Huttons Asia released its latest quarterly report for the landed properties segment. It shows 296 transactions, excluding Good Class Bungalows (and cluster houses), in 1Q2024. This represents a sales value totaling $1.7 billion.

In comparison to 4Q2023, there was a 21.3% rise in the volume of transactions, and a 30% increase in total sales. In terms of year-on-year, the transaction volume grew by 1.4% but sales fell by 5.9%.

Prices of landed properties rose alongside the increased volume in the first three month of the year, rising 2.6%. The prices slowed down from the 4.6% increase in 4Q2023.

Huttons Asia data analytics suggest that after a surge of 8 percent in landed home values last year, 2024 could mark a point where prices will stabilize.

Last quarter, the sale of a detached property at Braddell Heights Estate ranked as the most expensive land home transaction in terms of absolute value. The freehold property measuring 12,594 sf was sold at $18.8m, which is $1,493/sf.

In the first quarter of 2024, there was a high demand for properties with 999 year leaseholds and freeholds, as 239 of 296 transactions registered. Most buyers are interested in 999 year leasehold and freehold land homes as a legacy.

Last quarter the average cost of a property on land with a 99-year lease was $4.2M for a terraced, semi-detached or detached house. The price of a landed property with a lease of 99 years ranged between $2.5m and $4.2m.

Pollen Collection at Pollen View is a 132 units landed development built by Bukit sembawang estates. It sold 17 units at an average cost of $3.74m, or $2.183/sq.ft.

The project is Bukit Sembawang’s latest residential enclave, located in Seletar Hills. This follows the first and second phases of Collection launched in 2018.

As we move forward, the closing gap between buyer and seller price expectations is expected to generate more landed homes transactions, with more homeowners right-sizing.

The total volume of transaction forecast for 2024 is slightly higher than 2023.

In 2024, however, it is anticipated that as prices stabilize, the price growth of landed homes may be a little slower than the year before, and not rise more than 6 percent.

Kassia will be the next highly anticipated last freehold plot in Flora Drive. It will preview in Q3 2024.