Landed homes sales volume up by 21.3% qo-oq in the 1Q2024

Huttons Asia’s quarterly report on the segment of landed property shows 296 transactions for landed homes in 1Q2024, with a total sale value exceeding $1.7billion.

This marks a rise of 21.3% in transaction volume and 30.9% in total sales value compared to the 4Q2023. On an y-o – y basis, sales volume fell 5.9% while transaction volumes increased 1.4%.

Prices of landed home rose with the strong volume. In the first three of the year they grew by 2.6%. Prices have slowed from the 4.6% price increase recorded in Q42023.

Huttons Asia says that data analytics could indicate a stabilisation of home prices for 2024. This follows the 8% price increase last year.

The sale at Braddell Heights Estate of a detached residence was the highest priced landed house transaction, based on absolute value. The 12,594-square-foot freehold home was sold for a total of $18,8 Million, or $1493 per square foot.

The demand for freehold and leasehold properties of 999 years was high in 1Q2024. 239 transactions out of the 296 recorded transactions were for these types. Most buyers want to leave a legacy by buying 999 years leasehold and landed homes.

Last quarter, a landed home with such tenures sold for an average of $4.2 million. A semi-detached property was priced at $6.7 million, while a detached house cost $11 million. Landed houses with 99-year tenures sold for $2.5 to $4.2 millions.

Pollen Collection, the 132 landed housing units by Bukit Sembawang at Pollen View was sold in 17 units during the third quarter. The average price per unit on the plot of land is $2,183.

The project is Bukit Seletar estates’ latest phase in its landed residential enclave located in Seletar Hills. Following the first two phases Nim Collectionwhich were launched in 2018,

The expectation is that as the price gap narrows between sellers and buyers, more home owners will downsize. This will increase the number of landed property transactions.

The total volume forecast of the landed e-commerce market for 2024 will be slightly higher compared with 2023.

The growth of the landed home market is expected to slow down slightly as prices stabilize. This will result in an increase of no more than 6.5% for the entire year 2024.

Find out more on Guocoland’s : Lentor Mansion

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