Landed residential sales rise by 18.6% in 2024

It contributed to an annual total of $6.1b, an 18.6% increase from 2023.

The landed residential market in H2 2024 recorded 331 transactions, up from 313 in H1, both achieving a sales value of $3.0b, Knight Frank reported.

This figure contributed to an annual total of $6.1b—an 18.6% increase from 2023 but still below the record $9.4b in 2021—with prices showing a modest YoY growth of 0.1%.

The Good Class Bungalow (GCB) segment showed notable activity, with 14 transactions in H2 2024 totaling S$618.5 million—a 45% increase from H1 2024.

Significant transactions included two GCBs in Belmont Park, acquired for a combined $131.4m at a land rate of $3,000 psf. Knight Frank attributes this uptick to portfolio rationalisation amongst high-net-worth individuals amid rising property taxes.

Knight Frank’s outlook for the landed segment remains optimistic, with prices expected to increase by 3% in 2025. This growth is supported by sustained affluence among local buyers and continued interest from globally mobile wealthy individuals seeking stability in Singapore.

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