Bungalow In Kembangan Fetched Over $10.7 Million In Resale Gains In June

Demand for landed homes rebounded in June after dipping in May 2023
Based on URA Realis caveat data, about 119 landed homes were transacted on the resale market in June 2023; the combined transaction value came up to slightly below $604 million – picking up from the resale performance in May (95 deals valued at $551.7 million). Upon an analysis of each transaction and their respective gains, most deals have been profitable. In a ranking by gross profit garnered, the list of top 10 transactions consisted of landed homes located in suburban landed estates in Marine Parade, Bukit Timah, and Bedok. The top 10 landed transactions booked gains ranging from about $3.8 million to $10.8 million. Notably, seven out of the top 10 landed transactions are semi-detached homes.

Landed homes resale activity dipped slightly in May 2023 after the announcement of the latest property cooling measures at the end of April, as the market took time to review the changes. The measures have mainly curbed investment demand from foreigners and investors due to higher additional buyer’s stamp duty (ABSD) tax rates, and are not seen to be as impactful on the landed homes segment as landed properties are predominantly purchased by Singaporean buyers for own stay. Although market activities tend to be quieter in June owing to the school holidays where many families may be traveling, landed home resale volume bucked the trend and picked up during the month.

Top landed transaction with highest gains (overall)
The top landed transaction in the month was for a 2-storey bungalow located along La Salle Street in the suburbs in Bedok (District 15). It was sold for $18.5 million, with its last caveat being lodged in July 1999. The sale price is up by $10.78 million from the previous caveated price, marking an annualised profit of 5.6% over a span of 16 years. The property is built on a large freehold plot spanning over 11,000 sq ft. The property is a 10-minute walk from the Kembangan MRT station on the East-West Line which takes commuters to the city centre in 25 minutes.

Top landed transaction with highest gains (Core Central Region)
In June, three landed homes in the CCR made the top 10 rankings – two properties are located in the Sixth Avenue neighbourhood – a prestigious landed home enclave within Bukit Timah, with a number of Good-Class Bungalow estates nearby and within walking distance to the Bukit Timah popular schools cluster which includes Raffles Girls’ Primary School, Nanyang Girls’ Primary School, Hwa Chong Institution, and National Junior College. The properties are also just a 5 minutes’ walk to the Sixth Avenue MRT station on the Downtown Line, which takes residents to the city in about 25 minutes. It is a short drive away from Holland Village, Orchard Road shopping district, and the Singapore Botanic Gardens.
The best performing landed transaction was for a 2-storey bungalow along Linden Drive in the Raffles Park estate in District 11. The property was sold for $24 million, with its last caveat being lodged in June 2012. The sale price is up by $10.4 million from the previous caveated price, with an annualised profit of 5.3% over a span of 11 years.

The other transaction in the CCR which made the top 10 rankings was for a 2-storey semi-detached home in Greenwood Avenue within the Hillcrest Park estate in Bukit Timah (District 11). The property was sold for $7.61 million, with its last caveat being lodged in November 2006. The sale price is up by more than $5 million from the previous caveated price, with an annualised profit of 6.8% over a span of 16 years.

Top landed transaction with highest gains (Rest of Central Region)
The most profitable deal in the city fringe in June was for a 3-storey detached house located in Branksome Road within Marine Parade (District 15). It was sold for $9 million, with its last caveat being lodged in March 2005. The sale price is up by $6.55 million from the previous caveated price – this marks an annualised profit of 7.4%, with a holding period of more than 18 years. Homes in District 15 have been experiencing an uplift in their property values over the last few years due to the progressive gentrification of the area, as well as the development of the Thomson-East Coast Line.

The second top landed transaction in the city fringe in June was for the sale of a 2-storey semi-detached house in Puay Hee Avenue in Potong Pasir in District 13. The property was sold for $5.3 million, up by $3.8 million from the last caveat lodged in May 2006 – this reflects a healthy annualised profit of 7.7% with a holding period of 17 years. The property is located a few minutes’ walk from the Potong Pasir MRT station on the North-East Line, which takes commuters to the city centre within 20 minutes. Residents can also reach the city via the Pan-Island Expressway (PIE) and Central Expressway (CTE). The property is also located close to a number of amenities, including the Poiz Centre, Woodleigh Mall, and Cedar Girls’ Primary and Secondary School.

Top landed transaction with highest gains (Outside Central Region)
The second most profitable deal in the suburbs in June was for a semi-detached house along Burnfoot Terrace. The property was sold for $6 million, up by $4.42 million from the last caveat lodged in April 1995 – this reflects an annualised profit of 4.9% over a period of more than 28 years. The 2-storey semi-detached house is situated in District 15 (Bedok) and is located close to the Siglap cluster of commercial shops and eateries on East Coast Road as well as smaller malls Siglap V and Siglap Centre.

The third top landed transaction in the suburbs in May was for the sale of a 2-storey terrace house in Woo Mon Chew in District 15 (Bedok). The freehold property was sold for $6.1 million, up by more than $4.3 million from the last caveat lodged in March 2007 – this reflects an annualised profit of 7.8% with a holding period of more than 16 years. It is located within 15 minutes’ walk to the Bedok Interchange and is also near the upcoming Siglap MRT station on the Thomson-East Coast Line.

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