Top 10 Resale Landed Homes in September 2022: Tampines Bungalow along Harvey Avenue Fetched $7.88 Million in Estimated Gains

By Jean Choo

Landed Homes in the Suburbs Dominate Top Gainers List
Based on caveated data, there were 142 landed homes transacted in September 2022, with a combined value of $725 million. Upon analysis of each transaction and their respective gains, most deals had been profitable. In a ranking by gross profit garnered, the list of top 10 transactions consisted mostly of landed homes in the suburbs, in towns such as Yishun, Serangoon and Bedok.

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 (Core Central Region)
The most profitable landed transaction in September was for a 2-storey detached bungalow within the Chip Bee Gardens estate in Holland Village. This deal was also the only landed home in the Core Central Region (CCR) that made the top 10 ranking. The property was sold for $9.6 million, reflecting a unit price of $1,725 psf on land area. It reflects an estimated gain of $7.9 million or 8.6% of annualised profit over a holding period of more than 20 years, since the last caveat was lodged in September 2001.

The property is a stone’s throw from the Holland Village lifestyle enclave – popular for its cluster of F&B and nightlife hotspots. It has a frontage to Holland Road, which takes commuters to the Orchard Road shopping belt within 5 minutes’ drive and the Central Business District in 10 minutes.

Top Landed Transaction with Highest Gains (Rest of Central Region)
For the month of September, only one property that is located in the city fringe made it to the top 10 rankings; it was the sale of a semi-detached house in Greenbank Park in District 21 (Bukit Timah). The property was sold for $6.25 million, up by nearly $4.5 million from the last caveat lodged in July 2002 – this reflects an annualised profit of 6.7% over a period of more than 20 years. The 3-storey semi-detached house sits on a plot of over 3,300 sq ft and is situated within close proximity to Murnane Reservoir as well as the tranquil Rifle Range Nature Park. Despite being located further from commercial amenities, the estate offers its residents quiet respite from the hustle and bustle of the city.

Top Landed Transactions in Gains Achieved (Outside Central Region)
In September, eight out of the top 10 most profitable transactions were located in the OCR or the suburbs. The most profitable deal was for a 2-storey detached house located along Harvey Avenue at Upper Changi within District 16. The property was sold for $14.68 million, up by nearly $7.9 million from the last caveat lodged in March 2012 – this reflects an annualised profit of 7.7% over a span of more than 10 years. The detached house sits on a plot with a land size of over 9,700 sq ft, which reflects a unit price of $1,510 psf on land area.

Estate Spotlight – Siew Lim Park Estate
Two other profitable deals in the OCR that made the top 10 rankings were for properties in the Siew Lim Park landed housing estate. The landed estate is located at the heart of Tanah Merah in District 16 – it comprises of a mix of residential 2-storey landed homes as well as a commercial low-rise settlement along Bedok Road and Jalan Chempaka Kunning. The commercial cluster comprises several rows of shophouses as well as the Simpang Bedok food centre, which collectively houses many eateries that are well-loved amongst supper-goers and local foodies.

The two deals were semi-detached houses along Bedok Lane and Upper Bedok Road. Both properties are a short walk from the Tanah Merah MRT station and close to the Simpang Bedok food enclave. The deal at Upper Bedok Road fetched an estimated gain of $4.3 million, while the other semi-detached property along Bedok Lane achieved an estimated gain of $3.9 million.

If you are looking for high-end or luxury landed homes in Singapore, contact PropNex’s GCB Prestige Landed Services team today for buying opportunities and insights on the landed residential property market.

For more property research insights, join PropNex Friends today.