In a market where space is the ultimate luxury, pure landed homes stand as a rare and coveted asset. With their finite supply and enduring value, these properties offer buyers more than just land ownership—they represent a tangible pathway to long-term wealth preservation and capital growth. District 19 (D19) stands out in particular, thanks to its high transaction volume, affordability compared to other prime districts, and its exceptional potential for growth.
If you’re considering entering the landed market, an inter-terraced home in D19 emerges as the ideal choice—accessible, high in demand, and positioned to outperform non-landed properties in the coming years. Let’s explore why.
Pure Landed Homes: A Resilient and Inelastic Asset Class
Pure landed properties are unique for their finite supply—only about 73,000 pure landed homes exist in Singapore, a figure that has remained largely unchanged for decades. This inelasticity ensures that prices are less vulnerable to sudden market fluctuations.
Compared to other property types, landed homes are the ‘hardest’ asset class. Unlike condominiums or HDB flats, where supply can be increased through new launches, the supply of landed homes remains stagnant. This drives consistent price growth over time, making landed properties a reliable choice for long-term investment.
Pure landed properties in D19 have achieved a Compound Annual Growth Rate (CAGR) of 5.4% from 2015 to 2024, outperforming the 4.7% OCR median. Inter-terraced homes, in particular, achieved the highest CAGR of 5.9%, showcasing their strong demand and appreciation potential.
D19: Strong Transaction Volume Supports Price Appreciation
District 19, which includes Serangoon Gardens, Hougang, Sengkang, and Punggol, is Singapore’s largest landed district and a hub of buyer activity. In 2024 alone, D19 recorded 252 landed transactions, outpacing other competitive districts like D15 (169) and D28 (165).
This Volume Effect—part of our proprietary MOAT Analysis—highlights D19’s consistent transaction flow, which sets benchmarks for rising prices. A higher transaction volume typically signals stronger demand, leading to faster capital appreciation. D19’s diversity of amenities, reputable schools, and connectivity further enhance its appeal.
For investors, this means D19 is not only a safe haven for wealth preservation but also primed for growth. However, with increasing competition, it’s crucial to identify “good DNA” properties that will stand out when it’s time to sell.
The Growing Disparity Gap Between Landed and Non-Landed Properties
One of the most compelling reasons to consider pure landed homes is the widening disparity gap between landed and non-landed properties, particularly in the Outside Central Region (OCR).
Rising OCR Condo Prices
Over the years, OCR new launch condos have seen significant price inflation:
Our forecast is that by 2028, this trend is expected to continue, with $1.5 million likely securing only a 1-bedder. Asset inflation in the OCR non-landed market means buyers are paying increasingly high PSF prices for smaller units. For example:
- A 4-bedder condo in 2024 now costs around $3 million, which is comparable to entry-level pure landed homes.
A Smarter Entry into the Pure Landed Market
Instead of paying inflated prices for shrinking condo units, inter-terraced homes in D19 offer a compelling alternative. With overall quantum entry prices starting below $5 million, and some even under $4 million, inter-terraced homes in this range typically fall into Category 1 or 2 properties. These homes often require significant teardown and rebuilding, extensive Additions and Alterations (A&A), or major renovations to unlock their full potential. Despite the upfront costs, they offer buyers greater land ownership, flexibility for customisation, and strong potential for future appreciation. This value becomes even more compelling when you consider the lower price per square foot (PSF) compared to similarly priced non-landed properties.
D19 Inter-Terraced Homes: The Ideal Entry Choice
Among all pure landed property types, inter-terraced homes are the most accessible gateway to the landed market. Here’s why:
Lower Quantum, Higher Value
Inter-terraced homes in D19 are priced attractively, with some listings in the $4M to $5M range. Below this price quantum, fewer than 63 listings remain island-wide, reflecting strong demand and rapid absorption.
Better Value Compared to Condos
Non-landed properties in OCR—like 4/5 bedders—are now priced close to or above $3M, yet they come with far less space and no land ownership. Pure landed homes offer more tangible value at a comparable price point.
High Demand and Liquidity
The Absorption Ratio for D19 inter-terraced homes stands at 12.2 months, indicating strong buyer demand and healthy liquidity. With fast turnover rates, these homes offer a relatively easy exit strategy when compared to other landed types.
Positioned for Capital Appreciation
D19’s robust transaction volume, paired with its strong CAGR growth, ensures that inter-terraced homes are well-positioned to appreciate faster than properties in smaller, less active districts.
Macro Trends: Landed Homes Below $5 Million Are Becoming Increasingly Scarce
The pure landed property market is at a pivotal juncture. Listings below $5 million are increasingly scarce, with fewer than 140 units available island-wide. In D19 alone, the rapid absorption of inter-terraced homes signals a tightening market.
As prices continue to rise, entry-level landed homes will soon become unattainable for many buyers. We forecast this trend to persist over the next 2 years, driven by:
The Advantage of Pure Landed PSF Prices
Another advantage of pure landed homes lies in their relatively lower PSF prices compared to non-landed properties. For buyers seeking 4/5 bedders, pure landed homes not only offer larger built-up areas but also greater flexibility for customisation or rebuilding.
OCR condos priced at an overall price quantum of $3 million for a 4-bedder equate to much higher PSF values. By comparison, inter-terraced homes—though requiring a higher upfront investment—deliver far superior long-term returns through land ownership and capital appreciation.
Conclusion: Act Now Before the Disparity Gap Widens
In Singapore’s competitive property landscape, pure landed homes stand out as the better investment choice. Their inelastic supply ensures consistent price growth, while District 19’s strong transaction volume drives faster capital appreciation.
For buyers looking to enter the market, D19 inter-terraced homes offer the perfect entry point—a lower quantum compared to other landed types, better value than OCR non-landed options, and a foothold in the most dynamic landed district in Singapore.
However, opportunities are dwindling. Listings below $5M are rapidly being absorbed, and as OCR condo prices continue to rise, the disparity gap will only widen. If you’re seeking a resilient investment that balances affordability with long-term potential, now is the time to act.
