COTD: GCBs lead landed luxury home sales in H1 2024

GCBs represented 52.9% of the detached house quantum in H1 2024.

Landed luxury home transaction volume remained flat in H1 2024 with 43 units from 42 units in H2 2023, Edmund Tie reported.

The total transaction quantum increased by 14.7% to $803.8m, driven by a higher quantum per transaction in the segment.

Of the total transactions, 32 were for luxury detached houses, increasing 39.1% from 23 in H2 2023. The total transaction quantum was $679.7m, averaging $21.2m per unit.

Four of the top five transactions for H1 2024 were Good Class Bungalows (GCBs), led by the Bin Tong Park GCB at $84.0m, nearly double the second highest at $42.5m.

GCBs accounted for 52.9% of the detached house quantum in H1 2024, with 12 units totaling $359.5m, including 11 in District 10 and one in Chestnut Avenue, District 23.

The price per sq ft ranged from $1,050 to $2,990, with the $2,138 average in H1 2024 marking the highest since H1 2020.

On the flip side, transactions for luxury semi-detached and terrace houses declined to 11 units worth $124.1m in H1 2023, reflecting a quantum per transaction of $11.3m per unit.