Resilient Resale landed activity in November

Based on URA Realis caveat data, about 143 landed homes were transacted on the resale market in November 2024; the combined transaction value came up to $844 million - compared to October (163 deals valued at $840 million). Upon an analysis of each transaction and their respective gains, most landed deals were profitable. With the exception of the top gainer, the remaining top 10 landed home transactions in November booked gains ranging from about $4.3 million to $10.2 million. The top gainers were scattered across the island with a majority located in the suburbs; five out of the top 10 landed transactions are located in the Outside Central Region (OCR); three transactions in the Rest of Central Region (RCR) and another two in the Core Central Region (CCR) during the month.

Landed home resale activity in November stalled slightly following a recovery in October likely due to the heightened interest around the new launch market. Despite the slower landed resale activity in November, there was a higher proportion of higher priced landed homes being sold compared with the previous month. Based on URA Realis caveat data, about 44% of resale landed homes sold in November were priced at $5 million and above, compared with about 41% in October. Meanwhile, 56% of the resale landed transactions were priced at below $5 million in November- lower than the 59% proportion in the previous month.

Chart 1: Price range of private resale landed transactions in October 2024 vs November 2024

Top 10 resale landed transactions in terms of estimated gains*

Top landed transaction with highest gains (overall)

The top landed transaction in the month was for a GCB property in the CCR, along Ford Avenue in District 10. The GCB is situated within the Ford Avenue Good-Class Bungalow Area (GCB) and just a short walk to the Holland Village lifestyle enclave. The bungalow was sold for $35.5 million in November and achieved an eye-opening gross profit of $28.67 million from the last caveated price lodged in October 2002 - booking an annualised gain of 7.7% over 22 years. This freehold bungalow sits on a plot with a land area of over 15,000 sq ft; reflecting a unit price of $2,356 psf on land area.

Top landed transaction with highest gains (Core Central Region)

The second performing transaction in the city was for a corner terrace house in Bukit Timah (District 11) along Watten Drive. It was sold for nearly $11.6 million in November, with its last caveat being lodged in May 2005. The sale price is up by nearly $9 million from the previous caveated price, marking an annualised profit of 8% over nearly 20 years. Based on a land area of over 7,500 sq ft, the sale price reflects a unit price of $1,543 psf on land area. The property is just a short walk to Tan Kah Kee MRT Station on the downtown line and within 1km radius to several reputable schools in the Bukit Timah cluster.

Top landed transaction with highest gains (Rest of Central Region)

The best performing landed home transaction in the RCR was for a corner detached house along Binchang Rise in Bishan (District 20). The property was sold for $10.88 million, reflecting an estimated gain of $8.76 million, representing an annualised gain of 8.9% per year from its last caveat lodged in July 2005 - with a holding period of 19 years. The property is situated just minutes' walk to Marymount MRT station on the circle line, Bishan MRT interchange and Junction 8 shopping mall.

The second-best performing transaction in the city fringe was for the sale of a bungalow in Carmichael Road in Toa Payoh (District 13). It was sold for $9 million in November, with its last caveat being lodged in January 2000. The sale price is up by over $6.6 million from the previous caveated price, representing an annualised gain of 5.5% per year over 24 years. The detached house is situated in the Woodleigh landed estate and is about a 20-minute drive to the city. The property is also about a 15-minute walk from Woodleigh MRT station on the North East Line (NEL).

Top landed transaction with highest gains (Outside Central Region)

The best performing landed home transaction in the OCR was for a Chestnut Close GCB property in District 23 (Bukit Panjang) was sold for nearly $14.2 million, up by about $10.2 million from the last caveat lodged in July 2005 - this reflects an annualised profit of 6.8% after a short holding period of 19 years. The GCB home is situated within the Chestnut Avenue GCB estate. It is about a 10-minute walk to Cashew MRT station on the Downtown Line (DTL), which takes commuters to the city within 45 minutes.

The second best-performing landed home transaction in the OCR was for a corner semi-detached house along Mei Hwan Drive in the Serangoon planning area (District 20). The freehold property was sold for about $7.68 million, reflecting an estimated gain of some $5.68 million, representing an annualised gain of 9.2% per year from its last caveat lodged in July 2009, with a holding period of 15 years. The property is located just a short walk to the future Lorong Chuan MRT station on the Cross-Island Line which takes commuters to Serangoon central or Bishan central in less than 10 minutes.

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