Welcome to my blog. :)
Financially, I believe that you are in a comfortable position now and buying that $2.2 million landed property doesn't seem like a demanding thing. It is affordable.
However, you did not mention how much you have in your emergency fund or what are your plans to help fund your retirement if you were to purchase the landed property.
Like you said, buying the landed property would mean giving up your rental income and it could also mean drawing upon your CPF money (which is really meant for retirement funding) to reduce the loan for the landed property at age 55.
I am just raising some pertinent questions and you don't have to tell me anything else if you don't feel comfortable to do so.
In closing, I just want to say that it is probably OK to up our consumption level if we have certainty we will avoid financial hardship later down the road.
1. Do I need a bigger home?
2. 2015 passive income all gone.