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HDB Executive Maisonette in Bishan Street 24 sells for S$1.45 million, sets new benchmark

A Bishan HDB executive maisonette at 278 Bishan Street 24 has rewritten records with a staggering $1.45 million sale, setting a groundbreaking benchmark for executive maisonette properties in the city-state.

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SINGAPORE: In a groundbreaking real estate transaction earlier this month, a Housing and Development Board (HDB) executive maisonette unit located at 278 Bishan Street 24 achieved a remarkable sale price of S$1.45 million (approximately US$1.05 million), shattering all previous records and solidifying its position as the most expensive executive maisonette unit to date.

The impressive unit boasts a spacious floor area of 1,851 square feet and is situated on the 19th to 21st floors of the 21-story HDB block.

The transacted price translates to an astounding $783 per square foot.

Constructed in 1992, the unit still has an impressive 67 years left on its 99-year lease.

This historic deal was successfully closed by Eugene Tay of Huttons Asia, one of the leading real estate agencies in Singapore.

This remarkable sale eclipsed the previous record price for a maisonette, which was set in December 2022 when a 1,641 square feet unit at Toh Yi Drive, off Jalan Jurong Kechil, was sold for $1.3 million.

This earlier transaction amounted to $805 per square foot, according to EdgeProp Singapore’s Landlens tool.

According to Edge Prop, Lee Sze Teck, senior director of data analytics at Huttons Real Estate, emphasized the unique nature of the transaction, stating that it “could be a one-off” due to the rarity of such executive maisonette units.

 The unit in question may be an executive penthouse offering unobstructed views of the surroundings and close proximity to Ang Mo Kio-Bishan Park.

Million-dollar maisonettes in Bishan

While the executive maisonette at 278 Bishan Street 24 has set an unprecedented record, three other maisonettes located in various parts of Bishan also achieved million-dollar sales in September.

One such sale was a 1,604 square feet maisonette situated on a lower floor (levels 1 to 3) at 401 Sin Ming Avenue, which changed hands for an impressive S$1,008,888.

The HDB block at this location was completed in 1985, and the property still enjoys 61 years remaining on its 99-year lease.

Additionally, another maisonette with 1,572 square feet of space at 146 Bishan Street 22 fetched S$1.165 million, while a similarly sized unit at Bishan Street 13 was successfully sold for S$1.188 million.

Across the street, Natura Loft, a 480-unit HDB development constructed under the Design, Build and Sell Scheme (DBSS) on Bishan Street 24, also witnessed record-breaking transactions in the same month.

The new record was established when a five-room unit occupying 1,292 square feet on the 34th to 36th floor of Block 273B changed hands for an impressive $1.43 million.

This transaction represents the highest value recorded to date at the Natura Loft development, surpassing the previous record of S$1.4 million set in June by another five-room flat.

Furthermore, Natura Loft also recorded another million-dollar transaction in September when a unit at Block 273A, located on a lower floor, was successfully sold for $1.3 million.

Maisonettes: one of the rarest HDB properties

First built in the 1980s, HDB maisonettes are double-storey flats and come with high ceilings.

HDB eventually stopped building HDB maisonettes in 1995 when Executive Condos were introduced for the sandwiched class.

Hence these properties became one of the rarest types of HDB flats prized by potential buyers in resale market.

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Some singaporens are very kind. They say, BTO buy no matter what price. Future buyers or their children generation will pay for their windfall. If hdb 1.8m, 2m or 2.5m they just sell at much higher to fellow singaporeans.

Singaporeans collectively approved this system. Wise. 😉👏👏👏👍👍👍👌👌👌🤝🤝🤝😊

If not already ingrained into the psyche of present SillyPoreans and those seeking PR~ship, … and their generations beyond, that “public housing” on the island will “always”be at the million mark !!!

Add to that the ever increasing figures surrounding coe’s, medical care and general utilities, … you have the perfect “island for the rich” !!!

Not so much “smart city” but rather, … “rich/expensive city” !!!

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