Landed properties show the biggest divergence, when it comes to freehold versus leasehold.
Indeed, some buyers will tell you a 99-year lease defeats the entire purpose of buying a landed home, as houses are often intended as multi-generational assets.
Despite the demand, however, not all freehold landed properties are $10 million, super-luxury houses.
In the pandemic world, there definitely has been increased demand for landed homes due to the extra space and privacy it brings.
For those who are looking for the absolute cheapest without as much concern for an exit, leasehold landed homes are surely the way to go.
But for those looking for a better asset, here’s where we’ve spotted some of the lowest prices to date:
A quick glimpse at freehold landed housing in 2021
As of end-July 2021, freehold landed prices averaged $1,482 psf. This is up close to 11 per cent from the same time last year ($1,335 psf).
Transaction volumes have been falling, since the peak in April this year – end-July saw only 59 transactions, whereas the previous low for the entire year was in October 2020 (84 transactions).
Realtors attributed this to the return to Phase Two (Heightened Alert), which has impeded home viewings.
The cheapest freehold landed homes we’ve spotted in 2020/21:
Land
Price
Size (sqft)
Date
Address
Tenure
Area
N.A.
$1,254,000
758
Jan 2, 20
171 Onan Road
Freehold
Geylang
N.A.
$1,300,000
1049
Jan 20, 20
38 Jalan Isnin
Freehold
Bishan
Macpherson Garden Estate
$1,360,000
885
July 30, 20
25 Jalan Mulia
Freehold
Toa Payoh
N.A.
$1,500,000
1483
Dec 29, 20
67 Lorong 14 Geylang
Freehold
Geylang
N.A.
$1,500,000
1483
Dec 29, 20
67 Lorong 14 Geylang
Freehold
Geylang
N.A.
$1,600,000
1922
Sept 17, 20
16 Guillemard Crescent
Freehold
Geylang
N.A.
$1,605,560
1825
Jan 26, 21
42 Jalan Tari Piring
999 yrs from Jan 1, 1879
Sengkang
N.A.
$1,680,000
1277
Jan 13, 20
4 How Sun Avenue
Freehold
Serangoon
Opera Estate
$1,700,000
1311
Dec 7, 20
59 Aida Street
Freehold
Bedok
Serangoon Garden Estate
$1,800,000
1840
Dec 9, 19
25 Cardiff Grove
999 yrs from Jan 1, 1956
Serangoon
The following housing estates appear often in the list:
Macpherson Garden Estate
Sembawang Hills Estate
Thomson Garden Estate
Opera Estate
Teacher’s Housing Estate
Here’s a quick look at these:
1. Macpherson Garden Estate
Location: 1 Jalan Setia (District 13)
Completion date: Est. 1970
Number of units: Unknown, but there are 332 blocks
Current prices indicates a price range of $1,339 to $2,604 psf, with an average of $1,913 psf.
The last five transactions this year were as follows:
Date
Type
Unit size
Price PSF
Total price
July 23, 2021
Terrace
1,031 sq. ft.
$2,095
$2,160,000
June 30, 2021
Terrace
884 sq. ft.
$2,354
$2,080,000
June 25, 2021
Terrace
886 sq. ft.
$1,896
$1,680,000
June 17, 2021
Terrace
883 sq. ft.
$2,400
$2,118,000
June 14, 2021
Terrace
885 sq. ft.
$2,238
$1,980,000
There have been 184 profitable transactions, and 28 unprofitable transactions.
ALSO READ: $330k for a leasehold landed property? Here’s where to find the cheapest landed homes in Singapore
Notable details:
Macpherson Garden Estate is old, and the age shows on many of the units here. However, this is more than offset by its strong central location.
Most homes here are only an 11-minute drive to Orchard, and an eight-minute drive to Paya Lebar Quarter (PLQ).
Macpherson Garden Estate has been making its way onto plenty of shortlists, over the past few years. This is due to the growing prominence of PLQ, which is a new commercial hub.
Given the exorbitant prices we’re starting to see in Paya Lebar, it’s unsurprising that some buyers would rather fork out the same amount for a freehold, landed property.
You do have to accept that this is an old area, however, with squeezy roads and a somewhat dilapidated look.
Keep an eye out for this one, as we don’t think it will be the cheapest freehold estate for much longer.
2. Sembawang Hills Estate
Location: Casuarina Road (District 20)
Completion date: Est. 1980
Number of units: 1,063
Current prices indicates a price range of $931 to $2,050 psf, with an average of $1,535 psf.
The last five transactions this year were as follows:
Date
Type
Unit size
Price PSF
Total price
July 8, 2021
Terrace
1,501 sq. ft.
$1,833
$2,750,000
July 8, 2021
Terrace
2,633 sq. ft.
$1,629
$4,290,000
June 23, 2021
Terrace
1,493 sq. ft.
$1,842
$2,750,000
June 21, 2021
Terrace
1,527 sq. ft.
$1,473
$2,250,000
June 8, 2021
Terrace
2,738 sq. ft.
$1,771
$4,850,000
There have been 112 profitable transactions, and one unprofitable transaction.
Notable details:
Sembawang Hills Estate exemplifies the quiet enclaves of Upper Thomson. The area is just row after row of landed homes, without a single tall development blocking the view.
From here it’s just a six-minute drive to the start of the Lower Pierce Reservoir (formerly Kallang River Reservoir) nature trail. This trail is a hotspot for nature lovers, as it goes through Singapore’s last mature secondary forest.
There are few immediate amenities, as you’d expect from a landed enclave; but there’s a Giant supermarket at Jalan Kuras that’s a six-minute walk away. Ang Mo Kio Hub is only a six-minute drive away, for other retail needs.
