Bungalow In Bedok Fetched $4.6 Million In Estimated Resale Gains In December

By Jean Choo

Landed homes in the suburbs dominated top gainers list
Based on URA Realis caveat data, there were fewer than 70 landed homes transacted in December 2022, with a combined value of $400 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 landed homes in the suburbs, in towns such as Serangoon and Hougang.

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)
In December, the best performing landed transaction in the city centre and for the month of December was for a 2-storey bungalow along Duchess Avenue in Bukit Timah in District 10. The property was sold for over $14 million, with its last caveat being lodged in December 2006. The sale price is up by $8.9 million from the previous caveated price, with an annualised profit of 4.9% over a span of 16 years. The property is located within close proximity to the exclusive landed and good-class bungalow estates of Victoria Park and Bin Tong Park.

Top landed transaction with the highest gains (Rest of Central Region)
Only one landed transaction in the city fringe made the top 10 list for the month of December. The transaction was for a sale of a detached house along Ringwood Road in District 15 (Marine Parade). The property was sold for $11.4 million, up by nearly $7.5 million from the last caveat lodged in May 2009 – this reflects an annualised profit of 8.1% over a period of close to 14 years. The 2-storey detached house sits on a plot of nearly 5,000 sq ft. It is situated in close proximity to the East Coast shophouse enclave with numerous amenities as well as malls such as Katong Shopping Centre, i12 Katong, Roxy Square and Parkway Parade.

Top landed transactions in gains achieved (Outside Central Region)
In December, seven out of the top 10 most profitable landed transactions were in the suburbs or Outside Central Region (OCR). The most profitable deal in the suburbs was for a 2-storey detached house located along Lengkong Empat. The freehold property was sold for $8 million, up by $4.62 million from the last caveat lodged in March 2021 – this reflects an annualised profit of 63.6% over a span of less than 2 years. The detached house sits on a plot with a land size of over 4,300 sq ft, which reflects a unit price of $1,857 psf on land area. The 3-storey property recently underwent redeveloped and was completed in 2022. It is tucked away in a quiet corner of Kembangan in District 14.

The next most profitable transaction in the suburbs was for a semi-detached property along Jalan Bangau. The 999-year leasehold semi-detached property is nestled in a quiet landed estate of Seletar Hills in Serangoon. It was sold for $4.5 million, which represents an estimated gain of $3.32 million from its last caveat lodged in July 1997. With a holding period of more than 25 years, it translates to an annualised gain of 5.3% per year. Despite being located further from commercial amenities, the estate offers its residents a quiet respite from the hustle and bustle of the city.

Another noteworthy landed deal in the suburbs in December was for a terrace house along the quaint Jalan Girang in District 19, in the heart of Serangoon estate. The property fetched an estimated gain of $3.13 million with a holding period of 3 years – reflecting an impressive annualised profit of 24.5%. The property was sold for $6.5 million in December, more than double the purchase price in November 2019, the date of the last recorded caveat.

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.

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