Strata landed homes attract a following

Landed properties shone brightest in the private residential properties category in 2010 when prices soared by some 30.8 % year on year. Prices of detached houses took the lead, increasing by 37.6 % year on year while the prices of semi-detached and terrace houses went up by 26.3 % and 26.1 % respectively. For the whole of 2010, there were a total of 543 strata landed property sales, excluding enbloc sale transactions. This was slightly higher than that in 2009 when about 511 strata landed units were sold. Average transacted prices of strata landed housing increased by 12 % to 28 % for freehold and leasehold properties respectively. Broadly, strata landed housing can include any one or a combination of bungalows, semi-detached houses or terrace houses within a development and should be located in designated landed housing areas. Cluster housing appeals to buyers who enjoy communal facilities and require larger living spaces but cannot find suitable units in condominiums. While foreigners in general are not allowed to buy landed residential private properties, they may purchase strata landed properties within developments with condominium status without seeking approval from the Land Dealings (Approval) Unit. Some recent new projects in this category include D'Leedon and The Vision where one in every 10 strata landed property buyers within the development is a foreigner. Investors' interest also picked up as strata landed homes command a higher rental yield compared to similar sized landed properties. Tenants are often willing to pay higher rentals for the convenience of communal facilities like the pool, gym and playgrounds and in some cases for the close proximity to good local and international schools. Some new cluster homes can command rental yields of some 4 to 5 % compared to 2 to 3 % for landed homes. The number of new landed properties is significantly lower because of limited land supply. Strata landed projects are becoming increasingly attractive and are preferred alternatives over non strata landed projects as they offer the best of both worlds - having landed properties' spaciousness, condominium facilities and gated security. Some other new strata landed properties coming onstream include Watercove Ville (80 units), Poets Villa (40 units), strata housing at Westwood Avenue (93 units) and Cluster Housing at Mount Rosie Road (193 units). Demand has been fairly stable over the past five years with an average 480 units changing hands each year with the exception of the recessionary year in 2008 and notwithstanding three rounds of cooling measures in 2009 and 2010.