Semi-Detached Home In Marine Parade Fetched Over $5 Million In Resale Gains In April

By Jean Choo

Landed homes in suburban districts picking up momentum
Based on URA Realis caveat data, there were more than 130 landed homes transacted on the resale market in April 2023, with a combined value of $690 million – slowing from the higher resale activity in March. 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 of landed homes located in suburban landed estates in Marine Parade, Hougang, and Serangoon. The top 10 landed transactions had gains ranging from about $3.4 million to $5.1 million. Notably, six out of the top 10 landed transactions are homes located in the suburbs or Outside Central Region (OCR).

With landed home prices picking up substantially especially in the Central Region, home buyers have gradually started looking for value-buys in the OCR. At the end of April, the Urban Redevelopment Authority had released its full estimates for private home prices which had grown by 3.3% quarter-on-quarter (QOQ) in Q1 2023. The growth in private home prices was largely led by the landed homes segment which saw the landed price index rising by 5.9% QOQ in Q1 2023 – significantly higher than the 0.6% increase achieved in Q4 2022.

Top landed transaction with highest gains (overall)
The top landed transaction for the month was for a 2-storey semi-detached located along Jalan Seaview in Marine Parade (District 15). It was sold for $7.05 million, with its last caveat being lodged in March 2000. The sale price is up by $5.09 million from the previous caveated price, marking an annualised profit of 5.7% over a span of 23 years. The property is located a stone’s throw from East Coast Park, which is popular amongst nature enthusiasts and cyclists. It is tucked away in a quiet corner of the Meyer Road residential estate, which is undergoing urban renewal with new residential projects. The project is a short walk from the upcoming Katong Park MRT station on the Thomson-East Coast Line which is slated to be completed in 2024 as part of the TEL’s Phase 4 opening.

Top landed transaction with highest gains (Core Central Region)
In April, the best performing landed transaction in the city was for a 2-storey bungalow along Berrima Road in Novena planning area within District 11. The property was sold for $14 million, with its last caveat being lodged in June 2012. The sale price is up by $3.9 million from the previous caveated price, with an annualised profit of 3.1% over a span of nearly 11 years. This was the only CCR landed transaction which made the top 10 ranking in April. The property is a short walk from the Stevens MRT station on the Downtown Line, which takes residents to the city in less than 15 minutes. It is located within close proximity to the Raffles Town Club and the Singapore Botanic Gardens. It is also located within walking distance to St Joseph’s Institution, and Singapore Chinese Girls’ School.

Top landed transaction with highest gains (Rest of Central Region)
The second top landed transaction in the city fringe in April was for a sale of a freehold terrace house in Duku Lane in District 15 (Marine Parade). The property was sold for $5.6 million, up by more than $4.5 million from the last caveat lodged in August 2007 – this reflects a healthy annualised profit of 11% with more than 15 years’ holding period. The 3-storey terrace has recently undergone redevelopment. The property enjoys close proximity to numerous commercial amenities, including the East Coast-Joo Chiat commercial enclave, Katong Shopping Mall, i12 Katong, and Parkway Parade. Besides its appealing locational attributes, the area has been gradually undergoing gentrification recently, particularly with the development of the Thomson-East Coast Line which will greatly improve connectivity of the area with the city and the rest of the island.

The third most profitable deal in the city fringe in April was for a terrace house located in Fulton Road in the quiet Fulton Hill estate, within Bishan (District 20). It was sold for $5.3 million, with its last caveat being lodged in January 2008. The sale price is up by $3.6 million from the previous caveated price – this marks an annualised profit of 7.7% with a holding period of slightly more than 15 years. The property is located a few minutes’ walk to the newly opened Bright Hill MRT station on the Thomson-East-Coast line, which takes commuters to the city centre within 20 minutes. The property is also located adjacent to the Ai Tong School – a popular school amongst parents looking to enrol their children. It is also walking distance to the Bishan-Ang Mo Kio park – a lush linear park stretching across Bishan Road to Upper Thomson, the park comes with wide lawns and a naturalised river landscape that has become a popular spot for families, recreational groups and nature enthusiasts to gather.

Top landed transaction with highest gains (Outside Central Region)
The most profitable deal in the suburbs in April was for a detached house along Sunset Drive which fetched an estimated profit of $4.9 million from its last caveated transaction. The property was sold for $8.1 million, up by nearly $5 million from the last caveat lodged in August 1999 – this reflects an annualised profit of 4% over a period of close to 24 years. The 2-storey freehold detached house sits on a large land plot of nearly 5,000 sq ft. It is tucked away in a quiet corner of the Sunset Way landed estate in the suburbs of Clementi, offering residents a quiet respite from the hustle and bustle of city living.

The second top landed transaction in the suburbs in April was for a sale of a 999-year leasehold terrace house in Da Silva Lane in Fortuna Gardens estate within District 19 (Hougang). The property was sold for nearly $6.5 million, up by more than $3.8 million from the last caveat lodged in December 2020 – this reflects a whooping annualised profit of 48% with slightly more than 2 years’ holding period. The property is currently undergoing redevelopment since 2021. It is located just a 5 to 10 minutes’ walk from the Kovan MRT station. Demand for properties in Kovan has been gaining traction amongst many buyers due to its convenient accessibility and a myriad of commercial amenities, including the Heartland Mall, Kovan City, popular eateries along Upper Serangoon Road and Simon Road, and the Kovan Market and Food Centre amongst others.

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

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