PSF is a useful comparison tool. It is not the entire valuation.
And This Is Particularly Important For Corner Terraces
There is another common misconception I often come across. A homeowner may own a corner terrace and see an inter-terrace nearby transacting at, say, $2,400 psf. They may then assume:
"My house is a corner terrace, so I should be able to command an even higher PSF."
Not necessarily.
Because corner terraces generally have larger plots. The larger the land, the more likely you are to see a lower PSF, even though the overall quantum may be significantly higher.
Based on the 2026 averages I am using, Kovan corner terraces transact at approximately $2,047 psf, compared with around $2,454 psf for inter-terraces.
So a corner terrace should not automatically be benchmarked against the PSF of a smaller inter-terrace. The correct comparison needs to consider land size, location, frontage, condition, built-up area and the specific characteristics of the property.
There is also an important data limitation here.
On the public URA transaction system, corner terraces are generally grouped together with terrace transactions, so the PSF you see on URA may not correspond neatly with a more granular breakdown between inter-terraces and corner terraces.
The reason I can show a separate corner-terrace average here is that I am using a more granular landed-property dataset. If you want to analyse landed property beyond what the standard URA transaction screen shows, this is precisely where more detailed landed-specific data becomes useful.
What About Condition? This Is Where Things Get Really Interesting.
One of the biggest advantages of having a detailed landed-property dataset is that you don't have to look at price only by year or property type.
You can also break it down by condition.
For Kovan inter-terraces, the data I am using shows a significant difference between properties depending on their condition:
Look at the difference.
A buyer looking for a $5 million landed property should therefore not simply search for "Kovan terrace under $5 million."
You could potentially get a very different house depending on whether you are looking at an original-condition property, a renovated home, or a brand-new rebuild.
This is where the $5 million budget becomes a strategy rather than simply a number. You could spend almost the entire budget on a renovated or newer house and move in immediately.
Or you could potentially buy an original-condition property at a lower PSF and allocate part of the remaining capital towards renovation or rebuilding. The latter route isn't necessarily better. It simply suits a different type of buyer.
Original Condition vs Renovated vs Brand New
For some buyers, the idea of buying an original house is immediately unattractive. They walk into an older kitchen, see dated bathrooms and old flooring, and think:
"This house needs too much work."
But I would encourage buyers to look at the land before judging the finishes. If the land is good, the frontage is attractive, and the location works for your family, an original-condition property can sometimes be an interesting proposition.
You are not necessarily buying the existing interior. You may be buying the land and the opportunity to create something new.
Conversely, if you have a young family, a busy career, and no desire to spend the next two years managing architects, contractors, and renovation decisions, paying a premium for a renovated or brand-new house may make much more sense.
This is why condition-based pricing is useful. It allows buyers to understand what they are paying for. It also helps sellers understand why two houses in the same neighbourhood cannot simply be priced at the same PSF.
Does The Number Of Storeys Matter?
Absolutely.
When it comes to landed property, land size is probably the first thing most buyers should look at. But it is not the only thing.
Built-up area and number of storeys also matter.
My landed data allows me to break Kovan inter-terrace transactions down by whether the house is 1 storey, 2 storeys, 2.5 storeys, 3 storeys, or 3.5 storeys.
What becomes apparent is a gradual premium as you move towards properties with more built-up space and more substantial structures.
This makes sense.
Rebuilding a landed house in Singapore is expensive. If you are buying an older one-storey house and intending to rebuild it into a modern three-storey home, you have to account for demolition, professional fees, construction, finishes, temporary accommodation, and a considerable amount of time.
If someone has already done that work for you, part of that investment is naturally reflected in the selling price. So when you compare two houses with similar land sizes, don't immediately assume that the one with the lower PSF is cheaper in every sense.
Ask:
How much would it cost me to recreate the other house?
That is a much more useful question.
So What Can You Actually Find In The Market Today?
As of September 2026, there are several landed homes around the Kovan area being marketed around or below the $5 million mark.
