At some point in every property investor's journey, one question will surface:

If you had enough equity, would you rather own one landed home or two condos?

It sounds like a rich people's problem, but for many investors who have spent years climbing the property ladder, it's no longer a hypothetical question. That choice is on the table. But the answer isn't so straightforward.

Before we get into the strategy, let's look at the numbers.

According to internal data from PropNex Investment Suite, the average price for a landed property in 2025 was $6,259,090. Condos are significantly more accessible by comparison, with an average price of $2,128,864.

Of course, averages only tell part of the story. While the average landed home crossed the $6 million mark, there are still terrace houses and selected landed properties available around the $5 million range.

That means a budget of roughly $5 million could realistically buy you either:

• One mid-tier landed home
• Two reasonably well-located condos

That said, this is not a pure dollar-for-dollar comparison. If the same buyer is acquiring both condos, the second residential property may attract ABSD, and financing will also depend on loan eligibility, property count, income, age and existing liabilities. In other words, the "two condos" route only makes sense after the ownership structure, taxes and cash-flow position have been properly worked through.

So which option actually makes more sense? Let's walk through some of the key considerations.

You probably already know that our dear city has land constraints. With only so much space to work with, the government has to make careful decisions about how that land is used. Given the need to house a growing population, the priority has long been on higher-density housing such as HDB flats and condos, which can accommodate far more people on the same plot of land than landed homes.

Since the government's long-term land use strategy prioritises high-density housing, new landed stock is unlikely to increase meaningfully.

As a matter of fact, the number of landed homes increased from 67,229 units in 2000 to 75,338 units in 2025. That's a very modest growth compared to the expansion of private flats and condos, which grew from 114,532 units to 375,612 units during the same period. 12% versus 228%.

Source: Singapore Department of Statistics

At the end of the day, whether you choose one landed home or two condos depends on what matters more to you. Some people value the space, privacy, and exclusivity that come with owning a landed property. Others prefer the flexibility, rental income, and diversification that two condos can provide.

With supply growing only marginally while our population and housing demand continue expanding, it's no surprise that landed homes remain one of the most exclusive housing assets here. In fact, only about 4.7% of resident households (households headed by Singapore Citizens or Permanent Residents.) currently live in landed property.

And honestly, that's a big part of the appeal.

But scarcity alone doesn't automatically make landed the better investment. After all, a $5 million landed property concentrates all your capital into a single asset. And that's why some people might consider getting two condos instead.

Ever heard of the proverb "Don't put all your eggs in one basket"? If you only have one plan and it fails, you lose everything. But if you spread out your risks across multiple options, you have a safety net.

Imagine if all your property wealth is tied up in a single landed home. To be fair, Singapore's property market is generally quite resilient, and it's rare to see entire neighbourhoods fall out of favour overnight. But performance still varies between locations, property types, and market cycles. If your entire investment is concentrated in one asset, you have fewer ways to manage that risk.

With two condos, you're spreading your risk across two separate assets.

You could even buy in different locations. Perhaps one in the Rest of Central Region and another in the Outside Central Region. Different buyer pools, different tenant profiles, and potentially different growth drivers.

It's the same reason investors don't usually put their entire stock portfolio into a single company.

Another advantage is cash flow.

With one landed home, you generally have one source of rental income. With two condos, you potentially have two.

This may not sound like a huge difference until one property becomes vacant.

If your landed home sits empty for three months while you're looking for a tenant. During that period, rental income drops to zero. But if one of your two condos becomes vacant, the other can still continue generating income.

You are effectively creating two income-producing assets instead of relying on one.

This can be especially appealing for investors who view property as a passive income stream.

There's also the question of who can actually afford your property when it's time to sell. The higher the price tag, the smaller the pool of potential buyers. A $5 million landed home naturally appeals to a narrower group of purchasers than a $2.5 million condo.

This doesn't mean landed homes are difficult to sell. There is still strong demand for quality landed properties in good locations. But condos generally have a larger audience, particularly among upgraders, investors, and younger families.

That wider buyer pool can provide more flexibility when it comes to exiting your investment.

Many people assume landed property always outperforms condos because of the land component. And generally that's true.

Over the past five years alone, landed home prices have appreciated by 44%, while condo prices only increased by 30%, showing signs of moderation more recently.

This suggests that landed has held their price better than condos in recent years.

Source: PropNex Investment Suite

But with any property investment, returns are heavily influenced by timing, location, entry price, tenure, and market cycles.

A well-bought condo can outperform a poorly bought landed property.

Likewise, a landed home in a highly sought-after neighbourhood can easily outperform multiple condos elsewhere.

So yes, landed generally performs very well, but it doesn't make condos bad investments either.

Of course, if you're planning to buy for your own stay, then your choice should also cater to your needs and lifestyle.

For some people, the landed is THE dream.

Maybe you've spent years living in apartments and like the idea of finally having your own gate, your own driveway, and enough space. If you have a larger family, elderly parents staying with you, or simply enjoy having more room, a landed home can offer a lifestyle that you just can't get in a condo.

On the other hand, if you don't want to deal with all the hidden struggles of being a landed homeowner, going for the two condos option might be best. It's much lower maintenance, with facilities, security, landscaping, and common areas all taken care of for you. No need to worry about pest issues or discovering that your home is flooded after you've come back from a holiday.

Plus, your other condo can continue generating rental income, which you can use to offset your mortgage.

If there was a clear winner, nobody would still be debating this. Truth be told, both options can work very well. They just achieve different things.

A landed home offers scarcity, exclusivity, and potentially stronger long-term capital appreciation. There's also the lifestyle factor. For many of us, owning a landed property is a dream and a milestone.

On the other hand, with two condos, you can diversify across different locations, enjoy multiple rental income streams, and even live in one property while the other continues generating income. If your goal is to balance lifestyle and investment returns, that's a compelling proposition.

At the end of the day, whether you choose one landed home or two condos depends on what matters more to you. And if you've reached a point where you're deciding between one landed home and two condos, you've probably already done something right.