Anyone miss the good ol’ days when record-breaking million-dollar transactions were a thing of rarity?
Back in February, we reported 74 million-dollar HDB transactions in January, which happened to be the highest number of million-dollar sales the HDB resale market has seen to date. While we haven’t yet broken that record (yet), estate records are consistently being shattered almost every week.
That brings us to today’s record-breaking transaction – although, as you can already tell from the title, this one is particularly noteworthy for obvious reasons.
S$1.41M 2 Toh Yi Drive Maisonette breaks records for the third time
This maisonette, situated between the 10th and 12th floors of Blk 2 Toh Yi Drive, features a spacious 1,572 square feet.
Priced at approximately S$1.41 million, this equals a competitive rate of around S$896 per square foot. The property’s lease started in 1988, leaving about 63 years and 4 months remaining.
That said, this sale also clinches the title of the most expensive executive and HDB transaction in Bukit Timah.
Read more: S$1.36M maisonette in Bukit Timah records estate’s highest transaction
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A recap at the 2 Toh Yi Drive’s location
Situated for maximum accessibility and convenience, this block offers a myriad of advantages to its residents. Within a mere five-minute stroll lies a plethora of key amenities, including Beauty World MRT station, Bukit Timah Market and Food Centre, Carpe Diem Schoolhouse @ Toh Yi, and Pei Hwa Presbyterian Primary School.
Adjacent shopping complexes, such as Bukit Timah Shopping Centre, Beauty World Centre (a brief five-minute walk away), and Beauty World Plaza, further enhance the convenience factor for residents. Moreover, The Reserve Residences, a mixed-use development, is conveniently located approximately eight minutes away on foot, providing residents with easy access to retail spaces and a new bus interchange.
For everyday needs, supermarkets like Koryo Mart (a mere four-minute walk away), Cold Storage Link@896, and FairPrice Xpress (just six minutes away on foot) are within easy reach. Additionally, the nearest clinic is a short four-minute walk away, ensuring healthcare needs are promptly addressed.
Residents can also indulge in leisure and entertainment activities, with the nearby Toh Yi Community Garden a mere three-minute walk away. Additionally, they can explore Bukit Timah Nature Reserve, home to Bukit Timah Hill, Singapore’s highest natural point, just a quick 5-minute drive away. For those with private transportation, strategic positioning near expressways and major roads, including the Pan Island Expressway (a 12-minute drive), Bukit Timah Expressway (a 16-minute drive), and Clementi Road (a nine-minute drive), ensures seamless connectivity.
The combination of these conveniences, coupled with the larger size of maisonettes, is probably why Block 2 Toh Yi Drive has consistently made it into Bukit Timah’s highest transaction records.
Read more to learn when it all started: Record-breaking HDB resale maisonettes: Toh Yi Drive flat sold for S$1.3m, Jurong East flat sold for S$1m
Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.
Will Bukit Timah soon dethrone Bishan as Singapore’s most expensive EXE transaction?
With this recent transaction, the S$1.41M maisonette in Toh Yi Dr comes close to the record holder for the most expensive maisonette transaction at S$1.48M, falling only 4.73% short. This property not only holds the title for the priciest executive flat but also the most expensive maisonette in Singapore.
So, will Bukit Timah snatch the crown from Bishan soon? Let’s take a look at the transaction trends for executive flats in both areas:
In 2021, Bishan saw 64 transactions with an average psf of S$570. By 2023, this average had risen to S$688, and in 2024, it reached S$736. Over three years, the average psf in Bishan increased by 28.99%, with a 6.89% rise in the past year alone.
Comparatively, Bukit Timah witnessed 21 transactions in 2021, averaging at S$653 psf. By 2023, this average climbed to S$752, and in 2024, including the recent S$1.41M transaction, it stands at S$823 psf. Over three years, the average psf in Bukit Timah rose by 26%, with a 5.24% increase in the past year.
While Bukit Timah has had a higher average psf over the past three years, Bishan has experienced a greater growth rate. This could be attributed to Bishan’s larger number of maisonettes compared to Bukit Timah. With only 7 maisonettes in Bukit Timah, as opposed to the 59 in Bishan, buyers are willing to pay higher rates due to their rarity both within Singapore and the estate itself.
As such, it’s reasonable to expect that Bukit Timah may soon surpass Bishan in terms of maisonette prices.
However, for those seeking more affordable maisonette options, Bishan remains a viable choice among the two.
Read more: First S$1.2M HDB in Serangoon – is this the new norm?
Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025
Would you buy a maisonette in Bishan or Bukit Timah? Share your thoughts in the comments section below or on our Facebook page.
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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