This estate is very close to Teacher’s Housing Estate, which is a two-minute drive away (see below).
ALSO READ: Can you actually lose money with landed property in Singapore?
3. Thomson Garden Estate
Location: Jalan Pintau (District 20)
Completion date: 1998
Number of units: 500
Current prices indicates a price range of $1,135 to $2,395 psf, with an average of $1,809 psf.
The last five transactions this year were as follows:
Date
Type
Unit size
Price PSF
Total price
June 15, 2021
Terrace
960 sq. ft.
$2,395
$2,300,000
June 11, 2021
Terrace
994 sq. ft.
$2,114
$2,100,000
May 10, 2021
Terrace
2,414 sq. ft.
$1,633
$2,740,000
May 7, 2021
Terrace
1,633 sq. ft.
$2,226
$2,950,000
May 3, 2021
Semi-Detached
2,226 sq. ft.
$1,031
$3,200,000
There have been 184 profitable transactions, and 37 unprofitable transactions.
Notable details:
Thomson Garden Estate is a rarity, in being a landed enclave with MRT access.
For now, it’s about a 10-minute walk to Marymount MRT on the Circle Line (CCL). Once the Upper Thomson MRT station is ready, it will be about six-minutes away, and also give access to the Thomson – East Coast Line (TEL).
On top of this, Thomson Plaza (which has been refurbished a few years back) is within a 10-minute walk. This provides most of the retail for the neighbourhood, as well as an NTUC FairPrice.
Those who want landed homes, but hate having to drive out for things, will like this project.
4. Opera Estate
Location: Fidelio Street (District 15)
Completion date: 1980
Number of units: 182
Current prices indicates a price range of $800 to $2,472 psf, with an average of $1,680 psf.
The last five transactions this year were as follows:
Date
Type
Unit size
Price PSF
Total price
July 26, 2021
Terrace
1,600 sq. ft.
$2,368
$3,788,000
July 16, 2021
Terrace
1,633 sq. ft.
$1,977
$3,228,000
July 6, 2021
Terrace
3,054 sq. ft.
$1,287
$3,930,000
July 2, 2021
Terrace
2,877 sq. ft.
$1,223
$3,520,000
June 30, 2021
Terrace
2,185 sq. ft.
$1,464
$3,200,000
There have been 119 profitable transactions, and nine unprofitable transactions.
ALSO READ: Will landed homes continue their momentum in the Singapore market for 2021?
Notable details:
Opera Estate is one of the most recognizable landed enclaves in the east, and most people just refer to it as part of the “Siglap landed area”.
It’s especially known for its proximity to the venerable St. Stephen’s School (10 minute-walk from most parts of the estate); but Opera Estate Primary is also within the vicinity (three-minutes’ walk).
In terms of amenities, this estate is very close to Siglap Shopping Centre, which is 770 metres away, or about a four-minute drive.
It’s 13-minutes on foot but be warned – there’s a steep uphill climb involved, depending on where you approach from.
This area has a long stretch of eateries, ranging from steak houses to fast food. There’s also a Cold Storage in Siglap Shopping Centre.
It’s exclusive, quiet, and is self-contained; but watch out for Sundays.
The local places of worship mean nasty jams along the narrow road, to the point where traffic wardens are sometimes needed (and sometimes, an inconsiderate sort will park and block your driveway).
5. Teacher’s Housing Estate
Location: Tagore Avenue (District 26)
Completion date: 1967
Note: The lease is mixed for different units in this estate. Some are freehold, and some are on 999-year leases, from 1885.
Number of units: Unknown, 256 units recorded in 1968
Current prices indicates a price range of $1,146 to $1,958 psf, with an average of $1,407 psf.
The last five transactions this year were as follows:
Date
Type
Unit size
Price PSF
Total price
July 2, 2021
Terrace
1,600 sq. ft.
$2,368
$3,788,000
June 3, 2021
Terrace
1,633 sq. ft.
$1,977
$3,228,000
May 21, 2021
Terrace
3,054 sq. ft.
$1,287
$3,930,000
20 May 20, 2021
Terrace
2,877 sq. ft.
$1,223
$3,520,000
April 29, 2021
Terrace
2,185 sq. ft.
$1,464
$3,200,000
There have been 63 profitable transactions, and 23 unprofitable transactions.
Notable details:
Teacher’s Housing Estate is unique because it wasn’t built by a property developer.
It was built by the Singapore Teachers Union (STU) in 1967, and sold at subsidised rates to school teachers (Ironic, given most teachers would be priced out today).
This area was given a facelift in 2004, under Nee Soon’s Estate Upgrading Program (EUP). So while the houses do have dated, the area still looks fresh.
Teacher’s Housing Estate is very close to Sembawang Hills Estate (see above) and shares most of the locational advantages.
Incidentally, there are plenty of jokes about how there’s only one school within enrolment radius (CHIJ St. Nicholas’ Girls School, at 900 metres or a nine-minute drive).
Older landed homes require careful inspection; take extra caution when buying
For homes that are 40 years or older, it’s advisable to have a contractor, or some other experienced eye, check out the place before buying.
In cases of serious damage, renovation costs will far outweigh that of non-landed counterparts. Contact us on Stacked if you need help.
For more on the Singapore private property market, and updates on the cheapest freehold landed property, follow us on Stacked. We’ll keep you in touch with the latest trends, and provide you with the most in-depth reviews.
ALSO READ: Why are landed home sales hitting new highs despite Covid-19?
This article was first published in Stackedhomes.
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