As they always say, records are meant to be broken, and it is certainly the case for the property market here in Singapore. The latest just in: another record has been set, not just in Bukit Timah, but for all executive maisonettes (EM) in Singapore: one has just been sold for $1.502M: a record for EMs in Singapore, and resale HDB flats in Bukit Timah.
Executive maisonette sold for $1.502M
Here’s what we know about the sale, based on information from HDB’s Resale Price Portal.
Image credit: HDB
The unit that was sold is located at Block 3 Toh Yi Drive, between the 7th and 9th storeys. At 154sqm or 1,657sqft, its $1,501,550 price tag translates to around $906psf, which is indeed on the high side for resale flats. However, bear in mind that the unit is an executive maisonette located in the Bukit Timah region.
The Bukit Timah estate is one that many would love to live in, because of its prime and central location, and its status as being one of the more atas and upscale estates in Singapore. It’s synonymous with private housing, but there are pockets of HDBs in the area too.
Image credit: Google Maps
These exclusive HDB flats are quite popular amongst homebuyers because they are essentially a less expensive gateway into staying in the Bukit Timah estate, and so such properties regularly command high popularity whenever they are listed for sale online.
This particular property has a remaining lease of just over 62 years, which makes it an older flat, but still younger than the likes of flats in well-matured estates like Toa Payoh or Bedok.
Executive maisonettes are highly sought after, mainly because of their large floor area, coupled with their scarcity. Modern flats certainly cannot match up in terms of size, and do not come with two floors. These units, which HDB stopped building after August 1995, are certainly a rare commodity these days.
Image credit: HDB
In the past 6 months, there have just been 3 other maisonette transactions in the vicinity, with prices ranging from $1.29M right up to $1.46M. Looking at the data, we can probably attribute the difference in price to the floor that the unit is located on, or other unknown factors such as the general condition and facing of the unit. Of course, we cannot discount the general appreciation of price over time.
We’ve certainly come a long way in terms of price appreciation. Back in December 2022, we wrote about how a similar-sized executive maisonette in the very same block was sold for $1.29M, which set the record for the most expensive EM flat back then. And before that, another maisonette in the neighbouring Block 6 set the record for the most expensive maisonette flat in Bukit Timah, having been sold for $1.28M in September 2022. Having now moved up by almost $300k in just over 2 years, in spite of the lease decay, is quite remarkable.
Record-breaking executive maisonette in Bukit Timah sold for $1.5M
Image credit: Google Maps
At $1.502m, this maisonette has just established itself as the most expensive maisonette in Singapore in terms of absolute price, beating the old record of $1.5M that was set by an even larger 1,755sqft maisonette in Bishan Green, which was transacted earlier in March.
However, if you were to measure its price in terms of PSF, then it wouldn’t be the most expensive; that would belong to the $1.29M Toh Yi Drive maisonette that was sold at around the same time, at a price of $959psf.
These prices aren’t exactly an anomaly either. According to property website 99.co, there have been 68 resale transactions above a million dollars within the same Toh Yi Gardens development. Prices of the EM flats there have appreciated by 51.13% over the past five years, outperforming the national average of 42.9% for similar executive maisonette flats in other regions in Singapore.
So, what are the reasons for its high price tag and demand?
Rare HDB gem amidst private housing enclave
When you think of Bukit Timah, you’re more likely to think of landed housing and private condos rather than HDBs. And that is quite true. Most of the estate consists of private housing, and so HDB developments like Toh Yi Gardens – which are no doubt more affordable – in the area are quite uncommon and hence sought after.
Image credit: Google Maps
From Toh Yi Garden, the closest MRT station would be Beauty World MRT Station, which is just a short 5-minute walk away. It gives you access to the Downtown Line which brings you directly into the CBD.
Otherwise, interchange stations like Botanic Gardens (Circle Line), Stevens (Thomson-East Coast Line), Newton (North-South Line), and Little India (North-East Line) are all consecutive stations just a short ride away, and so you’re more or less set in terms of public transport connectivity.
Another plus is that King Albert Park MRT Station, just one stop down, will be an interchange station as well for the future Cross-Island Line.
In the vicinity, some highlights include the likes of Beauty World Plaza, Bukit Timah Shopping Centre, and Bukit Timah Plaza, which aren’t your modern shopping malls but still house plenty of amenities such as retail shops, dining outlets, and even supermarkets, accompanied with a rustic old world charm.
Image credit: Accela Communications
Those who are familiar with the area would also recognise the long row of restaurants along Cheong Chin Nam Road and Chun Tin Road, which are popular dinner and late-night supper spots.
Another possible reason for the neighbourhood’s appeal is the presence of reputable schools in the vicinity. For instance, you have Pei Hwa Presbyterian Primary School right next to Toh Yi Garden, and just slightly further away, both Methodist Girls’ School and Bukit Timah Primary School are within the all-important 1km radius from the estate. For families with older children, you have Ngee Ann Polytechnic, SUSS, and SIM just a short commute away as well.
Plus, we cannot rule out the speculation factor of the development being potentially selected to be sold en-bloc under SERS. Given its prime location, it wouldn’t be too far-fetched to think that new buyers are perhaps buying into the likelihood that these HDB blocks will undergo SERS in the future, which would net them a pretty neat profit if it does happen.
Overall, we would surmise that the main buyers snapping up such units are families with young or slightly older children. Because of its high price tag, it’s unlikely that singles or even young couples would buy such flats due to financing concerns, and also because it’s unlikely that they’ll need such a large flat in the early years of their marriage.
Are there still units available for sale?
If you’re keen to explore getting a property in this estate, the good news is that there are indeed units available for sale, although most of them aren’t maisonettes.
Image credit: PropertyGuru
At time of writing, there are two executive maisonette listings at Toh Yi Drive. The first is a 4-bed 3-bath, 1,571sqft unit being listed for $1.32M, located at the ground floor of Block 15 Toh Yi Drive.
The unit is listed as having had $110k worth of renovations done, in a superb and well-maintained condition, and being bright and airy. Compared to our $1.502M unit, this one is certainly on the cheaper side, being only $840psf.
Image credit: PropertyGuru
The second listing is a slightly more expensive, but similarly sized, 5-bed 3-bath maisonette being listed for $1.4M, or $892psf.
Apart from executive maisonettes, there are also a handful of regular HDB flats on Toh Yi Drive which are listed for sale. Naturally, these are more expensive compared to flats in other parts of Singapore; most of the available units seem to be the larger 3- and 4-room flats, running from $900-$1,000psf. This translates to easily over a million dollars per flat, with the cheapest that we saw being listed at $998k for a 3-room unit.
Is there a growing demand for executive maisonettes?
With their scarcity in the market, it seems that maisonettes continue to command a decent demand despite their age and high price tags. This is telling of market behaviour nowadays – where homebuyers seem not to mind the age of flats so much, as long as they sport a distinct difference from modern flats. In this case, EMs span two storeys and have floor spaces that are considerably larger than the 5-room flats of new BTOs today.
$1.5M for a HDB flat – executive maisonette notwithstanding – is quite a significant sale, because that very same amount could easily net you a smaller condo unit, possibly even within the same estate or close by. However, it seems that buyers are willing to prioritise other considerations, if the price is right.
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Cover image adapted from: Google Maps
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