For example, current listings include a 999-year three-storey terrace asking $4.8 million, with approximately 1,785 sq ft of land. PropertyGuru
Another example is a freehold three-storey terrace on Florence Road being marketed at $4.08 million, with approximately 1,098 sq ft of land and five bedrooms. PropertyGuru
There are also examples slightly below $5 million, such as a 2.5-storey terrace around Rosyth Road asking $4.9 million, although its exact location and comparability to a Kovan-core property should be considered carefully. PropertyGuru
The important point is that there are still landed options around the $5 million mark — but you have to be selective about what you are comparing. A $4.8 million three-storey terrace with a smaller plot is a very different proposition from a $4.8 million original-condition house sitting on a much larger plot.
The quantum may be similar. The product is not.
My Own Take: $5 Million Is Still Enough To Enter Kovan's Landed Market
So, after looking at the numbers, what does $5 million actually get you?
My answer is:
It still gets you into Kovan landed living — but you need to be realistic about the type of property you're buying.
At around $5 million, the inter-terrace is the most natural segment to explore.
You may find an original-condition house with more land.
You may find a renovated house where less work is required.
You may occasionally find a smaller corner terrace.
What is increasingly difficult is expecting a large, beautifully renovated or brand-new inter-terrace at $5 million. Those properties generally sit in a different price bracket.
And Personally, I Have A Unit You Can Consider
I am also currently marketing a landed property along Tampines Road that I think is worth considering for buyers with a budget around this level. It is a two-storey freehold inter-terrace with approximately 1,993 sq ft of land and 1,911 sq ft of built-up area, with three bedrooms upstairs plus a granny room.
The house is in original condition, which is precisely why I think it could appeal to a particular type of buyer. Instead of paying a premium for someone else's renovation, you can potentially look at the land and decide what you want to create.
It is also located along a quiet cul-de-sac and within convenient reach of MRT stations and Heartland Mall.
If you are looking for a freehold landed home at a relatively lower entry quantum, this is one of the properties I would be happy to walk you through.
So, Should You Buy A $5 Million Landed Property In Kovan Now?
I don't think anyone can honestly tell you that landed prices will definitely continue rising.
Property markets move in cycles, and a 5.8% year-on-year increase does not guarantee another 5.8% increase next year. But what the numbers do tell us is that the $5 million threshold is becoming increasingly important in Kovan's landed market.
The average inter-terrace transaction is already around $4.71 million based on my 2026 data. The market has also seen substantial PSF growth since 2020. And current listings demonstrate that while there are still properties available around $5 million, buyers increasingly need to make compromises between land size, condition, tenure, number of storeys, and location. PropertyGuru
So if you are sitting on the sidelines waiting for every landed property to fall below $5 million, you may be waiting for the wrong thing.
Instead, I would ask:
What type of landed property can I realistically buy with $5 million today?
The Bottom Line
If you have $5 million to spend on a landed property in Kovan in 2026, don't expect the same house that $5 million could have bought five or six years ago. The market has moved.
Based on my 2026 data, the average Kovan inter-terrace is around $4.71 million, while the average corner terrace is around $5.63 million. Semi-Ds average around $6.64 million, and detached homes are in a completely different quantum at approximately $13.42 million.
That makes the inter-terrace the most realistic starting point for a $5 million landed search.
But perhaps the most important lesson is this:
Don't buy the PSF. Buy the property.
Understand the land.
Understand the house.
Understand the condition.
Understand the redevelopment potential.
Understand the neighbourhood.
And most importantly, understand what your $5 million is actually buying you.
Because in landed property, two houses that look similar on a listing portal can be completely different propositions once you step through the gate.
Looking For A Landed Property In Kovan?
If you are currently searching for a landed property in Kovan, District 19, and have a budget around $5 million, feel free to reach out to me.
I can help you analyse the current options based on land size, PSF, quantum, tenure, condition, number of storeys, and redevelopment potential, rather than simply sending you a list of houses.
And if you already own a landed property in Kovan and are wondering what your home could realistically be worth in today's market, I'm also happy to have a one-to-one discussion with you.
William Hong, District 19 Landed Property Agent
Market figures in this article are based on the 2026 Kovan landed-property dataset referenced above. Transaction and listing data change over time, and asking prices should not be treated as achieved transaction prices. Buyers should conduct property-specific due diligence before making an offer.
Comments