Landed Home Sales Volume Up 21.3% Q-o-Q in 1Q2024

Huttons Asia’s most recent quarterly report on landed property segments shows that the landed homes segment saw 296 sales (excluding Good Class Bungalows, cluster houses and cluster apartments) in 1Q2024. The total value of these transactions was $1.7 billion.

This represents a 21,3% increase in volume of transactions and a 30,9% increase in sales value. Sales value decreased 5.9%, but transaction volume increased 1.4% year-on-year.

Prices for landed homes grew in line with the higher volume. They grew 2.6% during the first quarter of this year. The price growth was lower than the 4.6% in 4Q2023.

Huttons Asia has analyzed data and believes that the price of landed homes could stabilize in 2024 following a 8% rise last year.

The sale of an attached house in Braddell Heights Estate, was the most costly landed home transaction according to absolute value. The 12,594 sq. ft. freehold house was sold for an incredible $18.8million, or $1.493 per sq. ft.

In 1Q2024 there were 239 transactions involving 999-year leasehold or freehold property. Most buyers choose 999-year leasehold homes and freehold properties for their legacy.

In the last quarter, the average price of a land property with this tenure was $4.2m for terraced houses, $6.7m for semi-detached houses, and $11m for detached homes. Those with a 99 year leasehold sold their landed properties between $2.5 million to $4.2 million.

Pollen Collection by Bukitsembawang Estates, the 132 unit landed housing project at Pollen View sold 17 units in the last quarter, with an average of $3.74mil or $2.183 psf for the land area.

The project is the last phase of Bukit Seletar Estates’ landed residence enclave at Seletar Hills. It follows the first two phases of Nim Collection that were launched in 2018

In the near future, it is predicted that the shrinking gap between seller’s and buyer’s price expectations, as well as more homeowners downsizing their homes, will result in more landed home purchases.

In 2024, the total amount of transactions on the landed market is expected to be higher than in 2023.

However, with prices stabilizing, we expect that the price of a landed house will grow at a slower pace than in the previous year. It is estimated that the total 2024 growth rate for landed homes will be no more than 6%.

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