Bungalow In Marine Parade Fetched Over $8 Million In Estimated Resale Gains In March

Growth in landed home transactions

Based on URA Realis caveat data, there were more than 130 landed homes transacted on the resale market in March 2023, with a combined value of $885 million – picking up significantly from the quieter resale activity in January and February. Upon analysis of each transaction and their respective gains, most deals had been profitable. In a ranking by gross profit garnered, the list of top 10 transactions consisted of landed homes located around the island in landed estates at Marine Parade, Novena, and Bukit Timah. The top 10 landed transactions had gains ranging from about $5.9 million to $20.5 million. Notably, there were no landed transactions in the suburbs or Outside Central Region (OCR) which made the top 10 ranking.

On 3 April, the Urban Redevelopment Authority had released its flash estimates for private home prices which had grown by 3.2% quarter-on-quarter (QOQ) in Q1 2023. The growth in private home prices was largely led by the landed homes segment which saw the landed price index growing by 5.7% QOQ in Q1 2023 – significantly higher than the 0.6% increase achieved in Q4 2022. The substantial increase in prices for landed homes has benefited a number of landed home owners who saw a pickup in value and gains for their landed properties.

Top landed transaction with highest gains

The top landed transaction was for a bungalow along Woollerton Drive which fetched an eye-watering profit of over $20 million from its last caveated transaction. The property was sold for $24.4 million in March, up by $20.54 million from the last caveat lodged in September 2004 – this reflects an annualised profit of 10.5% over a period of close to 19 years. The 2-storey freehold detached house is located within the Gallop Road and Woollerton Park Good Class Bungalow (GCB) Area, which is part of the greater Holland-Bukit Timah planning area. It sits on a sprawling land plot of more than 8,600 sq ft and is just a short walk from the Farrer Road MRT station on the Circle Line.

The next best performing landed transaction for the month was for a conserved 2-storey terrace house along Cairnhill Road in District 9. The property was sold for $18 million, with its last caveat being lodged in November 2007. The sale price is up by $12 million from the previous caveated price, booking an annualised profit of 7.5%. The property is located within the prestigious Emerald Hill Conservation area in the heart of the Orchard Shopping belt. The conserved houses within this area have a rich history and were homes to many well-known wealthy individuals of the Peranakan community. The properties in this conserved area features a Sino-baroque style of architecture that is synonymous with Peranakan homes – with porcelain ornate roofs and baroque style carvings on the facade. While parts of this heritage estate have become a well-photographed tourist attraction, particularly the terrace houses along Emerald Hill Road, most of the estate still serve as exclusive residential homes for individuals who enjoy living in this iconic neighbourhood that is enriched with history.

The next top landed transaction in the city centre was for a 2-storey bungalow located along Jalan Sejarah within Capitol Park in District 11. The property was sold for $18 million, with its last caveat being lodged in January 2008. The sale price is up by $10 million from the previous caveated price, marking an annualised profit of 5.5% over a span of 15 years. The property is located next to the exclusive GCB areas of Camden Park and Chee Hoon Avenue – just off of the Singapore Botanic Gardens.

Estate highlight - Bukit Timah
In March 2023’s top 10 landed rankings, a number of deals were for homes located in the Bukit Timah planning area. The Bukit Timah planning area has long established itself as the epitome of upper-class residential living – an aspiration for most Singaporeans to live in with its strategic location near the city and commercial centres as well as being home to several popular schools such as, Anglo-Chinese School, Nanyang Girls Primary, Hwa Chong Institution, Raffles Girls School amongst others. It is also home to most of the Good Class Bungalows (GCB) in Singapore – highly desired and rare trophy homes owned by wealthy Singaporean citizens.

The top Bukit Timah landed deal was for a freehold bungalow along Redwood Avenue in District 11 (Bukit Timah). The property was sold for $14.7 million, up by nearly $11.5 million from the last caveat lodged in November 2006 – this reflects an annualised profit of 9.8% with less than 7 years’ holding period. The 2-storey detached house is located within Eden Park, on the fringe of the exclusive Sixth Avenue and Brizay Park GCB areas.

Another profitable transaction in the Bukit Timah planning area was for a semi-detached house along Watten Park, located in the Watten landed estate in District 11. The freehold bungalow was sold for $10.8 million, which represents an estimated gain of $8.4 million from its last caveat lodged in March 2006. It has a holding period of 13 years, and the sale price translates to an annualised gain of 9.3% per year. The property faces the Bougainvillea Park and is a short walk from the Tan Kah Kee MRT station on the Downtown Line, which takes residents to the city in less than 15 minutes. It is also located opposite Hwa Chong Institution and is also near the National Junior College, Raffles Girls School, and Nanyang Girls School.

Estate highlight - Marine Parade
Marine Parade is currently regarded as one of the most highly desired housing locations – due to its convenient location next to the city, and proximity to numerous commercial amenities, including the East Coast-Joo Chiat commercial enclave, Kallang Sports and Recreational area as well as its superior unobstructed sea frontage. Besides its appealing locational attributes, the area has been gradually undergoing gentrification recently, particularly with the development of the Thomson-East Coast Line which will greatly improve connectivity of the area with the city and the rest of the island. In February 2023, the Marine Parade planning area featured two landed deals which made the top 10 most profitable landed transactions during the month.

The most profitable deal in Marine Parade during the month was for a detached house located along Poole Road in District 15. The freehold property was sold for $18 million, up by $8 million from the last caveat lodged in May 2020 – this reflects an impressive annualised profit of 23.8% over a short span of just over 3 years. The property sits on a large regular plot with a land size of more than 7,600 sq ft, which reflects a unit price of $2,365 psf on land area. The property has been undergoing redevelopment since 2021 and is nearing completion. It is near the Dakota MRT station on the Circle Line and is a short walk from popular schools such as Chung Cheng High School and Tanjong Katong Girls School, as well as amenities such as the Old Airport Road Food Centre and Shopping Centre.

The second most profitable deal in Marine Parade was for a corner detached house located on Fort Road within the gentrified Meyer neighbourhood. The property was sold for $14.5 million, up by $6.7 million from the last caveat lodged in November 2020 – this marks an eye-watering annualised profit of 31.7% with a holding period of slightly more than 2 years. Similar to the other Marine Parade transaction, this property was sold and bought while it is under construction – redevelopment began in 2022. The property is located a stone’s throw from East Coast Park, which is popular amongst nature enthusiasts and cyclists. It is tucked away in a quiet corner of the Meyer Road residential estate, which is undergoing urban renewal with new residential projects. The property is a short walk from the upcoming Katong Park MRT station on the Thomson-East Coast Line which is slated to be complete in 2024 as part of the TEL’s phase 4 opening.

If you are looking for high-end or luxury landed homes in Singapore, contact PropNex’s GCB Prestige Landed Services team today for buying opportunities and insights on the landed residential property market.

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