Landed homes outperform non-landed ones

Landed homes outperform non-landed ones

RESALE prices of landed homes rose at a faster rate than that of apartments in the first half of the year, according to a report yesterday.

The DTZ survey detailed price rises for various categories of freehold and leasehold homes across the island to give an overall picture of the market.

It found that prices of freehold landed homes in the prime districts of 9, 10 and 11 rose 3.1 per cent in the first six months of the year while freehold apartment values rose only 1 per cent.

In suburban districts, resale prices of leasehold landed homes rose 5.1 per cent while apartments recorded a price growth of only 2.2 per cent. However, prices of suburban landed freehold homes rose just 2.6 per cent - the lowest rise in the landed segment but still a tad ahead of the 2.5 per cent increase for suburban freehold apartments.

"In general, landed prices have risen more strongly than non- landed," said DTZ's head of Singapore research, Ms Lee Lay Keng.

Terrace houses, whether freehold or leasehold, were the hottest segment in the landed home market.

Resale prices for both freehold and leasehold terrace homes located in prime and suburban areas rose by between 4.1 per cent and 5.6 per cent in the first half of the year, while resale prices of detached and semi-detached homes across the board increased by 0.5 per cent to 2.7 per cent, she noted.

DTZ said it expects prices of landed homes to continue to rise at a faster rate than those of apartments in the second half of this year.

Data from the Urban Redevelopment Authority in the first quarter showed that about 495 landed homes could be available for sale in the prime districts 9, 10 and 11. These include the 140 units that could be built on the Coronation Road site which was sold when the Government Land Sales (GLS) tender closed yesterday.

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