In the ever-evolving landscape of Singapore’s real estate market, a remarkable milestone has been achieved. For the first time in its history, a Housing Development Board (HDB) Executive Maisonette has shattered records for both executive properties across Singapore and specifically in Bishan, where it achieved an unprecedented sale price of S$1.45 million.
In this article, we delve into the details of this groundbreaking sale and explore the promising market outlook for maisonettes in Singapore.
The previous record for Executive Maisonettes
In December 2022, a 1,641 sq ft unit at Toh Yi Drive, off Jalan Jurong Kechil, set the previous record for maisonettes. This unit, boasting ample space and luxurious living, was sold for a whopping S$1.3 million, marking a milestone for maisonettes at the time.
The record-breaking Bishan HDB maisonette
Now, let’s focus our attention on the star of the hour.
Situated at 278 Bishan Street 24, this exceptional maisonette unit, as seen on the Housing Development Board (HDB)’s website, spans 1,851 sq ft and is perched on the 19-21 floors of a 21-storey HDB block.
The transacted price for this property stands at S$1.45 million, translating to S$783 per square foot.
Notably, the block was completed in 1992, and this particular unit boasts 67 years remaining on its 99-year lease.
The real estate agent behind this record-breaking HDB maisonette deal is Eugene Tay of Huttons Asia.
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Executive property trends in Singapore
The groundbreaking sale of the Bishan HDB maisonette for S$1.45 million might seem astonishing, but upon closer inspection, it aligns perfectly with the existing signs of a thriving market.
Firstly, there was the escalating demand for new private homes, which was demonstrated by a consistent rise in sales over the months leading up to March 2023. This pattern indicated a strong preference for contemporary executive properties among prospective homebuyers.
Additionally, Executive Condominiums (ECs) were at the forefront of lucrative resale deals, with over 450 ECs generating profits that exceeded S$500,000 between 2007 and January 2023. In fact, in 2022 alone, 2,005 units changed hands, reflecting a broader interest that extends beyond new developments.
Read also: August resale condo 2023: Price fluctuations, expert opinions & market outlook
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What could this mean for maisonettes in Singapore?
Despite the prevailing cooling measures, the demand for maisonettes is expected to endure.
As of August 2022, maisonettes have been riding the price hike wave, rising steadily for 26 consecutive months. In places like Choa Chu Kang, prices have rocketed by approximately 32% from an average of S$341 per square foot in 2019 to $449 per square foot in 2022. This surge suggests one thing: maisonettes are destined for even greater heights in the future!
Why the fuss, though? Well, maisonettes offer more bang for your buck, providing extra square footage for those who appreciate breathing room in their homes.
These HDB maisonettes even give you that delightful landed property vibe without the hefty price tag of private landed properties. Just imagine having more space to decorate, unwind, and simply be yourself!
And the cherry on top? These rare finds are like a canvas for creative souls. With their distinct design possibilities, maisonettes are stealing the hearts of homeowners seeking a one-of-a-kind living experience.
Wrapping up
In conclusion, the recent sale of an HDB maisonette in Bishan for S$1.45 million has not only shattered records but also illuminated a path for the future of Singapore’s real estate market. Maisonettes, with their blend of space, affordability, and unique design possibilities, might see continuous demand despite cooling measures.
So, keep your spirits high, house hunters. Your dream HDB maisonette might be waiting just around the corner – happy hunting!
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
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