An executive (EXE) maisonette in Bukit Timah has just changed hands for S$1.502 million — the highest HDB resale price ever seen in the area. In this article, we break down what makes this deal significant and how it compares to other all-time-high (ATH) records. With maisonette layouts no longer being built by HDB, the combination of rarity, size, and demand is driving prices upward.
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S$1.502M EXE flat sets new ATH in Bukit Timah
For the first time in Bukit Timah’s history, a resale flat has crossed the S$1.5 million mark. This new record was set in early May 2025 at Block 3 Toh Yi Drive, part of the Toh Yi Gardens HDB estate. The 1,658-sqft EXE maisonette was sold for S$1.502 million, translating to S$905 per square foot (psf). The flat still has 62 years and 4 months left on its lease.
This HDB maisonette offers two increasingly rare traits in the Singapore housing landscape — space and elevation. At 1,658 sqft, it’s almost double the size of a typical 4-room BTO flat. Sitting between the 7th and 9th floors, the EXE flat may even enjoy views of the nearby Holland landed enclave, although it does face the expressway.
While this S$1.502 million unit is the most expensive HDB resale in Bukit Timah in absolute terms, it isn’t the priciest in terms of psf.
A smaller executive flat in Block 2, spanning 1,572 sqft, fetched S$1.46 million in February 2025. The sale translated to S$926 psf — slightly higher than the recent ATH record. Also in February, a 1,313-sqft, 5-room unit in Block 13 Toh Yi Gardens transacted for S$1.26 million. At S$959 psf, this unit still holds the title for the most expensive HDB flat in Bukit Timah in terms of price psf.
Most expensive EXE maisonette in Singapore
The recent record-breaking sale at Toh Yi Gardens also takes the crown as the most expensive executive flat ever sold in Singapore, just edging past the S$1.5 million executive HDB over at Bishan.
Top 3 executive HDB flat resale transactions
| Project | Floor | Size (sqft) | Price (S$) | PSF (S$) | Date |
| Toh Yi Gardens | 7 to 9 | 1,658 | 1.502M | 905 | May 2025 |
| Bishan Green | 22 to 24 | 1,755 | 1.5M | 854 | March 2025 |
| 286 Bishan Street 24 | 22 to 24 | 1,851 | 1.5M | 810 | May 2024 |
Previously, the most expensive executive flats were all in Bishan. They made headlines for being the first ones to breach the S$1.5 million mark. For context, Bishan EXE flats began their leases between 1986 and 1992, meaning they’re among the older EXE flats in the market.
However, Toh Yi Gardens isn’t far off in terms of lease age. And even though this Bukit Timah maisonette is on lower floors compared to the past record-breaking units in Bishan, it still managed to break both absolute price and psf records.
Notably, this S$1.502 million EXE flat also comes close to the highest national HDB resale transactions across all flat types. It currently sits just outside the top 20 all-time record resale prices for HDB flats.
Behind the record-breaking Toh Yi Gardens EXE flat resale
Toh Yi Gardens is a mature HDB estate completed in 1988, with 20 blocks and a total of 1,713 flats. As of now, there have been 68 resale transactions above S$1 million within the development, and 50 of those were EXE flats.
What’s driving the high price?
HDB flats are already rare in Bukit Timah. Toh Yi Gardens HDB itself is surrounded by private condos and landed properties. While the new ATH record for HDB flats raises obvious questions about price versus value, the price point starts to make more sense when compared to the private alternatives.
| Project | Tenure | Size (sqft) | Price (S$) | PSF (S$) | Date |
| Floridian | Freehold | 1,668 | 4.048M | 2,426 | Mar 2025 |
| La Suisse | 999 years | 1,657 | 2.5M | 1,508 | Jan 2025 |
| Hume Park I | Freehold | 1,582 | 2.7M | 1,706 | Jan 2025 |
| The Hillside | Freehold | 1,571 | 2.358M | 1,500 | Apr 2025 |
| Sherwood Tower | 99 years | 1,560 | 1.525M | 977 | Feb 2025 |
Among the examples, Sherwood Tower offers the closest comparison. It’s a 99-year leasehold condo located opposite Bukit Timah Plaza. A 1,560-sqft unit was sold for S$1.525 million in February 2025 — nearly identical in price to the Toh Yi maisonette. But while Sherwood Tower offers condo facilities, it is already 45 years into its lease
Paying S$1.502 million for a 1,658-sqft EXE maisonette with 62 years left on its lease seems fairly reasonable after all.
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Location review: Toh Yi Drive, Bukit Timah
Located within District 21, Toh Yi Gardens is just a 5-minute walk from Beauty World MRT. The area is well-connected — King Albert Park MRT (one stop away) will soon be an interchange on the upcoming Cross Island Line (CRL).
The estate is close to various amenities. Bukit Timah Food Centre and eateries along Cheong Chin Nam Road offer local fare, while malls like Beauty World Centre, Beauty World Plaza, and Bukit Timah Plaza cover daily needs. For outdoor lovers, The Rail Corridor is a short cycle away.
Most importantly, families with school-going children have access to reputable primary schools nearby. Pei Hwa Presbyterian Primary School is right next to the estate, while both Methodist Girls’ School and Bukit Timah Primary School are within a 1km radius. For tertiary education, institutions like Ngee Ann Polytechnic, the Singapore University of Social Sciences (SUSS), and the Singapore Institute of Management (SIM) are just a 5-minute drive away.
The recent record-breaking HDB sale at Toh Yi Gardens also coincides with plans for new HDB development in the Bukit Timah area after a 40-year hiatus. Some might think about a possible SERS (Selective En Bloc Redevelopment Scheme) for older blocks in the area.
Though the SERS is purely speculative at this point, the Beauty World transformation plan has already started taking shape and adding more value to existing properties in Bukit Timah.
Toh Yi Gardens resale flat performance
To dive deeper into the project’s performance against the broader HDB market, we look into transaction data in the past 5 years. The findings show that the strong price appreciation in Toh Yi Gardens might be more about the Executive flat’s unique features instead of the project’s plain positioning.
Comparative analysis of executive flats at Toh Yi Gardens vs. other HDB projects
Prices of EXE flats in Toh Yi Gardens have appreciated by 51.13% over the past 5 years, outperforming the national average of 42.9% for the EXE market in Singapore. As of 2025, the average resale price of an executive maisonette here is S$1.417M, which is 55% higher than the Singapore average of S$914K for this flat type.
Comparative analysis: Toh Yi Gardens, Bukit Timah, and other regions in Singapore
Beyond the maisonettes, Toh Yi Gardens show a softer overall performance in the resale market. In the last 5 years, the average price across all unit types in the development has grown by 27.28%. This lags slightly behind Bukit Timah’s average HDB price growth of 35.44%. The average resale price in Toh Yi Gardens now stands at S$1.024M — about 8% higher than Bukit Timah’s overall average of S$947K.
For reference, the overall HDB price growth across Singapore over the same period is 40.47%. That said, Toh Yi Gardens EXE flats actually perform better even when compared to the broader HDB market in Singapore. However, this robust growth seems to apply only to the specific flat type rather than the overall HDB development.
While this S$1.502 million transaction makes for attention-grabbing headlines, it’s important to remember that it only represents the upper end of the HDB market. It does, however, reflect a growing trend in today’s market where select HDB flats with rare features are increasingly being valued on par with private homes.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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