The average price of landed homes rose to $2,008 psf in 1Q2025, marking a 3.3% q-o-q rise in prices. This is the first time that the market segment has “breached” the $2,000 psf mark, according to Huttons Asia’s latest quarterly research report on the landed property market.
“Strong income growth, build-up in wealth and a decline in interest rates played a part in helping buyers achieve their dreams of owning a landed home,” notes the report.
The total value of landed homes that changed hands last quarter rose to $2.4 billion; a 3.3% q-o-q increase from 4Q2024 and a 53.2% y-o-y rise from the $1.6 billion recorded in 1Q2024.
By absolute price, the most expensive landed home sold in 1Q2025 was a freehold detached house occupying a 9,850 sq ft plot along Holland Grove Walk. It sold for $24.7 million ($2,510 psf) in February.
On the opposite end of the scale, the most affordable landed home of the quarter was a semi-detached property along Jalan Chempaka Kuning that sold for $1.2 million. It had 25 years remaining on its 99-year lease.
The first three months of 2025 also saw 412 landed residential transactions, excluding Good Class Bungalows (GCBs) and cluster houses. It is the highest number of first-quarter transactions since 1Q2021.
Semi-detached houses saw the largest increase in transactions with a 15.7% q-o-q jump from 127 caveats lodged in the tail end of 2024 to 147 caveats in 1Q2025.
However, the transaction volume of terraced homes fell by 18.4% q-o-q, from 267 to 219. The report posits that some buyers in the market could have been attracted to purchase larger four- and five-bedroom units offered in the new launch market last quarter.
The most popular district for landed homes among buyers last quarter was District 19, with 77 recorded transactions. It was followed by District 28 (51 transactions), District 15 (41 transactions) and District 16 (38 transactions).
Accounting for 349 transactions, almost 85% of landed homes transactions were properties with a 999-year leasehold and freehold tenure.
Detached homes with such tenure recorded the sharpest rise in average absolute prices, with a 4.8% q-o-q increase to $12.2 million. It was followed by freehold or 999-year leasehold terrace homes, recording a 4.3% q-o-q rise in average prices to $4.6 million, then semi-detached homes with a 3.5% q-o-q increase in average price to $6.8 million.
Looking forward, Huttons expects the landed homes market to be influenced by the brewing global tariffs conflict, with locals possibly delaying their landed property purchases until a more economically stable time.
However, ultra-high net worth foreigners may be reassessing their options in the wake of upheaval caused by the tariffs, leading some to opt to become Singapore citizens due to the country’s reputation as a safe haven.
Overall, the projected prices and volume of landed homes are expected to remain steady throughout the year.
