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Up and coming landed districts in 2024, based on transaction volumes in 2023

How did landed properties in Singapore perform in 2023? URA’s scorecard is out and in this article, we will cover the key figures and what they mean to you.

As predicted in our previous video, Q4 of 2023 saw a 4.5% increase in transaction volume. By the end of 2023, a total of 1,452 landed properties were bought and sold. For context, here is how the segment performed in the last couple of years. 2021: 3,673 transactions (highest in the last five years) 2022: 2,067 transactions (due to cooling measures) 2023: 1, 452 transactions (due to the macro environment)

Considering that 2023 was a challenging year, the landed property segment still performed better than 2019. Following the feds’ announcement that interest rates have peaked, Jackie has been receiving more calls about both his landed property and condo listings.

In fact, in December, which is a traditionally slow month, the bunch of us at Property Roundtable sold two landed properties. Compared to reactive buyers who may still be waiting on the sidelines for data to validate their decisions, these preemptive buyers will have a leg up and form the market. Going into 2024, we foresee that more and more buyers, who are currently waiting on the sidelines, will make a commitment.

Median prices in 2023

In 2023, the median prices for the different type of landed properties are: Terrace homes: S$1,685 psf

Semi-detached homes: S$1,655 psf

Bungalows: S$1,675 psf

It’s interesting to note that the median price of bungalows did not differ much from that of terrace and semi-detached homes. This contracts the logic that their prices should be lower than their counterparts as bungalows occupy a larger land size.

It’s safe to assume that the median price for landed properties in Singapore in general hovers around S$1,600 psf. With that said, this isn’t final as this segment has outliers. For instance, a 1,651 sqft inter-terrace in Chancery Lane was transacted at a record-breaking S$4,456 psf, amounting to S$7,400,000 for a 999-year leasehold home. Of course, it helps that this house was located in District 11, where buyers tend to be less price-sensitive.

Top 5 landed districts in Singapore (by transaction volume)







This should come as no surprise since D19 has the largest inventory of landed hopes. 


D10 (Tanglin, Holland) 


D10 is a prime district.


D15 (East Coast, Marine Parade)


D15 has traditionally been the runner-up to D19, but has since dropped a position.


D28 (Seletar, Yio Chu Kang) 


While Seletar isn’t among the top five largest inventories of landed properties in Singapore, there are entry-level options for price-sensitive buyers.


District 20 (Ang Mo Kio, Bishan, Thomson)


D20 has always been a hot favourite among parents as there is no lack of schools around. This demand is further amplified by the growth of the Thomson East Coast Line. 

If you’ve been following the activity among landed properties in Singapore, these results will not shock you. The bigger question is: What are the up-and-coming districts where buyers have been quietly making their moves? That brings us to the next five districts in line.






D16 (Bedok, Upper East Coast)


D16 owes its popularity to the “oversubscription” of its sister district, D15, as well as the transformation planned for the Bayshore region.


D11 (Newton, Novena)



D23 (Bukit Batok, Bukit Panjang)



D21 (Clementi Park, Upper Bukit Timah)



D14 (Eunos, Geylang, Paya Lebar)


See D16.

Personally, I’m rather surprised that District 5 (Buona Vista, West Coast, Clementi New Town) has fallen out of the top 10 list. If you own a landed property in District 5, hit us up as we have a number of buyers looking in your neighbourhoods.

What’s happening in the GCB segment?

You’d be forgiven for thinking this is none of your business, but that’s where you may be wrong. Even though GCBs cater to a niche group of buyers and may not be in the cards for you, it helps to keep an eye on the trends. After all, they set the market prices for bungalows in general, indicating how much one needs to pay to enter the most prestigious property segment in Singapore.

In 2023, there were a total of 18 GCB transactions within the small inventory of 39 GCBs in Singapore. That’s less than half of the transactions in 2022. These numbers may not be entirely accurate as these buyers like to keep things private, but it’s worth noting that the GCB segment is very sensitive to the macroenvironment.

Who bought landed property in 2023?

As mentioned earlier, 2022 saw 2,067 landed property transactions. Of these, 15% of the buyers came from HDB flats while 83% came from private addresses (condos, privatised ECs, or other landed properties). The remaining 2% were first-time buyers or businesses.

Amazingly, this percentage breakdown remained exactly the same in 2023, despite the drop in transaction volume. This tells us one thing: Even with the obstacles, the former HDB homeowners were determined to make the quantum leap. Who are they?

Many of these HDB upgraders are youngsters with lofty aspirations and who have done lots of future planning. Those who made all the right moves 5 years ago would have no issue selling their HDB flat for a million or, in some cases, up to S$2,000,000. Who’s forking out millions of dollars for an HDB flat, you ask? The answer: Former landed property owners looking to downgrade.

It’s pretty much a game of blow, wind, blow, and such is the circle of life in Singapore’s property market. For this reason, we expect the percentage of HDB upgraders to maintain and even increase in 2024. 

Could 2024 be the year to enter the landed segment? If you an HDB or condo owner looking to make the quantum leap, reach out to me (Harvey Chia) at 9199 9141 to explore your options.


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