Landed residential market sees all-time high sales transaction value of $9.8b

This is despite a 6.2% half-year decline in H2 2021.

The landed residential market saw an all-time high sales transaction value in 2021, at around $9.8b, data from Knight Frank showed.

This is despite a 6.2% half-yearly decline from the $4.6b recorded in the first six months of 2021 to $4.3b worth of landed homes transacted in the second half of 2021.

Knight Frank said Good Class Bungalows (GCB) “significantly” moved sales in 2021, with the market recording an estimated sales value of $751.4m in 2021.

Notable transactions in the GCB market were the change of hands of the bungalow at 11 Queen Astrid Park for $86m by TikTok CEO Chew Shou Zi and the sale of a GCB at 3 Bishopsgate for S$65m, which both transpired in July.

Meanwhile, Property Price Index (PPI) for landed homes also saw an expansion in the last quarter of 2021, increasing by 3.7% quarter-on-quarter.

The fourth quarter PPI brought the total year price index change to 13.1%.

In 2022, Knight Frank said the landed residential market will conite to “draw storm interset.”

“Even though sales volume is projected to move at a more moderate pace as much of the saleable landed homes supply was taken up in 2021, housing prices in the landed residential market are expected to increase by some 5% for the whole of 2022,” the analyst added.