Bukit Timah GCB Fetched More Than $13 Million In Resale Gains In February.

Tepid resale activity in the landed resale market in February    

Based on URA Realis caveat data, about 88 landed homes were transacted on the resale market in February 2024; the combined transaction value came up to $486 million – dipping slightly from January (100 deals valued at $530 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, Novena and Bedok. The top 10 landed home transactions in February booked gains ranging from about $3.5 million to $11 million. Amongst the top gainers, five out of the top 10 landed transactions were located in the Outside Central Region (OCR).

Landed home sales in February slowed down after picking up slightly in January due to the seasonal lull and festive holidays. In February, there was a slightly smaller proportion of higher priced landed homes being sold compared with the previous month. Based on URA Realis caveat data, about 31.8% of resale landed homes sold in February were priced at $5 million and above, compared with about 33% in January. Meanwhile, 68.2% of the resale landed transactions were priced at below $5 million in February – higher than the 67% proportion in the previous month.

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 Good-class Bungalow (GCB) near one of Singapore’s exclusive landed neighbourhoods in the CCR, in Kingsmead Road (District 10). The property was sold for $17.4 million in February and achieved a gross profit of $13.47 million from the last caveated price lodged in August 2004 - booking an annualised gain of 7.9%. This freehold property sits on a plot with a land area of nearly 7,000 sq ft, with the sale price reflecting a unit price of $2,516 psf on land area. The property is a short walk to the Tan Kah Kee MRT station on the Downtown Line and the Farrer Road MRT station on the circle line which take residents to the city in less than 30 minutes. The property is also near quaint cafes and amenities in the Coronation Road neighbourhood, including Crown Centre, and Coronation Plaza. It is also near the St. Margaret Girls’ School and Nanyang Primary School.

Top landed transaction with highest gains (Core Central Region)

The second best performing landed transaction in the CCR was for a freehold detached house along Berrima Road in the Novena planning area (District 11). The property was sold for about $14.3 million, reflecting an estimated gain of more than $4 million, representing an annualised gain of 5.5% per year from its last caveat lodged in December 2017 - with a holding period of 6 years. The property is a short walk from the Botanic Gardens MRT interchange station, on the Circle Line and Downtown Line, which takes residents to the city in about 20 minutes. It is also located close to Singapore’s first UNESCO World Heritage site, the Singapore Botanic Gardens.

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

The best performing landed home transaction in the RCR was for a semi-detached house along Dunearn Road in the Bukit Timah planning area (District 21). The property was sold for about $6.55 million, reflecting an estimated gain of $5.25 million, representing an annualised gain of 7.3% per year from its last caveat lodged in January 2001 - with a holding period of about 23 years. The property is located a short walk from the King Albert Park MRT station on the Downtown Line.

There second-best performing city fringe transaction was for the sale of another semi-detached house in Happy Avenue Central in Geylang (District 13). The property is near the Mattar MRT station on the Downtown Line. It was sold for $7.2 million in February, with its last caveat being lodged in December 2012. The sale price is up by about $3.8 million from the previous caveated price, marking an annualised profit of 7% over 12 years.

The second most profitable deal in the suburbs in February was the sale of a semi-detached home in Matlock Rise in Serangoon (District 13). The property was sold for $14.2 million, up by $7.6 million from the last caveat lodged in February 2008. This reflects an annualised profit of 4.9% over a holding period of 17 years. The two-storey detached house is situated in the Braddell Heights landed housing area. It is located between Toa Payoh housing estate and the Serangoon housing estate, providing residents convenient access to the heartland amenities within the towns.

The second best performing suburban landed home transaction in the top 10 rankings was the sale of a semi-detached house on Lentor Street, in District 26 (Ang Mo Kio). The freehold property was sold for $5.6 million, up by $4.12 million from the last caveat lodged in December 1998 – this reflects an annualised profit of 5.7% after a holding period of 26 years. The property is located within the serene landed estate of Lentor and a short walk to the Lentor MRT station on the Thomson-East Coast Line (TEL).

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.

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