Semi-detached home in Clementi fetched over $9 million in resale gains in August

Landed homes sales continued to moderate in August after a muted July
Based on URA Realis caveat data, about 114 landed homes were transacted on the resale market in August 2023; the combined transaction value came up to slightly below $614 million – easing slightly from the resale performance in July (128 deals valued at $634 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 Bedok, Bukit Timah, and Clementi. The top 10 landed transactions booked gains ranging from about $2.97 million to $9.27 million. Notably, four out of the top 10 landed transactions were homes located in the Outside Central Region (OCR).

Amidst high interest rates and economic uncertainties, homebuyers have been mulling over rising landed home prices, leading to slower sales in the landed home segment. More buyers have been looking out for reasonably-priced landed homes. Based on URA Realis caveats, about 67% of resale landed transactions were priced below $5 million in August 2023, while some 63% of transactions in July 2023 were priced below $5 million. (see chart 1).

Top landed transaction with highest gains (overall)
The top landed transaction in the month was for a 2-storey detached house in the OCR, located along Sunset View in Clementi (District 21). It was sold for $12.38 million, with its last caveat being lodged in January 2000. The sale price is up by $9.27 million from the previous caveated price, marking an annualised profit of 6% over a span of 23 years. The 2-storey freehold detached house sits on a large land plot of nearly 6,000 sq ft. It is tucked away in a quiet corner of the Sunset Way landed estate, offering residents a quiet respite from the hustle and bustle of city living.

Top landed transaction with highest gains (Core Central Region)
In August, there were no Good Class Bungalow (GCB) transactions which made the top 10 rankings. The best performing landed transaction in the CCR was a semi-detached home along Greenleaf Lane in the Holland-Bukit Timah planning area in District 10. The property was sold for slightly more than $13 million, with its last caveat being lodged in December 2021. The sale price is up by $6.35 million from the previous caveated price, with a whooping annualised profit of 52% over a span of less than 2 years. It was recently redeveloped by the previous owner at the end of 2022. The property is located near the Henry Park Primary School as well as the Holland Village lifestyle-commercial cluster.

The second most profitable deal in the CCR which made the top 10 rankings was a 3-storey bungalow in Jalan Sejarah in Novena (District 11). The property is located close to the exclusive GCB estates of Chee Hoon Avenue and Camden Park, and is within walking distance to the Singapore Botanic Gardens. The property was sold for $8.8 million, with its last caveat being lodged in June 2009. The sale price is up by $5.4 million from the previous caveated price, with an annualised profit of 7% over 14 years. The freehold property sits on a large regular plot measuring more than 4,000 sq ft in size.

Top landed transaction with highest gains (Rest of Central Region)
There were only two city fringe or RCR landed transactions which made the top 10 rankings in August. The first was for a terrace house along Soo Chow View on the edge of Bishan town (District 20), in the Upper Thomson area. It is located within walking distance to the recently-completed Upper Thomson MRT station on the Thomson-East Coast Line (TEL), which takes commuters to the city within 30 minutes. It was sold for $5.4 million, with its last caveat being lodged in September 2000. The sale price is up by $4.01 million from the previous caveated price, marking an annualised profit of 6.1% over 23 years. It is close to Thomson Plaza and a cluster of commercial shops and eateries along Upper Thomson Road – a favourite spot amongst supper lovers and café-hoppers.

The second most profitable deal in the city fringe in August was for a single-storey terrace house located in East Coast Road in Marine Parade (District 15). The property is one of the colourful conserved terraces along East Coast Road. It was sold for $3.88 million, with its last caveat being lodged in February 2005. The sale price is up by an impressive $3.04 million from the previous caveated price – this marks an annualised profit of 8.6%, with a holding period of more than 18 years. It is located within walking distance to the upcoming Marine Parade MRT station on the Thomson-East Coast Line (TEL) which takes commuters to the city in 20 minutes. It is also a short walking distance to a myriad of amenities along Katong Road and East Coast Road, including i12 Katong mall, Parkway Parade, Parkway Centre, Marine Parade Central Market and Food Centre, Katong Plaza, and Katong Shopping Centre.

Top landed transaction with highest gains (Outside Central Region)
The most profitable deal in the suburbs in August was for the semi-detached transaction at Sunset View in Clementi. This is followed by another semi-detached house along Faber Grove in Clementi (District 5). The property was sold for $6.85 million, up by $5.15 million from the last caveat lodged in May 2003 – this reflects an annualised profit of 7.2% over a period of more than 20 years. The 2-storey semi-detached house is situated on the edge of Clementi town, within the Faber Hills Estate. It is close to the serene Sungei Ulu Pandan, and a short drive away from the Jurong East regional centre, as well as the International Business Park estate.

Another notable top 10 landed transaction in the suburbs was for the sale of a 2-storey semi-detached house in Bowmont Gardens in District 15 (Bedok). The freehold property was sold for $5.09 million, up by nearly $2.99 million from the last caveat lodged in May 2007 – this reflects a gross profit that is nearly equivalent to its purchase price, after a holding period of more than 16 years. It is located within 15 minutes’ walk to the Kembangan MRT station on the East-West Line and the upcoming Marine Terrace MRT station on the Thomson-East-Coast Line. It is a short drive from the amenities at Marine Terrace, including the market and hawker centre. It is also within a 1km radius of reputable schools such as Tao Nan School, CHIJ (Katong) Primary School, CHIJ Katong Convent, St Patrick’s School, and Victoria Junior College.

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