Inter-terrace at Parry Terrace, SOLD above $2,500 PSF???

Every now and then, a transaction appears that makes many buyers pause and take a second look. In March 2026, a terrace house along Parry Terrace in the Kovan landed enclave (District 19) was transacted at $2,529 psf. This number immediately caught my attention. Not because Parry Terrace is an unfamiliar location, but because it quietly crossed the $2,500 psf mark without some of the characteristics buyers usually associate with such prices.

A Row of Terraces along Parry Terrace

The house isn’t near an MRT station. It isn’t a newly rebuilt modern house. And the land plot isn’t particularly large either. Yet it still managed to transact at this level. And that tells us quite a bit about where the landed market is heading.

A Quiet Enclave That Just Crossed $2,500 PSF

Parry Terrace is located within the broader Parry Park, Kovan landed enclave, a neighbourhood known for its peaceful residential character. While it is within driving distance of amenities in Kovan and Serangoon, it’s not what most buyers would describe as a "Near MRT" location.

In fact, if you were to look at the map, the estate isn’t particularly close to any MRT station. What makes this transaction even more interesting is the condition of the house itself. This property is not a brand-new rebuild. It’s a renovated home, not one of those modern three-and-a-half-storey designer houses that typically command premium psf today.

Source: https://www.streetdirectory.com/

Yet despite that, it still crossed $2,529 psf. This challenges a common belief that landed homes must be brand new or within walking distance of an MRT station to command strong prices.

A Look Back: Where Prices Were Just a Few Years Ago

To put things into perspective, it helps to look at where the market stood not too long ago. Back in 2022, the average transacted price for an inter-terrace house within the Parry Park landed enclave was around $2,010 psf.

Fast forward just four years, and we are now seeing transactions surpass $2,500 psf. That represents an increase of close to 20% over a relatively short period.

Imagine being a buyer in 2022. At the time, paying around $2,000 psf for a terrace house might already have felt expensive. But someone who entered the market then could have purchased a house, spent some money on renovations, enjoyed the property for a few years, and potentially be sitting on significant capital gains today.

Of course, hindsight always makes decisions look clearer. But it illustrates something we see repeatedly in the landed market: prices rarely stay stagnant for long.

What This Transaction Says About Buyer Behaviour

Another interesting takeaway from this transaction is how buyer preferences have evolved. Many buyers today are less focused purely on land size and are instead paying closer attention to usable built-up space. A well-configured three-storey structure can offer more than enough living space for modern families, even if the land plot itself is relatively compact.

This is particularly common among HDB and condominium upgraders entering the landed market for the first time. For these buyers, landed living is less about owning a large piece of land and more about gaining:

• Multiple levels of living space

• Privacy compared to apartment living

• Flexibility for family needs

  
  

As long as the home provides sufficient built-up area and a practical layout, smaller land plots can still be very livable. This Parry Terrace transaction reflects exactly this trend. The land size may not be huge, but the existing built space is sufficient, which is increasingly what buyers prioritise.

Landed Value Isn’t Always About MRT Proximity

Another key insight from this transaction is that landed homes do not always derive their value from MRT proximity. Unlike condominiums, where being within walking distance of an MRT station can significantly influence price, landed homes are often chosen for very different reasons.

Parry Road Playground/Park within this landed enclave

Buyers in landed estates tend to prioritise the overall residential environment — things like quiet streets, neighbourhood character, and the sense of space that landed enclaves provide. Many residents in these areas drive regularly, so connectivity by road often matters more than being immediately next to a train station. This explains why enclaves like Parry Park, despite not being MRT-adjacent, can still see steady price growth over time.

The Real Risk: Waiting Too Long

One thing about the landed housing market in Singapore rarely changes: supply is extremely limited.

Landed homes make up only a small portion of Singapore’s housing stock, and new landed supply is rarely introduced in large quantities. Most established landed enclaves remain fixed in size, which naturally creates scarcity over time. Because of this, prices tend to move gradually upwards over the long run, even if there are occasional pauses along the way.

Many buyers wait on the sidelines, hoping prices will fall before entering the market. But transactions like the one at Parry Terrace highlight a recurring pattern.

Four years ago, $2,010 psf might have felt expensive. Today, the market is already transacting above $2,500 psf in the same enclave.

Sometimes the biggest risk isn’t buying too early. It’s waiting so long that the market quietly moves beyond reach.

For buyers exploring the landed market today, the question may not simply be whether prices will move. The more important question might be whether you’re already positioned in the market when they do.