A total of 435 landed homes were transacted last quarter, bring total landed transaction volume to 1,574 units in 2024 (Picture: Samuel Isaac Chua/The Edge Singapore)
The landed homes market saw “brisk” activity in 4Q2024 despite the year-end lull period, according to Huttons Asia’s latest quarterly research report on the landed property market. “The drop in prices in the previous quarter and interest rate cuts drew buyers back to the market,” the report states.
A total of 435 landed homes were transacted last quarter, representing a 5.1% q-o-q increase and 78.3% higher y-o-y. The deals had a total value of $2.4 billion, 14.8% higher q-o-q.
The quarterly figures bring overall landed transaction volume in 2024 to 1,574 units, up 34.4% compared to the year before. The total transacted value of landed homes reached $8.4 billion last year, 28.5% higher than the $6.5 billion in 2023.
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Transactions of landed homes
The increase in landed sales volume was supported by a significant rise in transacted semi-detached homes. For the whole of 2024, 478 semi-detached homes were sold, rising 45.3% from the 329 transacted in 2023. The terraced homes segment also saw a boost, rising 37.2% y-o-y to hit 948 units transacted last year.
On the other hand, detached homes saw a slight decline with 148 units transacted in 2024, compared to 151 units in 2023. The performance continues a downward trend in detached property sales volume since 2021, says Huttons.
The report adds that detached home transactions may have plateaued due to the steep rise in prices since 2021 which has priced some buyers out of the market, including HDB upgraders. A breakdown of landed home buyers’ profiles shows that HDB upgraders made up only 13.7% of landed property buyers in 2024, compared to a high of 20.4% in 2020.
Profile of buyers of landed homes
In any case, the higher landed transaction volume last year corresponded with an increase in prices. Prices of landed homes climbed 3.1% y-o-y to $1,922 psf on the land area in 2024, the report shows.
The most expensive landed home in 2024 was a freehold detached home at Jalan Tupai that was sold for $32.5 million last May. With a land area of 10,507 sq ft, the price works out to $3,093 psf.
On the opposite end of the spectrum, a semi-detached property on Jalan Chempaka Kuning fetched the lowest value for a landed property last year when it was sold for $480,000 in August. The property occupies a land area of 3,209 sq ft with about 10 years remaining on its 70-year lease, meaning that it sold for $150 psf on the land area.
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According to Huttons, the most popular districts for landed homes in 2024 were Districts 15, 16, 19, 20 and 28.
Over 80% of landed home deals in 2024 were freehold and 999-year leasehold properties. Within this subset, the average price of a terraced home in 2024 was $4.3 million, up 1.4% y-o-y. For semi-detached properties, the average price stood at $6.5 million in 2024, up 0.4% y-o-y, while detached homes saw a 2.9% y-o-y drop in average price to $11.7 million.
Looking ahead, Huttons anticipates activity in the landed property market to remain brisk, supported by lower interest rates. The firm is projecting that landed property prices could grow between 3% and 5% this year.