The prices of HDB flats are at an all-time-high, with a total of 96 million-dollar transactions taking place all in the month of June itself. The neighbourhood of Bishan also saw the sale of a Natura Loft DBSS flat for $1.56M, crowning it as the estate’s most expensive exchange to date.
Image credit: HDB
A quick check on the past transactions in the development show that similar units have all changed hands above the $1.3M mark in 2024. We get the hype—its 86-year remaining tenure and mature location are reasons enough for some Singaporeans to fork out 3 times the price of a 5-room BTO flat to snap them up.
New $1.88M Bishan street 22 maisonette listing on 8th August
Maisonettes, too, are one of the coveted discontinued HDB types that have some buyers paying a special premium for, but one particular unit at 261 Bishan Street 22 listed on 8th August is taking things to a new level.
With a staggering $1.88M price tag, this newly listed unit is definitely riding the waves of inflated HDB units in the market today. The question is, is this unit worth the eyebrow-raising price?
Listed for $580K more than the last unit sold in the same block
We did a little digging around the last transacted prices in the same block, and found that the last sale for a maisonette was recorded at $1.3 million in June 2024—a $580K hike in price. With 67 years on the lease, an asking price of $1.88M positions definitely draws some questions, since you could easily afford a private freehold condominium in a good location that would accrue in value with that amount.
Image credit: Adam Lee via Google Maps
While the flat does tout some positives, such as an unobstructed view of the surrounding Bishan neighbourhood, as well as reduced noise, is the tradeoff of living in a double-storey HDB flat really worth such a hefty investment? Let’s also take into account that it doesn’t guarantee favourable returns—especially if you’re looking to live in the home for a long time.
Modern, but dated renovation which might require more budget to spruce up
Image credit: Jae Chin/Property Guru
When we look at the interior of the unit, the pros are that its renovation is a fairly modern one which means that you could save costs on the renovation process if you’re willing to keep and repurpose some of the existing built-ins.
Image credit: Jae Chin/Property Guru
On the flip side, if you’re looking for a blank canvas to turn this unit into your forever home, then bear in mind that you’ll probably need to sink in a minimum of $80,000-$150,000 for a complete overhaul.
Image credit: Jae Chin/Property Guru
Sky-high HDB prices regardless of remaining lease tenures
With all factors considered, the unit seems pretty ordinary, with no standout features that set it apart from other comparable units in the $1.3M range. Plus, it’s squarely in “overpriced” territory, even considering the 67-year remaining lease.
The resale market is still white-hot, with increasingly ridiculous asking prices being listed every other week—but even buyers with the deepest pockets might be taken aback at this unit’s price. It’ll be interesting to see if it finds a new owner.
Read about other expensive HDBs here:
- Most expensive HDBs sold in 2024
- Most expensive estates to rent in Singapore in 2024
- 5-room HDB flat in Henderson on sale for $1.8M
Cover image adapted from: SRX, Jae Chin/Property Guru
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