Those living in landed housing estates may recently have found a shift in neighbour dynamics as more homes changed hands in the past 2 quarters.
Since beginning of the year to the mid of the second quarter, there has been a 15.3 per cent rise in the number of landed property sales, 316 sales transactions with caveats lodged to be exact. Since the price peak in 2013, prices have come down and may have become more palatable to the buying public. For those hoping to snag a private landed home, now could be the time as prices are unlikely to drop even further.
Landed home prices have since dropped 7.2 per cent and as the Additional Buyers’ Stamp Duty (ABSD) for second-time buyers will be revised by the end of this year, there is only a 6-month window to avoid paying more in duties. It’s not only home owners and individual investors who are purchasing these landed properties, but also developers who are hoping to turn a single plot of land into a potential cash cow. Older bungalows with their extensive land area are of particular interest to developers hoping to rebuild them into viable modern options. Some of the other buyers include new citizens. A recent $33 million bungalow sale to a China-born Singaporean was recorded at Bishopsgate.