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August 31, 2022

Top 10 Resale Landed Homes In July 2022: Garden Oasis GCB In Cornwall Gardens Fetched $31.2 Million In Profit

Central Area Landed Homes Dominate Top Gainers List

Although the landed home sale market has slowed this year compared to 2021, many owners who sold their landed homes still managed to book decent profits. Based on caveated data, there were 149 landed home transacted in July 2022, with a combined value of $812 million. Upon analysis of each transaction and their respective profit, most deals had enjoyed gains and fewer than 10 deals were loss-making. In a ranking by gross profit garnered, the list of top 10 transactions largely consisted central area homes in Bukit Timah.

Top 10 Resale Landed Transactions in terms of Gross profit*

Source: PropNex Research, URA Realis

*Profit is derived from the resale transaction for each unit against the unit’s last transaction. The profit reflected is gross – it has not accounted for the applicable seller’s stamp duties, interest payable, taxes and other relevant divestment costs.
**Annualised profit is the compounded annual rate of return which shows the rate of return over the time period between the point of resale and the property’s last transaction, expressed in annual percentage terms. The formula for determining this is simply: [(current resale price) / (purchase price)] time period in years-1

Top Landed Transaction with Highest Gains (Central area)

The most profitable landed transaction for the month of July was for a Good Class Bungalow (GCB) plot within the exclusive Cornwall Gardens GCB area. This deal also happens to be the top landed home transaction in terms of price quantum in July. The GCB was sold for $40.5 million, reflecting a unit price of $2,577 psf of land area. The seller had bought it for $9.29 million in March 2009, which translates to a whopping $31.198 million in gross profit or 11.7% of annualised profit over a holding period of about 13 years.

This GCB which was redeveloped and completed sometime in 2015, won several architectural accolades for its unique U-shape design, with cascading vines and garden terraces. The award-winning GCB was designed by Chang Architects and is said to have six bedrooms, a gym, entertainment spaces, a library and multiple dining rooms. It also has a roof garden, swimming pool, waterfall and koi pond.

Source: Chang Architects

The next most profitable transaction was for a detached bungalow along Sixth Avenue in District 10 (Bukit Timah). The property which was previously purchased for $2.65 million in August 2004, was sold for almost five times its purchase price at $13.08 million by the owner. This translates to a handsome profit of $10.43 million from the sale and an annualised profit of 9.3% over the span of 18 years. The property sits on a plot spanning over 9,200 sq ft and is situated within close proximity to the Holland Village enclave, with numerous F&B and nightlife amenities. It also is located in one of the exclusive Sixth Avenue GCB estates, and is well-served by major roads such as Sixth Avenue, Bukit Timah Road and Holland Road which take commuters to the Orchard Road Shopping Belt within 5 minutes and the Central Business District within 10 minutes.

Top Landed Transactions in Gains (Suburbs)

The top 10 most profitable landed transactions in the month of July comprised mostly of landed homes in the CCR – only two properties in the Outside Central Area (OCR) made it into the top 10 ranking.

The top most profitable transaction in the OCR was for a detached house located along Melrose Drive within the Braddell Heights estate in District 19 (Serangoon). The property which was previously purchased for $10.2 million in March 2011, was sold for nearly $19 million by the owner. This translates to a decent profit of more than $8.7 million from the sale and an annualised profit of 5.6% over the span of 11 years. The detached house sits on a plot with a land size of over 10,200 sq ft, which reflects a unit price of $1,861 psf on land area. The land rate for this transaction is a record high for the estate, smashing the last record of $1,821 psf on a land area for the sale of another detached house in the same estate for $13.8 million in February 2021.

The only other transaction in the suburbs which made the top 10 ranking was for a semi-detached house located at Crowhurst Drive within the Serangoon Gardens estate in District 19 (Serangoon). While the property was sold for a modest sum of $6.5 million, the owner stood to gain $4.65 million in gross profits, having bought the property for a mere $1.85 million in June 2007 - this is equivalent to an annualised profit of 8.7% per year.

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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