Bishan's $1.48m HDB maisonette breaks executive flat and estate records

It appears that 2024 is shaping up to be a year of record-breaking sales and million-dollar transactions in the property market. Almost every week since the year began, news of these sales in various estates has been making headlines.

Yesterday, we received news of yet another million-dollar sale, that not only set the record for the highest HDB sale in Bishan but also for all HDB executive flats in Singapore.

Sounds familiar?

If you're experiencing a sense of dejà vu while reading this article, it's because we previously covered a similar story last October. An executive maisonette in Bishan made headlines for breaking the same records, being the most expensive HDB sale in the estate and executive sale in all of Singapore.

This time, history repeated itself as another maisonette along the same street achieved the same feat.

Most expensive HDB in Bishan and Executive flats in Singapore

The property in question is located at Block 286, Bishan Street 24, spanning floors 22 to 24 with a size of 1,851 square feet. This equals a price per square foot (psf) of S$799.57. According to HDB's website, the property was leased in 1992, leaving 67 years and six months of remaining lease.

Was it worth the price tag?

Maisonettes, with their double-storey layout, offer the comfort of a landed property without the added maintenance. However, these gems are rare in today's property market, especially since the last ones were built in 1995. So, unless you have a time machine lying around somewhere, finding a maisonette at this age can be a little challenging.

And even when you do, they tend to be more expensive than the average HDB resale flats due to high demand.

That said, what else makes this unit million-dollar worthy?

• Convenient transportation: Situated just two bus stops away from Bishan MRT (North-South line - NS17 and Circle line - CC15), this maisonette offers easy access to public transportation. Additionally, Marymount MRT is a mere six-minute drive away as well.
• Proximity to amenities: Within a five-minute walk, residents have access to 24-hour Fairprice supermarket, Giant, neighbourhood clinics, coffee shops, and various other amenities.
• Scenic views: Located on the 22nd to 24th floor, residents of this unit will enjoy unblocked views. A bonus? With Bishan neighbourhood park adjacent to the property, there's ample greenery and space for little ones to play and burn off all that excess energy.
• Entertainment options: For recreational activities and shopping, residents can take a short walk to Bishan North Shopping Mall or a five-minute drive to Junction 8.
• Proximity to schools: Families with school-going children will appreciate the convenient proximity to various reputable schools. Within one kilometre, Catholic High School is easily accessible, while 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.

Condos vs. Maisonettes: Which would you spend more on?

Condominiums and maisonettes offer contrasting living experiences, each with its own set of advantages and drawbacks.

Condos:

• Typically pricier and smaller compared to maisonettes.
• Situated in high-rise buildings, fostering a sense of community and providing various amenities.
• Convenient access to public transportation and urban conveniences.
• Generally appreciate more in value over time.

Maisonettes:

• Located on the ground floor of multi-unit buildings, boasting their private entrance.
• May feature a backyard or garden area, offering outdoor space for residents.
• Executive maisonettes, like those found in Bishan, Pasir Ris, or Hougang, are situated on the highest floor with an open terrace design, providing panoramic views of the surroundings.
• Offer more space and privacy compared to condos.
• Typically less expensive than condos.

When it comes to living experience, condos are favoured by individuals valuing convenience, amenities, and urban living. On the other hand, maisonettes cater more to those seeking additional space, privacy, and a suburban ambience.

However, if you were to take a closer look at the features we mentioned for this particular maisonette, you'll find that despite its suburban setting, residents still enjoy good amenities, accessibility, and convenience.

When we look at prices, condos in Bishan with a floor area between 1,750 to 1,800 square feet were priced at an average of S$3,112,861 (S$1,705 per square foot) in 2023 and S$2,417,888 (S$1,346 per square foot) in 2022. This means you'll be paying up to 110 per cent more compared to the current S$1.48 million sale.

As such, it seems like even opting for the most expensive HDB in the entire estate or executive flats across Singapore could save you a lot more money.

Are all maisonettes this expensive?

Contrary to popular belief, not all maisonettes are million-dollar units. In fact, listings on our website start as low as S$749,999, with 10 options available under S$800,000.

ALSO READ: Here's why January had the lowest private home sales in 15 years

This article was first published in 99.co.