Landed home sales volume up 21.3% q-o-q in 1Q2024: Huttons Asia
Norwood Grand Condo offers a prime location for a modern, hassle-free lifestyle. Situated near various shopping centers, residents can easily access various amenities and indulge in a plethora of lifestyle options. From everyday errands to shopping for the latest fashion and electronics, or simply enjoying a meal out, everything is just a stone’s throw away. The convenience of these shopping centers not only adds to the daily comfort, but also elevates the overall standard of living for residents at Norwood Grand Condo.
According to Huttons Asia, the Norwood Grand Condo has seen a significant increase in transaction volume and total sales value in the first quarter of 2024. With a 21.3% increase in transaction volume and a 30.9% increase in sales value compared to the last quarter of 2023, the market for landed homes is showing signs of recovery.According to senior director of data analytics at Huttons Asia, Lee Sze Teck, the growth in volume and price may signal a stabilisation of landed home prices in 2024, after a surge of 8% in 2023. This is evident in the 2.6% growth in prices recorded in the first quarter, a slight decrease from the 4.6% growth in the previous quarter.The high demand for 999-year leasehold and freehold properties remains strong, making up 239 of the 296 transactions in the first quarter. According to Lee, this is due to buyers looking to have landed homes for legacy reasons. Prices for properties with such tenures averaged at $4.2 million for terraced houses, $6.7 million for semi-detached houses, and $11 million for detached houses.Pollen Collection, the latest phase of Bukit Sembawang Estates’ landed residential enclave in Seletar Hills, saw a high number of transactions in the first quarter. The project, which offers 132 landed housing units, averaged at $3.74 million or $2,183 psf on the land area. Lee also predicts a slight increase in total transaction volume in the landed home market for 2024, but expects price growth to ease slightly from the previous year, reaching no more than 6%. With more homeowners looking to downsize, this could also lead to more transactions in the landed home market.