Landed Home Sales Up 21.3% QoQ in Q1 2024

According to the latest quarterly report on the landed property segment, the landed housing market recorded a total of 296 transactions (excluding Good Class Bungalows and cluster housing) in the first quarter of 2024, with total sales value reaching $1.7 billion.

Compared to 4Q2023, transaction volume rose by 21.3%, while total sales value surged by 30.9%. On a year-on-year basis, transaction volume edged up slightly by 1.4%, though sales value dipped by 5.9%.

Landed home prices climbed alongside the higher transaction volume, advancing by 2.6% in the first three months of the year. However, price growth moderated compared to the 4.6% increase posted in 4Q2023.

Following an 8% surge last year, this could suggest that landed home prices in 2024 are approaching a "stabilisation point".

In terms of absolute quantum, the most expensive landed residential transaction last quarter was the sale of a detached house in Braddell Heights Estate. The 12,594 sq ft freehold property changed hands for $18.8 million, translating to $1,493 psf on land area.

In 1Q2024, 999-year leasehold and freehold properties saw robust demand, accounting for 239 of the 296 transactions. Most buyers favour such landed homes for wealth preservation and legacy planning purposes.

Last quarter, landed homes with these tenures commanded an average price of $4.2 million for terrace houses, $6.7 million for semi-detached houses, and $11 million for detached houses. Meanwhile, 99-year leasehold landed properties changed hands at prices ranging between $2.5 million and $4.2 million.

Pollen Collection, a 132-unit landed residential development by Bukit Sembawang Estates along Pollen View, clocked 17 transactions last quarter at an average price of $3.74 million, or $2,183 psf on land area. This development is Bukit Sembawang Estates' latest phase in the Seletar Hills landed estate, following the first two phases of Nim Collection launched in 2018.

Looking ahead, the narrowing gap between sellers' and buyers' price expectations, coupled with more landed homeowners right-sizing, is expected to drive further landed home transactions.

Total transaction volume in the landed market for the full year 2024 is projected to be slightly higher than that of 2023. Nevertheless, as prices stabilise, landed price growth is anticipated to moderate slightly from the previous year, with full-year gains expected to stay under 6% in 2024.