We all know that housing in Singapore is expensive.
That’s why people turn to buying public housing managed by the Housing & Development Board (HDB) because these flats are more affordable than private housing.
They may also come with a slew of subsidies if specific criteria are met.
What would you do if we told you that a HDB flat now sells for $1.45 million?
Our jaws dropped, no cap.
And the kicker is that the HDB flat only has 67 years left on its lease; it’s not a brand new or almost brand new flat.
Here’s more about the HDB executive maisonette that fetched the eye-watering price.
Bishan HDB Executive Maisonette Sells for $1.45 Million
In September this year, a property agent must have been laughing all the way to the bank.
This property agent is none other than Eugene Tay, who is with Hutton’s Asia.
Why is he so happy, you may ask.
Well, it is because he helped close a fantastic property deal, where an HDB executive maisonette was sold in the market at a whopping $1.45 million.
This property spans 1,851 sq ft so it means the per-square-foot price of this property is $783 psf.
This executive maisonette had 67 years left on its lease, which was originally for 99 years.
It is located in Bishan, at Block 278 Bishan Street 24.
The flat is located on a high floor, between the 19th and 21st floors of the HDB building. The highest floor is the 21st floor.
With the sale price at $1.45 million, it breaks the record for the most expensive executive maisonette ever sold in Singapore.
The previous records were $1.3 million for a 1,641 sq ft unit located at Toh Yi Drive, sold in December 2022, reports EdgeProp.
High Price Could Be Due to Its Good Location, Rarity and Views
Before you panic and bemoan that housing is out of reach, perhaps several factors added together caused this property to reach sky-high prices.
We sure hope it’s an anomaly in the market.
For one, this executive maisonette is located in Bishan, which has a bus interchange and two MRT lines (the North-South and Circle Lines).
Also, executive maisonettes are almost “extinct” as the government no longer builds this type of housing.
Instead, the government builds executive condos (ECs), which are a mix of public housing like HDB flats and private condos. Executive maisonettes were ended in 1995.
Last but not least, the high price could have been due to the good views associated with the property.
It is located on a high floor, which already means a good view. In this case, the property could also overlook the breezy and unblocked Ang Mo Kio-Bishan Park.
Over in TikTok, there’s a drama involving property agents that’s caused by us. Here’s what happened:
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