Semi-Detached Home In Clementi Fetched $5.3 Million In Resale Gains In December

Semi-Detached Home In Clementi Fetched $5.3 Million In Resale Gains In December

Muted resale activity in the landed resale market in December

Based on URA Realis caveat data, only about 81 landed homes were transacted on the resale market in December 2023; the combined transaction value came up to $361.7 million – tumbling significantly from the resale activity in November (110 deals valued at $633 million). Upon an analysis of each transaction and their respective gains, most landed deals were profitable. In a ranking by gross profit garnered, the list of top 10 transactions consisted of landed homes located across the island, including in Bukit Timah, Hougang, and Ang Mo Kio. The top 10 landed home transactions in December booked gains ranging from about $2.8 million to $5.3 million. Amongst the top resale gainers, six out of the top 10 landed transactions were located in the Outside Central Region (OCR).

Landed home sales in December was relatively quiet, unsurprisingly due to the seasonal lull and festive holidays. In December, there was a slightly lower proportion of higher priced landed homes being sold compared with the previous month. Based on URA Realis caveats, about 28.4% of resale landed homes sold in December were priced at $5 million and above, compared with about 33.6% in November. Meanwhile, 71.6% of the resale landed transactions were priced at below $59 million in December – higher than the 66.4% proportion in the previous month.

Chart 1: Price range of private resale landed transactions in November 2023 vs December 2023

Source: PropNex Research, URA Realis

Top 10 resale landed transactions in terms of estimated gains*

Source: PropNex Research, URA Realis

*Gains are derived from the resale transaction for each unit against the unit’s last caveated transaction. The gains reflected is gross – it has not accounted for the applicable seller’s stamp duties, interest payable, taxes and other relevant divestment costs.

**Annualised gain is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property’s last caveated transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] ^{time period in years}-1

Top landed transaction with highest gains (overall)

The top landed transaction in the month was for a semi-detached house located near one of Singapore’s exclusive landed neighbourhoods in the OCR, in Faber Avenue (District 5). The property was sold for $7.1 million in December and achieved a gross profit of $5.3 million from the last caveated price lodged in July 2001 - booking an annualised gain of 6.3%. This freehold property sits on a plot with a land area of more than 4,200 sq ft, with the sale price reflecting a unit price of $1,681 psf on land area. The property is a short drive away from the amenities at Clementi Central as well as the Clementi MRT and bus interchange, which connect commuters to the city and other parts of the island seamlessly. It is also located close to Nan Hua Primary School, Clementi Primary School, and Clementi Town Secondary School.

Top landed transaction with highest gains (Core Central Region)

The best performing landed transaction in the CCR was for a 999-year leasehold terrace house along Ming Teck Park in the Bukit Timah planning area (District 10). The property was sold for about $6.1 million, reflecting an estimated gain of more than $4.5 million, representing an annualised gain of 8% per year from its last caveat lodged in May 2006 - with a holding period of more than 17 years. The property is located near the Henry Park Primary School, as well as the Holland Village lifestyle-commercial cluster.

The second best performing landed home transaction in the CCR was a terrace house along Grove Crescent in the Bukit Timah planning area (District 10). The property was sold for about $5.8 million, reflecting an estimated gain of $3.57 million, representing an annualised gain of 3.7% per year from its last caveat lodged in April 1997- with a holding period of more than 26 years. The property is located near the Henry Park Primary School, and within walking distance to the Ghim Moh Market and Hawker Centre.

The third best performing landed home transaction in the CCR was for a semi-detached house in the Bukit Timah planning area (District 10) along Queen’s Road The property was sold for about $7.8 million, with its last caveat being lodged in March 2013. The sale price is up by about $2.9 million from the previous caveated price, with an annualised profit of 4.5% over a span of more than 10 years. The property is a 10-minute walk to the Botanic Gardens MRT station on the Circle Line and Downtown Line, which take residents to the city in less than 25 minutes. 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.

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

There was only one city fringe or RCR landed home transaction which made the top 10 rankings in December. The first was for the sale of a semi-detached house in Greenbank Park in Bukit Timah (District 21). The property is located in a landed estate off Rifle Range Nature Park, offering residents a serene environment away from the hustle and bustle of the city. It is a 5-minute drive from the King Albert Park MRT station on the Downtown Line, which takes commuters to the city in less than 30 minutes. It was sold for $9.1 million in December, with its last caveat being lodged in May 2019. The sale price is up by about $4.9 million from the previous caveated price, marking an annualised profit of 18.4% over 4 years.

Top landed transaction with highest gains (Outside Central Region)

The second most profitable deal in the suburbs in December was the sale of a detached home in Lorong M Telok Kurau in Bedok (District 15). The property was sold for $5.95 million, up by $4.12 million from the last caveat lodged in March 2006. This reflects an annualised profit of 6.9% over a holding period of 17 years. The two-storey detached house is situated in the Frankel landed housing area. It is located close to the commercial amenities at the culturally-diverse neighbourhood of Joo Chiat and the bustling Marine Parade estate.

The second best performing suburban landed home transaction in the top 10 rankings was the sale of a terrace house in Lentor Street, within the Lentor Villas landed estate in District 26 (Ang Mo Kio). The freehold property was sold for slightly over $5 million, up by $3.5 million from the last caveat lodged in July 2002 – this reflects an annualised profit of 5.8% after a holding period of more than 20 years. The property is a 10-minute walk to the recently opened Lentor MRT station on the Thomson-East Coast Line.

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.