The difference may be deceptively simple since the leasehold just means it has a decaying lease while the freehold property means you can hold on to it forever.
In simple words, as an investment point of view if you compare two properties which are exactly identical(which is not possible), the FH will be more expensive than the LH and the LH would have better rental yield in the short term. However, as time goes by, the LH will decay in value and hence result in a lower capital appreciation compared to the FH. And when it reaches 99 years, it has no value at all.
Unfortunately, this is not the case in real life. If you understand the concept and master plan of URA, for some areas, the zoning will never have FH status. This also means that the location of the property is tied to the lease. And as most people tell you the number one thing you should look for a property is location, location and location.
In addition, there are many factors to consider since no two property are exactly alike. In fact, differences between units can be very different even within the same development. Not to mention things like architectural design, facilities, building facing and even for some people the feng shui of the overall site.
However, if you do purchase a property following URA's master plan, whether it is LH or FH, you investment is going to reward you at the end of your day.
Contact me if you require any further analysis.
Huttons Asia Pte Ltd