Landed homes below $2 million
[Landed homes below $2 million _ adapted from The Edge Property Singapore By The Edge Property | November 10, 2016 2:57 PM MYT ]
Landed homes are favoured for their spaciousness and exclusivity. In Singapore, owning a house is an entitlement enjoyed by the privileged few. As at 2015, only 5.6% of Singapore resident households live in a house.
There is a total of 72,501 landed homes (including terraces, semi-detached and detached houses and good class bungalows ) in Singapore as at 3Q2016, compared with 293,548 non-landed homes, excluding HDB units. Only Singapore citizens can buy a property with no restrictions. Permanent residents and foreigners who wish to purchase a house need to obtain approval from the Land Dealings Approval Unit. There is a total of 2800 good class bungalows. Since a rule change introduced sometime in the second half of 2012, only Singaporeans are allowed to buy landed homes ingood class bungalows areas. Previously, foreigners who are Singapore Permanent residences could buy such homes if the land did not exceed 15,000 sft- subject to the nod of the land dealings approval unit. ( LDAU)
Owing to its limited supply, the price appreciation of landed homes has outpaced that of non-landed property over the past decade, at 71% and 50% respectively, according to the URA property price indices.
In 2016, prices of terraced houses, the lowest landed housing tier, averaged $2.6 million while those for private condominiums of at least 1,000 sq ft averaged $1.9 million. It is, however, not impossible for homebuyers with smaller budgets to own a landed home.
The Edge Property has identified several landed homes, excluding townhouses and cluster housing, which are currently listed below $2 million.
Below $1 million
Looking for a landed home in the Central Region that costs below $1 million is challenging. If tenure is not a concern, aspiring homebuyers may opt for HDB-terraced houses. These are landed homes built by HDB’s predecessor, the Singapore Improvement Trust. It is understood that there are only 285 such units and they are centrally located on Stirling Road in Queenstown, as well as on Jalan Bahagia, Jalan Ma’Mor and Jalan Tenteram in Kallang/Whampoa.
Last year, one such terraced house on Jalan Ma’Mor broke the record when it fetched $1.06 million. It had a built-up area of 3,013 sq ft and a balance lease of less than 60 years.
A HDB terraced house on Jalan Ma’Mor is listed on TheEdgeProperty.com for $898,000. The two-storey house has three bedrooms — one on the ground floor and two on the second level — and is said to be in move-in condition.
Below $2 million
In the Central Region, a budget of up to $2 million could get you a freehold terraced house, or an older leasehold detached or semi-detached house. This year, 28 caveats have been lodged for landed homes within this price range.
Eleven of them are for freehold terraced houses in MacPherson Garden Estate and Thomson Garden Estate. The remaining addresses are in Bukit Timah, Kallang and Geylang, such as Toh Tuck Crescent, Joo Chiat Terrace and Ceylon Road.
Prices started at $1.31 million this year for a freehold terraced house in MacPherson Garden Estate, which changed hands in September. This worked out to $1,484 psf over a land area of 883 sq ft.
Three caveats accrued to old leasehold detached and semi-detached houses. In the Bendemeer area, a detached house on Beng Wan Road was transacted at $1.03 million in May, or $258 psf, over a land area of 4,004 sq ft. The property has a remaining lease of 32 years.
The most affordable listing on TheEdgeProperty.com is a freehold terraced house on Cambridge Road with a price tag of $1.2 million. The property, which sits on 1,450 sq ft of land, may have to be refurbished because of its age.
At MacPherson Garden Estate, the most affordable listing of $1.7 million is for a freehold terraced house with a land area of about 1,300 sq ft. According to the marketing agent, the house was recently renovated and is in move-in condition.
Small families may consider this freehold terraced house in Thomson Garden Estate. It has one bedroom and a large hall, and is on the market for $1.58 million. The property, which sits on 885 sq ft of land, was last renovated in 2009, says its marketing agent.
A majority of landed homes in the East Region are located in Bedok and Pasir Ris. Prominent landed housing estates include Loyang Villas in Pasir Ris and Opera Estate in Bedok.
