Quieter Resale landed activity in December

Based on URA Realis caveat data, about 143 landed homes were transacted on the resale market in December 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 December booked gains ranging from about $4.3 million to $10.2 million. The top gainers were located mostly around the suburbs; seven out of the top 10 landed transactions are located in the Outside Central Region (OCR); two 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 December slowed further owing to the seasonal lull where many buyers and vendors. With the slower landed resale activity in December, there was a lower proportion of higher priced landed homes being sold compared with the previous month. Based on URA Realis caveat data, about 41.3% of resale landed homes sold in December were priced at $5 million and above, compared with about 43.5% in November. Meanwhile, 58.6% of the resale landed transactions were priced at below $5 million in December- edging up against the 56.5% proportion in the previous month.

Chart 1: Price range of private resale landed transactions in December 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 Serangoon bungalow in the OCR, along Sundridge Park Road in District 13. The bungalow is situated within the Braddell Heights landed estate and just a short walk to the Lorong Chuan MRT station on the circle line. The bungalow was sold for $26.6 million in December and achieved an eye-opening gross profit of nearly $15.6 million from the last caveated price lodged in September 2017 - booking an annualised gain of 13.1% over 8 years. This freehold bungalow sits on a plot with a land area of over 10,800 sq ft; reflecting a unit price of $2,456 psf on land area.

Top landed transaction with highest gains (Core Central Region)

The top performing transaction in the city was for a semi-detached home in Bukit Timah (District 10) along Redwood Avenue. It was sold for $12.1 million in December, with its last caveat being lodged in September 2022. The sale price is up by nearly $5.3 million from the previous caveated price, marking an eye-watering annualised profit of 29.2% over just 2 short years. Based on a land area of over 3,200 sq ft, the sale price reflects a unit price of $3,225 psf on land area. The property is just a short walk to the Sixth Avenue MRT Station on the downtown line and within 1km radius to several reputable schools in the Bukit Timah cluster.

The second-best performing transaction in the city was for the sale of a semi-detached house in Ming Teck Park in Bukit Timah (District 10). It was sold for $5.2 million in December, with its last caveat being lodged in August 2022. The sale price is up by $4.14 million from the previous caveated price, representing an annualised gain of 23.3% per year over 2 years. The 999-year leasehold property is situated in the Holland, Bukit Timah planning area and is about a 20-minute drive to the city.

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 Bournemouth Road in Marine Parade (District 15). The property was sold for $17.5 million, reflecting an estimated gain of $7.5 million, representing an annualised gain of 6.1% per year from its last caveat lodged in June 2015 - with a holding period of nearly 10 years. The property is about a 10-minutes' walk to Katong Park MRT station on the Thomson-East Coast line.

The second top performing landed home transaction in the RCR was for a terrace along Mulberry Avenue in District 13 (Toa Payoh) was sold for $5.2 million, up by about $4 million from the last caveat lodged in January 2001 - this reflects an annualised profit of 6.3% after a holding period of 23 years. The detached home is situated within the Sennett landed estate. It is about a 15-minute walk to the Potong Pasir MRT station on the North-East Line which takes commuters to the city centre in less than 30 minutes.

Top landed transaction with highest gains (Outside Central Region)

The second top performing landed home transaction in the OCR was for a Chuan Garden bungalow in District 19 (Serangoon) was sold for nearly $11.4 million, up by over $6.6 million from the last caveat lodged in January 2021 - this reflects an annualised profit of 25.6% after a short holding period of 3 years. The detached home is situated within the Serangoon Gardens landed estate. It is about a 5-minute walk to the Serangoon Gardens commercial cluster of eateries and commercial amenities such as the Serangoon Garden Market, Chomp Chomp Food Centre and Serangoon Gardens Country Club.

The third best-performing landed home transaction in the OCR was for a detached house along Bedok Avenue in the Bedok planning area (District 16). The freehold property was sold for about $10.5 million, reflecting an estimated gain of some $5.94 million, representing an annualised gain of 3% per year from its last caveat lodged in December 1996, with a holding period of 28 years. The bungalow is located just a 10-minute walk to the upcoming Bedok South MRT station on the Thomson-East Coast Line (TEL), which will open under the fifth phase of the TEL opening.

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