Resilient Resale Land Prices despite Slowing Resale Activity in May

Landed home resale activity in May continued to stall following a quiet April due to the market uncertainties brought about by the US tariffs and global economic volatilities. A handful of buyers and vendors held off on their sales activities and adopted a wait-and-see approach before making decisions. Based on URA Realis caveat data, about 156 landed homes were transacted on the resale market in May 2025; the combined transaction value came up to $901 million - compared to April (155 deals valued at $905.7 million). Upon an analysis of each transaction and their respective gains, most landed deals were profitable.

There was a bigger proportion of cheaper priced landed homes being sold compared with the previous month amidst a pickup in activity. Based on URA Realis caveat data, about 40.4% of resale landed homes sold in May were priced at $5 million and above, compared with about 48.6% in April. Meanwhile, 59.6% of the resale landed transactions were priced at below $5 million in May - edging up against the 54.2% proportion in the previous month.

Chart 1: Price range of private resale landed transactions in April 2025 vs May 2025

Landed home resale prices in May 2025 moved inconsistently across all regions. The overall landed homes resale prices rose by 3% month-on-month (MOM) to $1,948 psf; while prices were up by 4.9% compared to a year before. The month-on-month expansion in resale landed prices was led by the expansion in prices of city centre landed homes (CCR) which grew by 11.3% MOM. By property type, detached and terrace homes saw average prices grow by 2.4% MOM and 3.8% MOM respectively in May. (see table 1 below).

Table 1: Average Unit Prices ($PSF) of Resale Landed Homes by month

Resale landed homes performance by property type in May 2025

Table 2: Top 3 resale landed transactions by landed property type, in terms of estimated gains*

Top landed transaction with highest gains (Detached)

The top performing detached home transaction and overall landed transaction for the month was for a Good-class Bungalow along Peirce Hill in District 10 (Tanglin) that was sold for $37 million, up by about $8.2 million from the last caveat lodged in February 2021 - this reflects an annualised profit of 6.1% after a holding period of slightly more than 4 years. The freehold GCB property is situated within the Ridout Park GCB area, has a land area of over 17,000 sq ft which reflects a unit price of $2,144 psf on land area.

Top landed transaction with highest gains (Semi-Detached)

The best-performing semi-detached transaction was for the sale of a semi-detached property in Tham Soong Avenue in Bukit Timah (District 21). It was sold for $9.2 million in May, with its last caveat being lodged in August 2017. The sale price is up by over $5.6 million from the previous caveated price, representing an annualised gain of 13% per year close to 8 years. The freehold property is situated within Airview Park landed estate and just a short walk to Beauty World Commercial node with its amenities such as Beauty World Centre, The Linq @ Beauty World Mall, Bukit Timah Shopping Centre, and a number of eateries along Chun Tin Road and Lorong Kilat. Commuters are also a short walk to the Beauty World MRT interchange on the Downtown Line.

Top landed transaction with highest gains (Terrace House)

The best-performing terrace home transaction was for a terrace house along Seletar Road in Serangoon Gardens (District 19). The 999-year leasehold property was sold for nearly $5 million, reflecting an estimated gain of some $3.86 million, representing an annualised gain of 7.1% per year from its last caveat lodged in Jun 2003, with a holding period of over 22 years. Tucked away in a tranquil corner of Seletar Park, the property offers a peaceful retreat from the city's hustle and bustle.

If you are looking for high-end homes or good class bungalows in Singapore, contact PropNex's GCB and Prestige Landed department for buying opportunities and insights on the landed residential property market.

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