Bishan HDB maisonette sets record with S$1.48M sale

SINGAPORE: A recent transaction involving a Housing and Development Board (HDB) executive maisonette unit in Bishan set a new record at S$1.48 million (approximately US$1.1 million).

Not only did it mark the highest HDB sale in Bishan, but it also claimed the title for the highest-priced HDB executive flat sale across Singapore.

Upon reviewing HDB resale data, it was found that this million-dollar HDB resale property is situated at Block 286, Bishan Street 24.

Spanning floors 22 to 24, the unit boasts a size of 1,851 square feet, translating to a price per square foot (psf) of S$799.57.

As per information from HDB’s official website, the property was initially leased in 1992, and it currently holds a remaining lease term of 67 years and 6 months.

Highlighting the million-dollar value of this unit, property website 99.co emphasizes its advantageous features.

The unit boasts convenient transportation options, situated just two bus stops away from Bishan MRT, with Marymount MRT also conveniently located a mere 6-minute drive away.

Within a 5-minute walk, residents gain access to a 24-hour Fairprice supermarket, Giant, neighbourhood clinics, coffee shops, and various other amenities.

Prospective buyers are likely drawn to the unit for its scenic views from the high floors.

With Bishan neighbourhood park adjacent to the property, there is ample greenery and space for little ones to play and expend their excess energy.

Families with school-going children will find the location highly favourable due to its proximity to various reputable schools.

Catholic High School is easily accessible within 1 kilometre, and within 2 kilometres, other notable schools include Ai Tong Primary, Ang Mo Kio Primary, CHIJ St. Nicholas Girls’ School, and Jing Shan Primary School, among others.

Maisonettes: one of the rarest HDB properties

In October 2023, another maisonette unit located at 278 Bishan Street 24 changed hands at S$1.45 million (approximately US$1.05 million).

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.

470 HDB resale flats sold for at least S$1 million in 2023

In January, a five-room DBSS flat at 139A Lorong 1 Toa Payoh set a record, selling for S$1,568,888—the highest price ever for a resale flat in Singapore.

In 2023, there were 470 HDB resale flats sold for at least S$1 million, up from the 369 units sold in 2022, as disclosed by data from the Singapore Real Estate Exchange (SRX) on 7 January.

These million-dollar transactions constituted approximately 1.8% of the total resale transactions in 2023.

According to statistics released earlier by the HDB, the prices of HDB resale flats experienced a more modest increase of 4.9% in 2023, compared to the substantial 10.4% surge observed in 2022.

The HDB’s Resale Price Index (RPI) for the fourth quarter reached 180.4, reflecting a 1.1% increase over the third quarter of 202.

This growth rate is lower than the 1.3% recorded in the third quarter of 2023 and the average quarterly growth of 2.5% observed in 2022.

In terms of resale transactions, there was a 2.2% decline in the fourth quarter of 2023, with 6,547 cases compared to the 6,695 cases in the third quarter of the same year.

Additionally, when compared to the fourth quarter of 2022, resale transactions in the fourth quarter of 2023 were 0.8% lower.

This volume also represents the lowest fourth-quarter figure since 2020.

For the entire year of 2023, the total resale volume decreased by 4.2%, dropping from 27,896 cases to 26,735 cases, according to HDB.

HDB says the rate of increase in HDB resale prices has “continued to moderate”

HDB in the 26 January statement claimed that the rate of increase in HDB resale prices has continued to moderate following the Government’s implementation of a strong pipeline of housing supply, as well as cooling measures to promote a stable and sustainable property market.

“More broadly, as global economic activities are expected to ease further in 2024, and domestic mortgage interest rates remain elevated, households should continue to exercise financial prudence in their flat purchases. ”

HDB added that to meet the increased housing demand in recent years, HDB has ramped up the supply of Build-To-Order (BTO) flats and offered more than 63,000 flats in the last 3 years.

Another 19,600 BTO flats will be launched in 2024, of which 2,800 flats will have a shorter waiting time of less than 3 years.

“HDB will conduct three BTO exercises in February, June and October 2024. With three BTO launches this year instead of four, home buyers can look forward to a bigger housing supply at each launch. ”

In February 2024, HDB will offer about 4,100 BTO flats in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands.

About 1,500 flats will also be offered under the Sale of Balance Flats exercise across various towns/estates, to provide more options to home buyers.

“The supply is subject to review, as project details are firmed up closer to the launch date, ” added HDB in the statement.