Lee points to The Pollen Collection II, 186 units of 99-year leasehold terrace houses in the Seletar Hills landed enclave, launched by developer Bukit Sembawang Estates in December 2025. “That was from their legacy land bank,” says Lee.
Incorporated in 1967, Bukit Sembawang has been a property developer of landed homes in Seletar Hills and Sembawang for decades.
A December 2025 report by DBS Group Research claims the Mainboard-listed developer has a “significant” land bank of more than 1.5 million sq ft — largely located in Ang Mo Kio, Seletar and Sembawang — that can be developed into landed homes, potentially equating to a total gross development value of $2.5 billion.
In fact, the Urban Redevelopment Authority (URA) has not sold a site for landed housing since June 2017, when it awarded the 99-year leasehold Lorong 1 Realty Park to Fantasia Investment (Singapore), Sun Renwang and Yang Xinping. That site is now the 53-unit Parkwood Collection.
“Without [land sales], we will always have very, very small, little supply coming up, but there will always be demand from people,” says Lee in response to the audience question.
“If you have the wealth, you would want to stay in a landed home yourself.” With tight supply and strong demand, prices for landed homes in Singapore “have always been well-supported”, he adds.
Indeed, prices of landed properties rose by 7.6% in 2025 while those of non-landed private properties rose only by 2.3%, according to URA statistics released Jan 23.
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URA’s landed property price index reached 253.1 in 4Q2025, up 47.3% from 171.8 in 4Q2019.
The “minimum” price of landed properties today is “easily” $2,000 psf, says Lee. “Gone are the days when you could buy a landed home for $2 million plus; I’m not talking about landed homes with very short leases, but those 999-year or freehold homes even. Before Covid-19, you could still get [one] for about $3 million, now you need $4 million, coming to $4.5 million.”
Hence, landed homes have not yet found a price floor, says the analyst. “We are going to see prices picking up further.”
This is true even among the top-tier Good Class Bungalows (GCB), he adds. Singapore saw around 36 GCB transactions in 2025, with an 80,448 sq ft site along Peirce Road notching the year’s record at $148 million.
“We are hearing from our associates that there are still a lot of people asking around,” says Lee of GCB buyers. “It’s just [a matter of] whether you can find the right fit. Some of them are very particular; their home or front door must face a certain direction.”
