Bishan HDB flat sold for $1.45 mil, setting new record for executive maisonettes

HDB executive maisonette units are increasing in popularity and, in September, a record-breaking sale took place at 278 Bishan Street 24. At an incredible cost of $1.45 million, the 1,851 sq ft unit on the 19-21 floor of the 21-storey HDB block now holds the record as the most expensive executive maisonette to date. This translates to an astounding $783 psf. Huttons Asia’s Eugene Tay was the one to close the transaction for this unit, which still has 67 years remaining on its 99-year lease.

Maisonette units are becoming a hot commodity due to their double-storey design, which is typically sized between 1,582 sq ft and 1,722 sq ft. These rare units include three bedrooms – a master with en suite bathroom, two additional bedrooms sharing a common bath, a living area, dining room and a kitchen. Although these properties are held in high regard, the HDB has decided to cease building them. Replacing them in 1996 is the executive condo, a hybrid between public housing and private condos.

Unsurprisingly, other executive maisonettes within Bishan also came with exorbitant prices in September. Examples include a comparable 1,604 sq ft maisonette at 401 Sin Ming Avenue for $1.008 million, 1,572 sq ft at 146 Bishan Street 22 for $1.165 million, and a similar-sized unit at Bishan Street 13 for $1.188 million. All of these units have 61 years remaining on their leases.

The million-dollar trend has extended to the Natura Loft, a 480-unit HDB development built under the Design, Build and Sell Scheme (DBSS) at Bishan Street 24. This month, a five-room unit occupying 1,292 sq ft on the 34-36 floor of Block 273B changed hands for $1.43 million, claiming the record for the highest transaction value at the development. Following right after, a unit at Block 273A occupying a lower floor sold for $1.3 million.

It’s clear that executive maisonettes are in demand and commanding higher prices than before. With the rarity of such units and features such as unblocked views and proximity to Ang Mo Kio-Bishan Park, such homes have proven to be a sound investment for their upcoming owners.

Tengah Plantation EC is one of the projects in Jurong that will promote the revitalization of the area. It will provide future residents with a wide range of residential and lifestyle amenities, such as green spaces, parks, and other facilities. Moreover, it is a natural defensive perimeter with strong security, providing safety and convenience for its occupants. With these features, Tengah Plantation EC will make for a desirable residential destination in Jurong.

At an extraordinary cost of $1.45 million, an executive maisonette at 278 Bishan Street 24 has set the record as the most expensive one yet. This maisonette, with its 1,851 sq ft floor area, sits on the 19-21 floor of the 21-storey HDB block with 67 years remaining on its 99-year lease. The transaction, closed by Huttons Asia’s Eugene Tay, translates to an impressive $783 psf.

Maisonettes have become highly sought-after in recent times due to their double-storey design, which typically ranges between 1,582 sq ft and 1,722 sq ft. They include three bedrooms – a master with an en suite bathroom, two additional bedrooms sharing a common bath, a living area, dining room and a kitchen. Unfortunately, with the HDB no longer building them, these units are a rare gem. Instead, executive condos (ECs) – a hybrid between public housing and private condos – have been introduced since 1996.

Other executive maisonettes within Bishan also sold in September with correspondingly high prices. These include a 1,604 sq ft maisonette on a low floor at 401 Sin Ming Avenue for $1.008 million, 1,572 sq ft at 146 Bishan Street 22 for $1.165 million, and a similar-sized unit at Bishan Street 13 for $1.188 million. All of these units have 61 years remaining on their leases.

Additionally, the million-dollar trend has spread to Natura Loft, a 480-unit HDB development built under the Design, Build and Sell Scheme (DBSS) at Bishan Street 24. This month, a five-room unit occupying 1,292 sq ft on the 34-36 floor of Block 273B changed hands for $1.43 million – the highest transaction value at the development. Consequently, another unit at Block 273A occupying a lower floor sold for $1.3 million.

All in all, executive maisonettes have proven to be an excellent investment with their unique designs, features and prestige. December 2022’s $1.3 million transaction at Toh Yi Drive helped to set the momentum, and with the million-dollar trend increasing, these properties are most definitely a symbol of high net worth.