An executive maisonette in Potong Pasir was sold in August 2024 for a record S$1.24 million.

Located at Block 133 Potong Pasir Avenue 1, the maisonette is a low-floor unit.

It was built in 1984, leaving it with a lease period of 58 years and seven months.

The price marks a small jump from the previous sale of such a unit in February this year at S$1.16 million, according to the Housing and Development Board (HDB) transaction history on 99.co.

Flat details

The unit spans 1,733sqft — about twice the size of a regular three-room flat — and was sold at S$715.52 per square foot.

Interestingly, it's not the most expensive flat sold in the estate — only the most expensive executive flat.

In the same month, a five-room Model A maisonette, in a neighbouring block but on a higher floor, sold for S$1.25 million, or S$730.57 per square foot.

According to EdgeProp, executive maisonettes are the "more premium version" of Model A maisonettes.

Maisonette flats are no longer built having been replaced by the executive condominium.

Central location

Block 133 Potong Pasir is an unusual sight in modern Singapore: A four-storey HDB building on prime real estate.

The fairly centralised location makes properties in the area highly-coveted.

Two MRT stations, Woodleigh and Potong Pasir MRT stations, are located within walking distance.

Woodleigh Mall lies a short distance away on one end, while the Kallang River is on its other side.

The newly-opened Bidadari Park is also in fairly close proximity.

The recently sold unit is located within 1km of St. Andrew's Junior School and Cedar Primary School.

Other educational institutions like Cedar Girls' Secondary School, St. Andrew's Junior College, and Maris Stella High School are also close by.

HDB flats with very high resale prices 'a minority'

While record HDB resale prices frequently appear in headlines, units with very high resale prices make up "a very small proportion of all transactions", said Minister for National Development Desmond Lee on Aug. 20.

Such transactions make up only 0.5 per cent of all four-room or smaller flats transacted in the last two years, are very central, and are well served by transport connectivity and comprehensive amenities, he added.

Lee noted that more than half are also located on very high floors, above 30 storeys, and have good views.

However, they have caused Singaporeans to be concerned about "the affordability of resale flats as a whole":

"Flat sellers who are reading such news raise their expectations about how much the flat could bring, while flat buyers become anxious to secure flats before prices get higher.

If we are not careful, such market dynamics can cause the resale market to run out of line with economic fundamentals and cause a bubble."

Flats that cross the million-dollar mark make up about 2 per cent of all resale transactions over the last 1.5 years.

Top image from Google Street View