Before executive condominiums were a thing here in Singapore, there were Executive Maisonettes.
Known for their extremely generous floor space, maisonettes are essentially 2-storey HDB flats, and are easily almost double the size of BTOs today. As you would expect, maisonettes are in high demand amongst homebuyers; perhaps even more so to this day considering how they are in short supply since the HDB stopped producing maisonettes in 1995, and that owners would be hesitant to let go of such a rare commodity by public housing standards.
Well, it is this short supply coupled with high demand that has really seen the prices of these maisonettes go up in value over the years, leading to multiple million-dollar transactions across various estates in the last year or so. While these million-dollar transactions are by no means huge surprises these days, a recent maisonette sale just last month caught our attention, and we break down some of the details on why this sale is so significant.
Potong Pasir maisonette sold for $1.05M
Based on data from HDB, the unit sold is a 151sqm (1,625sqft) maisonette at Blk 131 Potong Pasir Avenue 1 (Note: Potong Pasir is classified under Toa Payoh estate). The unit in question sits somewhere on the 1st-3rd floor, and has a remaining lease of just over 60 years. Its $1.05M price tag also translates to a selling price of around $646psf, which is considerably above the average selling price of maisonettes, even in other estates.
Image adapted from: HDB
Given that maisonettes here in Singapore typically span across 1,560sqft-1,733sqft, this unit sits just around the median point in terms of floor size. Of course, it’s still fairly decent-sized, and considerably larger than even the largest 5-room BTOs in the market, which are sized around 1,216sqft.
Other maisonettes sold in the vicinity
In the last year, only 7 other maisonettes were sold in Toa Payoh. As Toa Payoh is quite a large estate, if we narrow down our scope, you’ll see that there were only 3 maisonettes sold in Potong Pasir:
Image adapted from: HDB
From this list, there are a few interesting observations. For one, our Blk 131 maisonette certainly wasn’t the largest maisonette sold, and also wasn’t the most expensive. For instance, another larger maisonette (1,733sqft) located down the road at Blk 124 Potong Pasir Ave 1 transacted at a slightly higher price tag of around $1.08M. However, one common factor is that all 3 of them were sold at a million dollars or more, eclipsing their other counterparts in places like Lorong 2 Toa Payoh and Joo Seng Road.
Another interesting point to note is the remaining leases of these transacted maisonettes in Potong Pasir. All three of them are moderately aged, with remaining leases of less than 61 years.
Image credit: @ssdreamer Carousell
Now, common advice that you would typically hear is to be wary of purchasing older flats, especially those with less than 50-60 years on their remaining leases. This is because it will get progressively harder to sell your flat in the future as it ages, and so you might run into a scenario where you might have to lower your asking price – and so the possibility of making a loss – in order to find a willing buyer.
As with all ageing flats here in Singapore, there’s also the possibility of SERS, which might catch you off guard especially if you’re planning to consider it your “forever home” for the considerable future.
However, there are some pretty good reasons as to why maisonettes in Potong Pasir are so attractive, and hence would in a way warrant the higher-than-average price tags.
What makes Potong Pasir maisonettes so attractive?
One of the biggest appeals of maisonettes in Potong Pasir is that they are quite different from other maisonettes in other estates. Maisonettes in Potong Pasir are located in low-lying blocks, with a maximum of about 4-6 floors. The density is also much lower than other estates; for example, Blk 124 in Potong Pasir has only 8 units in total! On the whole, this would give you a kind of pseudo-landed property experience, but at a fraction of the price.
Image adapted from: Google Maps
Naturally, location is one of the main selling points that would influence a property’s value and eventual selling price.
In the case of Potong Pasir, it is a small, quaint little estate that’s actually quite homely and enjoyable to live in. You won’t get a giant shopping mall other than the small mixed development of Poiz Centre, but Potong Pasir has everything that you’ll need in terms of dining options as well as amenities like a supermarket and smaller mama shops for household supplies.
Being a smaller estate also means having less traffic, and so you’ll tend to have more serenity and peace as compared to the larger, busier estates.
Connectivity-wise, there’s only one bus service – Service 142 – that plies through the estate. However, the service is fairly frequent, and you’ll be able to take it to go to Potong Pasir MRT station, or all the way to the end of its service route at Toa Payoh MRT station.
For Block 131, it’s actually situated along the main Potong Pasir Ave 1, and right next to the Kallang River that runs through the estate. In the early morning and evening, you’ll see residents enjoy a leisurely stroll or jog along the river, which connects via a park connector to Toa Payoh and Bishan.
Overall, there are many good reasons which justify the high price tag of this maisonette in Potong Pasir, and also many things to love about living in the estate itself. As such, we don’t expect too many of them to hit the market, but when they do, they would definitely be serious candidates for perhaps your second or third home.
For more news on recent million-dollar HDB resale transactions, check out:
- Bedok Reservoir Executive Flat Sale Surpasses The Million-Dollar Mark With 69 Years Left On The Lease
- Pinnacle@Duxton 4-Room Flat Prices On The Rise, 22 Sold This Year Above $1 Million Dollars
- Rare Multi-Gen HDB Flat in Yishun Sells For Over $1M With 64 Years Left On Lease
Cover image adapted from: Google Maps