4 Freehold Terrace Houses Under 1 Strata Title In Novena’s Chancery Hill — On The Market For $35M

A collection of clustered freehold terrace houses on Chancery Hill Walk are on sale for $35 million. Completed in 2008, the four-bedroom homes have been held by the same owner ever since.

Located at 7, 7A, 7B and 7C Chancery Hill Walk in prime District 11, each four-bedroom unit comes with a private swimming pool, an attic, and a basement that features an entertainment room, a guest room, and a helper’s room.

Collectively, the cluster of terraces sit on an 11,121 sq ft plot that is under a single strata title., and they have a total floor area of about 12,594 sq ft. The asking price translates to approximately $2,779 psf on the floor area.

Moreover, all four units are currently tenanted and bring in a combined gross rental income of more than $40,000 per month, and lease renewal negotiations are ongoing.

The properties are currently marketed by ERA Singapore, and will be collectively with the land and existing structures as well as tenancies on an as-is basis. Read our initial coverage of the sale here.

This collection of houses sits at the end of a cul-de-sac off Chancery Lane, and the low-rise landed estate is next to the Bukit Tunggal Good Class Bungalow (GCBA) area.

Prevailing development guidelines would not accommodate the development of four new terrace houses in this estate today. This means that the existing cluster configuration reflects the original 2008 planning approval that cannot be reproduced, according to ERA.

A rare proposition in a private enclave where sales are few and far between

Opportunities to acquire landed homes in the Chancery Hill estate come up very rarely.

The estate largely comprises landed homes along Chancery Hill Walk, Chancery Hill Road, Chancery Lane, and Padang Chancery. Based on URA caveats, there have only been 17 property transactions in that estate since the start of 2021.

Adding to the scarcity of available resale homes in this estate, opportunities to acquire four separate freehold terrace houses within the same gated cluster is almost unheard of.

A close equivalent would have to see four separate landed home owners simultaneously agree to sell their properties collectively. This type of collective sale brings out its own set of complications and considerations.

But since the cluster of terraces is a single-titled asset that belongs to a single-owner, no such collective sale process is necessary. This straightforward sale has its own value in a market where assembling a comparable portfolio through any other route would not be feasible.

According to ERA, in the rare instance when portfolio-level opportunities have emerged in the Chancery Hill estate, the response from buyers has been competitive.

For example, three adjoining freehold bungalows on nearby Chancery Hill Road and Dyson Road were acquired by property developer Sustained Land for $61.08 million in March 2023. The properties sit on a combined plot of 32,148 sq ft, and the selling price translated to approximately $1,898 psf.

Those freehold bungalows were part of the estate of the late Agnes Tan, whose executors included siblings of singer-songwriter Dick Lee. When the properties were initially listed for sale, it drew more than 10 offers from developers and high-net-worth families, with the winning bid exceeding the $60 million guide price.

The desirability of landed homes in this estate among high-net-worth buyers is also evident from individual caveated transactions.

For example, a freehold bungalow that sits on a 15,783 sq ft plot on Barker Road was reportedly purchased by Lee Shih Kwei, a third-generation grandson of OCBC Bank founder Lee Kong Chian, for $43.2 million in February 2026. The purchase price works out to $2,737 psf on the land area.

The government has not released a landed housing site for sale since 2017, and we are unlikely to see new landed plots released for sale. This means that developers and landed home owners will continue to rely on existing landed enclaves for redevelopment opportunities.

Within District 11, there are no landed projects in the development pipeline. With landed owners commanding such high holding power, there are few chances for aspiring buyers to pick up an existing or new home there.

“It is very rare that an opportunity to acquire a cluster of freehold terrace homes comes up in the current market,” says Donald Goh, Director of Capital Markets and Investment Sales at ERA. He also notes that individual units could potentially be subdivided or passed on to future generations as a legacy planning option.

Landed home prices in District 11

The guide price of $35 million for the cluster of freehold terraces translates to approximately $2,779 psf, based on their total floor area of 12,594 sq ft.

The median price for landed homes in District 11 has steadily appreciated, rising from about $2,170 psf in 2021 to $2,800 psf over the first four months of this year, according to URA data. Consequently, the guide price for the terrace houses sits about 12% above the year-to-date median price.

Last year, the property at 11C Chancery Hill Walk fetched $4.2 million when it was sold in March. The property sits on a 2,863 sq ft site, and the price works out to $1,467 psf.

The previous sale took place in May 2022 when the property at 5C Chancery Hill Walk transacted for $$7.7 million. The house sits on a 2,492 sq ft plot and the sale price translates to $3,089 psf.

The most comparable transaction within the enclave is the sale of a freehold detached house at 35 Chancery Lane that changed hands for $23.5 million in May 2025. The property sits on a 11,468 sq ft site – the closest land area to the subject cluster – and the sale price works out to $2,049 psf. The asking price for the cluster of four terrace houes is about 54% above this deal. 

There have been two other landed transactions on Chancery Lane so far this year.

A five-bedroom unit at 12A Chancery Lane – from a new development called The Pinnacle Collection At Chancery, by Pinnacle Assets Group –  was sold for $14.5 million on Jan 29. The property sits on a 3,962 sq ft plot and the price works out to $3,660 psf.

Meanwhile, the house at 8F Chancery Lane – which sits on a 4,861 sq ft plot – changed hands for $10.88 million and that translates to $2,238 psf, after the property was sold on Jan 27.

Both of those landed homes are on significantly smaller plots than the 11,121 sq ft subject site, and the higher psf reflects the smaller lot-size premium. Neither is directly comparable to a compound of this scale.

Taking the recent transactions into consideration, it is challenging to find a direct comparable to the cluster of four terraces homes for sale. The land size of the collection, as well as its freehold tenure and single-title structure set it apart from every transaction in this area, which is partly what justifies the price premium.

Who are the buyers that will find these cluster homes appealing?

According to ERA, the cluster of terrace homes on Chancery Hill Walk will appeal to multi-generational families who want connected but separate living within a single gated boundary.

There may also be some GCB owners looking to rightsize while preserving a cluster arrangement, and long-term property investors looking for a collection of freehold District 11 houses with a proven rental track record.

Goh adds that landed property remains the ultimate aspiration for many Singaporeans at various stages of their property journey, and that demand from upgraders and new citizens continues to underpin buying demand in this segment.

Beyond owner-occupation, a buyer could occupy one unit while leasing the remaining three at approximately $10,000 per month each, partially offsetting the holding cost while retaining a four-bedroom house with a private pool in District 11.

At more than $40,000 per month in terms of combined gross rental income – based on its current tenancies – the cluster generates approximately $480,000 per year before outgoings, or a gross yield of about 1.4% on the asking price.

ERA expects positive rental reversion from the ongoing lease negotiations. Even so, our perspective is that at a gross yield of 1.4%, the income does not stand on its own as the primary investment case. The appeal of this cluster of freehold terrace homes is more of a land-value and lifestyle play at the top end of the District 11 freehold landed market.