This year, there have been 46 caveats involving landed homes priced at $2 million or less in the East Region. Freehold prices started at $1.62 million for a terraced house on Jalan Tua Kong in district 15, which was transacted in August. This worked out to $1,047 psf, based on a land area of 1,539 sq ft.
The caveats lodged include those for four semi-detached houses that changed hands for $2 million or less. They sit on 99-year leasehold sites with a balance tenure of 79 years or less.
Separately, a freehold terraced house in Opera Estate has been put up for sale on TheEdgeProperty.com at $1.9 million. The single-storey property has a land area of 1,294 sq ft and comprises two bedrooms.
Those with a budget below $1.5 million may consider leasehold properties. At Loyang Villas, a terraced house with a land area of 1,615 sq ft is listed on TheEdgeProperty.com at $1.48 million. It has five bedrooms and is said to be in move-in condition.
Up north, 39 freehold landed houses have been sold this year, at prices averaging $2.8 million or $1,068 psf on land area. The lowest price was for a semi-detached house on Jalan Janggus near Sembawang Park, which fetched $1.6 million. The price worked out to $760 psf over a land area of 2,110 sq ft. Meanwhile, the cheapest terraced house was sold for $1.95 million, or $1,094 psf on land area of 1,787 sq ft. The property is located on Jalan Mata Ayer near Yishun Junior College.
The most affordable listings for freehold landed houses in the North Region are in Sembawang Springs Estate, near the upcoming Canberra MRT station on the North-South Line. Two landed properties in the estate are currently listed for sale below $2 million.
The first, a two-storey terraced house with a land area of 1,705 sq ft, is listed at $1.9 million. According to the marketing agent, buyers may have to carry out minor alteration works.
The second is a single-storey terraced unit listed at $1.99 million. The property features a Balinese theme and comprises three spacious rooms, a wet and dry kitchen and an alfresco dining area.
One in three freehold landed houses transacted year to date were in the North-East Region. Freehold terraced properties in this region averaged $2.6 million or about $1,200 psf on land area. Those priced at $2 million or below are mainly located in Sembawang Hills Estate and Serangoon Garden Estate.
The lowest price was for a terraced house in Sembawang Hills Estate which fetched $1.5 million in June, or $990 psf on land area. Sembawang Hills Estate is situated off Upper Thomson Road, near the Lower Pierce Reservoir Park. Several popular eateries serving local and international cuisines are located in the vicinity.
Currently on the market is a single-storey terraced house in Sembawang Hills Estate with a land area of about 1,500 sq ft, with a price tag of $1.8 million. The property, which was renovated four years ago, comes with two spacious bedrooms, a wet and dry kitchen, an attic and a garden.
Off Paya Lebar Road on Jalan Gotong Royong, a two-storey freehold terraced house is listed for sale, also at $1.8 million. The property, which has a land area of 1,297 sq ft, comprises two bedrooms on the second level, a large kitchen and a yard.
There have been 33 caveats this year for landed homes priced at $2 million or less in the West Region. Nearly all were for leasehold properties. The single freehold caveat was for a terraced house on Pavilion Circle in Bukit Batok, which fetched $1.9 million in July, or $1,157 psf over a land area of 1,647 sq ft.
Most of the caveats were for properties located in Villa Verde in Choa Chu Kang, followed by Westville and Westwood Park in Jurong West. Prices started at $1.38 million for a terraced house at Villa Verde, which changed hands in August. This worked out to $824 psf over a land area of 1,679 sq ft. The site has a remaining tenure of less than 80 years.
The most affordable listings on TheEdgeProperty. com are for terraced houses in Westwood Park and Villa Verde. Both were listed at a guide price of $1.45 million. The terraced house at Westwood Park sits on 1,658 sq ft of leasehold land and comprises five bedrooms. It has granite and parquet flooring, according to its marketing agent.
The Villa Verde terraced house has a land area of 1,680 sq ft and also comprises five bedrooms on levels two and three.
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