Bungalow In Marine Parade Fetched $23.4 Million In Estimated Resale Gains In January

Landed homes in the suburbs dominated top gainers list
Based on URA Realis caveat data, there were 70 landed homes transacted in January 2023, with a combined value of $409 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 well-known landed estates at Marine Parade, Serangoon and Bukit Timah. With rising home prices at conventionally popular and prestigious neighbourhoods, including Bukit Timah, Holland and Tanglin, landed homes in the city fringe and suburban estates such as at District 15 have garnered more interest amongst buyers.

Top landed transaction with highest gains

The top landed transaction was for a detached house along Wilkinson Road which fetched an estimated profit of $23.4 million from its last caveated transaction. The property was sold for $55.5 million, up by nearly $23.4 million from the last caveat lodged in October 2017 – this reflects an annualised profit of 11.2% over a period of close to 6 years. The 2-storey freehold detached house sits on a sprawling land plot of more than 25,000 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 and Parkway Parade. According to media reports, the buyer is reportedly Pang Sze Khai, chairman of Singapore-based Octava Foundation, executive director and major shareholder of Octava Pte Ltd, a Singapore-based family office with investments across various industries, namely property investment and development, financial technology, amongst others.

Top landed transaction with highest gains (Core Central Region)
In January, the best performing landed transaction in the city centre was for a 2-storey semi-detached house along Greenleaf Drive in Bukit Timah in District 10. The property was sold for over $8.25 million, with its last caveat being lodged in July 1998. The sale price is up by $6.85 million from the previous caveated price, with an annualised profit of 7.5% over a span of nearly 25 years. The property is located near other exclusive landed estates in Holland-Bukit Timah and Good-Class Bungalow (GCB) neighbourhoods of Ewart Park, Maryland Estate and Bukit Sedap.

The next top landed transaction in the city centre was for another semi-detached property located along Jalan Harom Setangkai which was sold for over $10 million, with its last caveat being lodged in January 2008. The sale price is up by $6.22 million from the previous caveated price, marking an annualised profit of 6.2% over a span of 15 years. The property is located in Chip Hock Gardens and it is near some of the most prestigious GCB estates in Singapore, namely Cluny Park and Gallop Road.

Top landed transaction with the highest gains (Rest of Central Region)
Only one other landed transaction in the city fringe made the top 10 list in January. The transaction was for a sale of a freehold terrace house along Swanage Road in District 15 (Marine Parade). The property was sold for $7.53 million, up by nearly $3.6 million from the last caveat lodged in June 2021 – this reflects a whopping annualised profit of 50.8% within less than two years. The 2-storey corner terrace house had recently undergone redevelopment. It is located just a 5-minute walk from the Dakota MRT station on the Circle Line. The property is also located near a number of well-known schools, such as Tanjong Katong Girls School, Tanjong Katong Primary and Secondary School, Chung Cheng High School, Broadrick Secondary School, and Kong Hwa School.

Top landed transactions in gains achieved (Outside Central Region)
The most profitable deal in the suburbs in January was for a corner 2-storey detached house located along Raglan Grove in the heart of the Serangoon Gardens landed estate. The 999-year leasehold property was sold for $6 million, up by $4.08 million from the last caveat lodged in May 2000 – this reflects an annualised profit of 5.2% over a span of nearly 23 years. The detached house sits on an irregular corner plot with a land size of over 4,300 sq ft, which reflects a unit price of $1,391 psf on land area. It is located within close proximity to the commercial amenities of Serangoon Gardens such as Chomp Chomp Food Centre, Serangoon Garden Market, MyVillage at Serangoon Gardens, and various popular eateries housed at the shophouses along Serangoon Garden Way and Kensington Park Road.

Another profitable transaction in the suburbs was for a terrace house along Braemar Drive, also located in the Serangoon Gardens landed estate. The 999-year leasehold terrace was sold for $6.38 million, which represents an estimated gain of $3.7 million from its last caveat lodged in August 2017. With a holding period of a little more than 5 years, it translates to an impressive annualised gain of 17.9% per year. Despite being located further from commercial amenities, the estate offers its residents a quiet respite from the hustle and bustle of city living.

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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