PropNex Picks
October 26, 2023
Conserved Terrace house in Orchard fetched over $7 million in resale gains in September
Simmering resale activity in the landed resale market in September
Based on URA Realis caveat data, about 100 landed homes were transacted on the resale market in September 2023; the combined transaction value came up to $533 million – easing from the resale performance in August (133 deals valued at $679 million). Upon an analysis of each transaction and their respective gains, most deals have been profitable. In a ranking by gross profit garnered, the list of top 10 transactions consisted of landed homes located in Bukit Timah, Novena, and Newton. The top 10 landed home transactions booked gains ranging from about $3.4 million to $7.1 million. Notably, six out of the top 10 landed transactions were homes located in the Core Central Region (CCR).
Amidst high interest rates and economic uncertainties, homebuyers have been mulling over rising landed home prices, and a mismatch in price expectations between sellers and buyers could have led to slower sales. Indeed, there was a higher proportion of pricier properties sold in September compared with the previous month. Based on URA Realis caveats, about 35% of resale landed homes sold in September were priced at $5 million and above, while it was about 29% in August. Meanwhile, 65% of resale landed sales were priced below $5 million in September – lower than the 70% proportion in the previous month.
| Address | Transacted Price ($) | Area (SQFT) | Property Type | Planning area (District) | Estimated gains from previous caveat | Last Sale date | Annualised gains** |
|---|---|---|---|---|---|---|---|
| 3X SAUNDERS ROAD | 11,000,000 | 2,361 | Terrace | Newton (D9) | 7,100,000 | Jun-00 | 4.6% |
| 1X PRINCESS OF WALES ROAD | 12,200,000 | 3,774 | Semi-D | Bukit Timah (D10) | 5,755,000 | Sep-14 | 7.4% |
| 7X MING TECK PARK | 8,528,000 | 3,347 | Semi-D | Bukit Timah (D10) | 5,528,000 | Jan-06 | 6.1% |
| X BUCKLEY ROAD | 12,280,000 | 4,905 | Semi-D | Novena (D11) | 5,400,000 | Apr-10 | 4.4% |
| X SPRINGWOOD HEIGHT | 6,338,000 | 2,946 | Terrace | Queenstown (D5) | 5,158,000 | Jun-03 | 8.7% |
| 1X LORNIE ROAD | 8,080,000 | 4,062 | Semi-D | Novena (D11) | 5,030,000 | Nov-06 | 6.0% |
| 2X NAMLY CRESCENT | 14,500,000 | 6,567 | Detached | Bukit Timah (D10) | 5,000,000 | Sep-20 | 15.1% |
| 6X SPRINGLEAF CRESCENT | 7,070,000 | 4,407 | Detached | Yishun (D26) | 4,970,000 | Jul-05 | 6.9% |
| X JALAN LAPANG | 6,500,000 | 2,413 | Terrace | Bedok (D14) | 3,880,000 | Nov-18 | 21.1% |
| 9X JALAN LOKAM | 4,500,000 | 1,941 | Terrace | Hougang (D19) | 3,420,000 | Feb-07 | 9.0% |
Top landed transaction with highest gains (overall)
The top landed transaction in the month was for a 2-storey terrace house in the CCR, located in Saunders Road (District 9) near Orchard Road. The property was sold for $11 million, with its last caveat being lodged in June 2000. The sale price is up by $7.11 million from the previous caveated price, booking an annualised gain of 4.6%. The property is located within the exclusive Emerald Hill Conservation area in the heart of the Orchard Road shopping belt. The conserved houses within this area have a rich history and were homes to many wealthy individuals of the Peranakan community. The properties in this conservation area features a Sino-baroque style of architecture that is synonymous with Peranakan homes – with porcelain ornate roofs and baroque style carvings on the facade. While parts of this heritage estate have become a well-photographed tourist attraction, particularly the terrace houses along Emerald Hill Road, most of the estate still serve as exclusive residential homes for individuals who enjoy living in this iconic neighbourhood that is enriched with history.
Top landed transaction with highest gains (Core Central Region)
In September, there were no Good Class Bungalow (GCB) transactions which made the top 10 rankings. The second best performing landed transaction in the CCR was a semi-detached home along Princess of Wales Road in the Bukit Timah planning area (District 10). The property was sold for $12.2 million, reflecting an estimated gain of $5.76 million, representing an annualised gain of 7.4% per year from its last caveat lodged in September 2014; with a holding period of 9 years. The property is located within Duke’s Garden landed estate and is a short walk from the Tan Kah Kee MRT station on the Downtown Line, which takes residents to the city in less than 25 minutes. It is also located a short walk from Hwa Chong Institution and is near to the National Junior College, Raffles Girls’ School, and Nanyang Girls’ School.
The third best performing landed transaction in the CCR was for another semi-detached house in the Holland-Bukit Timah planning area (District 10) along Ming Teck Park. The property was sold for slightly more than $8.5 million, with its last caveat being lodged in January 2006. The sale price is up by $5.5 million from the previous caveated price, with an annualised profit of 6.1% over a span of 13 years. The property is located near the Henry Park Primary School as well as the Holland Village lifestyle-commercial cluster.
Top landed transaction with highest gains (Rest of Central Region)
There was only one city fringe or RCR landed transaction which made the top 10 rankings in September. The sale was for a terrace house along Springwood Heights on the edge of Queenstown (District 5). It is located within walking distance to the Pasir Panjang MRT station on the Circle Line, which takes commuters to the city and the one-north R&D hub. It was sold for $6.3 million, with its last caveat being lodged in June 2003. The sale price is up by $5.16 million from the previous caveated price, marking an annualised profit of 8.7% over 20 years. It is close to the Pasir Panjang and Labrador Park area which will undergo significant revitalisation over the near future as the Greater Southern Waterfront precinct takes shape.
Top landed transaction with highest gains (Outside Central Region)
The most profitable deal in the suburbs in September was the sale of a detached home in Springleaf Crescent in Yishun. The property was sold for $7.07 million, up by $4.97 million from the last caveat lodged in July 2005 – this reflects an annualised profit of 6.9% over a period of more than 20 years. The 2-storey detached house is situated on the edge of Yishun town, within the serene Springleaf Estate. Residents are within walking distance to the popular cluster of eateries in Springleaf, well-loved amongst foodies and supper lovers. The property is also within close proximity close to the Upper and Lower Seletar Reservoirs, frequented by nature and fitness enthusiasts alike, offering scenic spots to relax and soak in the tranquillity away from the hustle and bustle of city life.
The second top landed transaction in the suburbs was the sale of a 2-storey terraced house in Jalan Lapang in District 14 (Bedok). The freehold property was sold for $6.5 million, up by nearly $3.88 million from the last caveat lodged in November 2018 – this reflects an annualised profit of 21.1% after a holding period of less than 5 years. It is located within 15 minutes’ walk to the Kembangan MRT station on the East-West Line. It is also a short drive from the amenities in Bedok town, including the Bedok Mall, the integrated transport hub, hawker centre, and polyclinic.
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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