Volume of landed home sales up by 21.3% fr Q1 to Q2 in 2024.

According to Huttons Asia’s latest quarterly report, the landed home market had 296 transactions in 1Q2024 (excluding Good Class Bungalows or cluster houses), with a value of $1.7billion.

Comparing 4Q2023, the total sales volume increased by 30.9% and transaction volume rose 21.3%. The volume of transactions increased by 1.4% on a year-over-year basis, while sales values decreased by 5.9%.

The price of landed houses rose along with the volume of sales, increasing 2.6% in the initial three months of this year. Prices grew at a slower pace than the 4.6% recorded in 4Q2023.

Huttons Asia’s data analytics suggests that this could be a stabilisation point for home prices by 2024 after the 8% increase recorded last year.

The sale of a detached home at Braddell Heights Estate was the most expensive landed property transaction last quarter in absolute terms. The freehold property of 12,594 square feet was sold for $18,8 million or $1,493 per square foot on the land.

In the 1Q2024 period, 239 out of 296 transactions were recorded for 999-year freehold and leasehold properties. For legacy reasons, most buyers prefer to buy 999-year freehold or leasehold landed properties.

The average price for a landed house with such tenures was $4.2 million last quarter for a terraced home, $6.7 for a semi detached house and $11 for a detached one. Landed homes with 99-year leaseholds were sold between $2.5 and $4.2million.

Pollen Collection is a 132-unit development of landed housing by Bukit Sambawang Estates in Pollen View. 17 units were sold last quarter for an average price $3.74m or $2.183 per square foot on the land.

This project is the third phase of Nim collection, which was launched in 2018.

It is expected that, in the future, a narrowing of the gap between buyers and sellers’ expectations will lead to more land home sales.

Forecasts for 2024 show a slightly higher total volume of transactions in the landed markets compared to the 2023 period.

As prices stabilize, the growth in landed home prices is expected to be slightly lower than the previous year. The price increase for 2024 will not exceed 6%.

Read more up on freehold condo by UOL : Watten House

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