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Rise in transactions of landed homes

By Michael Lim / The Edge Property | November 12, 2015 10:00 AM MYT

The demand for landed homes in prime residential Districts 9, 10 and 11 is on the rise. A check on the latest URA Realis caveats lodged as at Oct 13 shows that 53 landed homes (with land areas ranging from 3,100 to 10,760 sq ft) were transacted in the first nine months of 2015. The figure is equivalent to the number of homes sold in 2013, and has even surpassed the number of transactions made last year.

Within the prime Central neighbourhoods of Districts 9, 10, 11 and 21 (Upper Bukit Timah, King Albert Park, Old Holland Road, Binjai Park and Yarwood Avenue), detached homes contributed to 40% of the overall transaction volume, according to Realstar Premier’s analysis. Semi-detached homes made up 37% of all transactions in the area, followed by terraced houses (23%).

“The rise in demand could be partly owing to the increase in the number of new or redeveloped units that are being put up for sale,” says William Wong, managing director of Realstar Premier. In recent years, many boutique developers and even construction companies have embarked on redevelopment of landed homes for sale.

RealStar Premier is currently marketing 168 brand new detached, semi-detached and terraced houses worth close to $1.28 billion for sale. The houses are mainly developed by boutique developers.



What’s on the market?
An example of a boutique developer is Alteo Developments, helmed by Singaporean businessman Alan Teo. Alteo Developments has redeveloped three properties to date, two of which are detached houses in the Mount Sinai area and a pair of semi-detached houses on Gilstead Road.

The detached house in Mount Sinai Road developed by Alteo was put up for sale last weekend (Oct 10 to 11) and is believed to have been sold. The newly completed 2½-storey unit contains five en suite bedrooms with a built-up area of 10,000 sq ft and comes with a swimming pool. It sits on a freehold land area of 4,900 sq ft. The house was listed at a price tag of $10.8 million ($2,200 psf).



A 5+1-bedroom, 2½-storey home with a built-up area of 10,000 sq ft developed by Alteo Developments. Asking price: $10.8 million

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