It's been a while since an executive flat (EXE) hit an all-time high (ATH) in the resale market.

The last two record-breaking sales involved newly MOP-ed projects that saw significant profits — one in Bukit Batok and another in Bidadari.

However, this transaction in Bishan stands out for a different reason. It has set a new national record, making it the most expensive executive flat ever sold in Singapore.

Naturally, the flat is also the priciest EXE in Bishan

Located at Block 135, Bishan Street 12, the Bishan Green maisonette spans 1,755 sq ft and was sold at $1.5 million, equalling to $854 price per square foot (psf).

Spanning across two levels — between the 22nd and 24th floors — this unit was among the higher floors of the development.

Bishan Green's lease commenced in 1987, meaning this flat still has 61 years and four months left on its lease. While this is on the lower end of lease durations, it's not the shortest we've seen for executive apartments.

Is the location worth $1.5 million?

Bishan Green offers a convenient location — but only if you drive. For those who rely on the MRT, accessibility might be a drawback since the Braddell MRT, the nearest station, is still a 6-minute drive away.

However, nearby bus transport options are still decent, with several bus stops nearby.

For food and entertainment, Junction 8 mall is an 11-minute walk away, offering a variety of dining options. If you’re a fan of the famous Beach Road Scissors Cut Curry Rice, you’ll be pleased to know that there’s an outlet right at your doorstep, just a 2-minute walk away.

For those who drive, Bishan Green is conveniently located right next to the Toa Payoh North Flyover, providing easy access to the city via the Central Expressway (CTE).

Bishan Green is located between Guangyang Secondary School and BCA Academy, which could be a plus for buyers who are looking for homes close to educational institutions. If you have younger children, there are several childcare centres and preschools within walking distance. Here are the primary schools nearby:

Within 1km:

• First Toa Payoh Primary School
• Kheng Cheng School
• Kuo Chuan Presbyterian Primary School
• Pei Chun Public School

Within 1 to 2km:

• Catholic High School
• CHIJ Our Lady of Good Counsel
• CHIJ Primary (Toa Payoh)
• Marymount Convent School
• St. Gabriel’s Primary School
• Townsville Primary School
• Yangzheng Primary School

As one of the tallest developments in the area and positioned directly opposite the school, some units — like the recently sold $1.5 million maisonette — may benefit from unblocked views.

The previous record holder was also at $1.5m

At first glance, it may seem like this Bishan Green sale didn’t break any records, since the previous record holder for the most expensive EXE in Singapore also sold for $1.5 million. However, the distinction comes down to the price psf.

The former record holder was another executive maisonette located at 286 Bishan Street 24. Like the Bishan Green unit, it was also on a high floor between the 22nd and 24th floors. However, this unit was larger at 1,851 sq ft, meaning that despite the same total sale price of $1.5 million, its psf price was lower at $810.

In contrast, the Bishan Green maisonette – which is slightly smaller at 1,755 sq ft – sold at a higher psf of $854, making it the new record holder for the most expensive EXE in Singapore by psf.

How have Executive flat sales in Bishan performed over the past 5 years?

When looking at the most expensive resale HDB transactions in Singapore, one trend stands out — many of these high-value units are relatively young with long lease balances.

However, this isn’t always the deciding factor for buyers. Some prioritise size over lease duration, especially since securing a large unit in a new launch condominium or executive condominium tends to be significantly more expensive.

Last year, the proportion of transactions for flats older than 35 years increased, while demand for newer flats — those under 20 years old or between 20 to 34 years old – declined. This suggests that more buyers are opting for older, more affordable resale flats rather than paying a premium for newer ones.

For context, EXEs were introduced by HDB in 1984 but were phased out in the early 2000s. In Bishan, these flats began their leases between 1986 and 1992, making them among the older EXEs in the market. In contrast, some estates — such as Sengkang, Sembawang, Bukit Panjang, Jurong West, and Choa Chu Kang — have the ‘younger’ EXE flats, with leases starting as late as 2003.

Despite their age, Bishan’s EXE flats have seen steady price growth over the past three years. Between 2021 and 2022, average prices rose by 9.22%, followed by a 4.71% increase from 2022 to 2023. The most significant jump came between 2023 and 2024, with prices climbing 14.19%.

This adds up to a 30.59% increase in Bishan EXE average prices over three years — outpacing the 24.08% growth observed for Exe flats across Singapore.

In 2024, the average price of an EXE flat in Bishan reached $1,247,438. However, listings on 99.co show some available for around $1 million. If you’re open to other locations, you can even find more affordable EXE flats in estates like Sembawang, with some priced as low as S$550,000.

This article was first published in 99.co.