Resale landed activity buffers in August due to hungry ghost month

Based on URA Realis caveat data, about 143 landed homes were transacted on the resale market in August 2024; the combined transaction value came up to $724.4 million - down from July (168 deals valued at nearly $939.2 million). Upon an analysis of each transaction and their respective gains, most landed deals were profitable. With the exception of the top gainer, the remaining top 10 landed home transactions in August booked gains ranging from about $4 million to $8.9 million. The top gainers were scattered across the island with a majority located in the suburbs; seven out of the top 10 landed transactions are located in the Outside Central Region (OCR); another two in the Core Central Region (CCR) and just one transaction in the Rest of Central Region (RCR) during the month.

Landed home resale activity in August slowed down following a brief rebound in July. Amidst the slower sales in August, there was a higher proportion of higher priced landed homes being sold compared with the previous month. Based on URA Realis caveat data, about 29.4% of resale landed homes sold in August were priced at $5 million and above, compared with about 33.9% in July. Meanwhile, 70.6% of the resale landed transactions were priced at below $5 million in August - higher than the 66.1% proportion in the previous month.

Chart 1: Price range of private resale landed transactions in July 2024 vs August 2024

Top 10 resale landed transactions in terms of estimated gains*

Top landed transaction with highest gains (overall)

The top landed transaction in the month was for a detached property in the OCR, along Sunset Heights in District 21. The property is situated at a quieter corner of the sunset way estate in Clementi. The bungalow was sold for $20 million in August and achieved a gross profit of $9.5 million from the last caveated price lodged in August 2013 - booking an annualised gain of 6% over 10 years. This freehold bungalow sits on a plot with a land area of over 8,000 sq ft; reflecting a unit price of $2,328 psf on land area.

Top landed transaction with highest gains (Core Central Region)

The best performing transaction in the city was for a semi-detached house in Bukit Timah (District 11) along Watten Estate Road. It was sold for $11.2 million in August, with its last caveat being lodged in May 2007. The sale price is up by about $7.21 million from the previous caveated price, marking an annualised profit of 6.2% over 14 years. Based on a land area of 4,611 sq ft, the sale price reflects a unit price of $1,412 psf on land area. The property is within walking distance to the Tan Kah Kee MRT station on the downtown line. The property is also a short walk from the quaint cafes and amenities in the Coronation Road neighbourhood, including Crown Centre, King's Arcade, and Coronation Plaza. It is also near the National Junior College, Raffles Girls' School, and Nanyang Girls' School.

The second best-performing landed transaction in the city was for a bungalow along Holland Park in Tanglin (District 10). The property was sold for $9.38 million in August and achieved a gross profit of $4.08 million from the last caveated price lodged in February 2007 - booking an annualised gain of 3.3%. This freehold property sits on a plot with a land area of more than 5,000 sq ft, with the sale price reflecting a unit price of $3,644 psf on land area. The property is within walking distance to the Tan Kah Kee MRT station on the downtown line. The property is within walking distance to the Botanic Gardens MRT station on the circle line and downtown line. The property is located close to several amenities the vicinity, including the Holland Village lifestyle cluster, Botanic Gardens, and just a short drive to the Orchard Road Shopping Belt.

Top landed transaction with highest gains (Rest of Central Region)

The best performing landed home transaction in the RCR was for a detached house along Poole Road in the Marine Parade planning area (District 15). The property was sold for $8.3 million, reflecting an estimated gain of $5.45 million, representing an annualised gain of 7.6% per year from its last caveat lodged in November 2009 - with a holding period of 15 years. The property is situated close to two MRT stations - Dakota MRT station on the circle line and the Katong Park MRT station on the Thomson-East Coast Line, which take residents to the city centre within 20 minutes.

Top landed transaction with highest gains (Outside Central Region)

The second most profitable deal in the suburbs in August was the sale of a Good-class bungalow (GCB) in Chestnut Drive located within the Greenhill GCB estate in Bukit Panjang (District 23). The property was sold for $25 million, up by $8.9 million from the last caveat lodged in January 2011. This reflects an annualised profit of 3.3% over a holding period of more than 13 years. The GCB property is situated near the Dairy Farm Nature Reserve, Chestnut Nature Park, and a stone's throw from the commercial amenities in Hillview and Bukit Panjang.

The third best-performing landed home transaction in the OCR was for a semi-detached house along Toh Drive in the Pasir Ris planning area (District 17). The property was sold for about $9.8 million, reflecting an estimated gain of some $7.7 million, marking an annualised profit of 9% in nearly 18 years, from its last caveat lodged in October 2006. The property is a 10-minute drive from Changi Airport and Expo.

If you are looking for high-end homes or good class bungalows in Singapore, contact PropNex's GCB and Prestige Landed department for buying opportunities and insights on the landed residential property market.

For more property research insights, join PropNex Friends today.

Read the latest PropNex Research report on the GCB and Prestige Landed homes market.