Landed home sales up 21% in Q1: Huttons

YoY, transactions were up 1.4% but were still 6% lower in value.

Transactions of landed homes went up 21% to 296 properties in the first quarter from the previous three months, according to data from Huttons Asia.

Huttons said all of the landed homes that changed hands last quarter were valued at $1.7b, based on the caveats filed. Year on year, transactions were also 1.4% higher in volume but 6% lower in value.

The most popular project was the Pollen Collection along Pollen View, which moved 17 units at an average price of $3.74m. Meanwhile, Braddell Heights Estate booked the most expensive deal last quarter after a 12,594 sq ft freehold detached home sold for $18.8m.

Freehold and 999-year leasehold terrace homes fetched an average price of $4.2m, while average prices of semi-detached homes and detached houses stood at $6.7m and $11m, respectively.

Overall, Huttons said prices of landed homes rose 2.6% in the first quarter, down 2 percentage points from the previous quarter as prices started to stabilise following an 8% hike last year.

“The narrowing gap between sellers and buyers’ price expectation and landed home owners
rightsizing may lead to more transactions in 2024,” Huttons said in the report.

“Transaction volume in the landed market in 2024 may be slightly higher than 2023. Prices should trend towards stabilisation and see not more than 6% gains in 2024,” it added.

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