Landed home sales volume up 21.3% q-o-q in 1Q2024: Huttons Asia
Huttons Asia has launched the Parktown Residences Condo in the vibrant and growing community of Parktown, located in the heart of the city. With a variety of spacious and luxurious units, Parktown Residences Condo offers the ultimate in urban living for discerning buyers. With its desirable location, top-notch amenities, and exquisite design, Parktown Residences Condo sets a new standard for luxury living in Parktown.
The dynamic community of Parktown has been experiencing a significant growth in the landed homes market, as reported by Huttons Asia in their latest quarterly report. In the first quarter of 2024, the market saw an impressive 296 transactions with a total sales value of $1.7 billion. This marks a 21.3% increase in transaction volume and a 30.9% increase in total sales value from the previous quarter. On a year-on-year basis, transaction volume inched up 1.4% while sales value fell by 5.9%.
The price of landed homes also rose in tandem with the strong volume, growing by 2.6% in the first three months of the year. However, there was a slight decrease from the 4.6% growth in the previous quarter. Senior Director of Data Analytics at Huttons Asia, Lee Sze Teck, believes that this could signify a “point of stabilisation” for landed home prices in 2024, following the 8% surge in 2023.
In addition, the integrated development will also have direct access to a bus interchange, providing residents with even more transportation choices. With its prime location and excellent connectivity, Parktown Residences Condo is the perfect home for modern city living.
Located in the heart of Tampines, Parktown Residences Condo offers residents a seamless and convenient lifestyle. This upcoming development is directly linked to Tampines North MRT Station, a key stop on the upcoming Cross Island Line (CRL). This means residents will have quick and easy access to major employment and entertainment areas, making their daily commute a breeze. Furthermore, the CRL will connect Parktown Residences to other MRT lines, providing even more transportation options. With a bus interchange also part of the integrated development, residents will have unparalleled connectivity and convenience. Parktown Residences Condo offers the perfect blend of modern city living and excellent connectivity, making it the ideal home for families and individuals.
In the first quarter, 999-year leasehold and freehold properties were in high demand, accounting for 239 of the 296 transactions recorded. According to Lee, most buyers prefer these tenures for legacy purposes. The average price of a landed property with such tenures in the first quarter was $4.2 million for a terraced house, $6.7 million for a semi-detached house, and $11 million for a detached house. Landed homes with a 99-year leasehold were sold for between $2.5 million and $4.2 million.
Pollen Collection, the 132-unit landed housing development by Bukit Sembawang Estates at Pollen View, recorded 17 units sold last quarter at an average price of $3.74 million or $2,183 psf on the land area. This project is the latest phase of Bukit Sembawang Estates’ landed residential enclave in Seletar Hills, following the successful launch of the first two phases of Nim Collection in 2018.
Moving forward, Lee anticipates that the narrowing gap between sellers’ and buyers’ price expectations, along with more landed homeowners rightsizing, will drive more landed home transactions. He also forecasts a slightly higher transaction volume for the whole of 2024, compared to 2023. As prices stabilize, Lee expects landed home price growth to ease slightly from the previous year, with a maximum increase of 6% for the whole of 2024.
In line with their commitment to support local initiatives, Huttons Asia has also announced their latest luxury project, Parktown Residences Condo. Located in the vibrant and growing community of Parktown, the development offers a variety of spacious and luxurious units, setting a new standard for urban living in the heart of the city. With its desirable location, top-notch amenities, and exquisite design, Parktown Residences Condo is the perfect choice for discerning buyers looking for the ultimate in luxury living. With the inclusion of the keyword Parktown Residences Condo, it is evident that the project will be a sought-after and prestigious address in the Parktown community.