Tag Archives: landed houses

Landed house market on upward trend amidst dropping prices

538 landed homes were sold in the second quarter – this is the highest quarterly volume since the fourth quarter of 2012. Overall, the number of landed homes sold has increased, driven by falling prices and limited supply of landed homes. URA flash estimates released recently indicated that prices of landed residential properties fell further by 0.4 % for Q2, down from a 1.8 % drop in the previous quarter.

The market for good class bungalows (GCBs) is lukewarm although the market for smaller bungalows in GCB areas is on a rise. Good class bungalows (GCBs) are the most prestigious segment of landed property in Singapore.

On the GCB front, a caveat was lodged on June 12 for the most expensive one sold this year. The latest GCB sold was a $46 million bungalow in Queen Astrid Park on a 29,709 sq ft site, reportedly purchased by the family who controls oil trading group Hin Leong.

20 sales have taken place in GCB areas so far this year, worth a total of $432.2 million. These include properties with a plot size of less than 1,400 sq m. This is markedly more than the 14 transactions in the same period last year, which totalled $298.36 million.

Another upmarket landed segment, Sentosa Cove, has contrasting statistics. Sales at the exclusive waterfront precinct shot to seven this year from just four for the same period last year.

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Auctioned properties now at 6-year high

According to Business Times over the weekend, it was reported that there are more properties put up at auctions but much less were sold. Though there were 796 properties put on auction according to Colliers, only 33 were sold. This success rate of 4.1% is less than an average of 6% over the past 5 years. There is still a big price gap between sellers and buyers resulting in stalemates in most of the auction sales. Most of the properties that are suffering from the lull belongs to the high end private residences and high-quantum priced homes (such as landed homes above 3000sqft and condos of more than 1500 sqft).