Bishan HDB executive maisonette sold for record S$1.588 million

A Housing and Development Board (HDB) executive maisonette at Bishan Street 13 was recently sold for S$1.588 million.

Speaking to Shin Min Daily News, the property agent, Louis Tey, who was representing the flat seller, said the two-storey unit spans 1,755 sq ft and comes with a large open-air balcony.

As the HDB block was completed in 1986, the maisonette has around 60 years left on its lease at the time of the transaction.

According to Shin Min, the unit has set a new record for both resale HDB flats in the area and maisonettes in Singapore.

Before the transaction, the most expensive maisonette was a unit at Block 147 Mei Ling Street in Queenstown, which was sold for S$1.51 million in May 2025, according to 99.co.

Seller a retired couple: Property agent

Tey shared that the seller of the Bishan maisonette was an elderly couple, who bought the unit from its first owner 18 years ago in 2007.

They decided to sell the unit to be more financially prepared for their retirement, added Tey.

According to him, he and the couple set the price of the maisonette together based on the prevailing market price.

Factors behind record transaction price

Tey said one key reason that the maisonette was sold at such a price was that similar flats were in limited supply on the market.

According to him, executive maisonettes in Singapore typically span around 1,500 sq ft, which is 255 sq ft smaller than the recently sold unit.

Additionally, the Bishan unit's open-air balcony was a "very rare" design for HDB flats.

As "very few of such units enter the market", Tey revealed that he received queries from at least 50 prospective buyers after the unit was listed.

Tey and the elderly couple subsequently held an "open day" for potential buyers to view the unit in person, attracting 22 groups of visitors within a two-hour period.

Four groups eventually made an offer to purchase the unit at the asking price, with a 33-year-old man emerging as the successful buyer, added Tey.

1st property owned by buyer

Speaking to Shin Min, the buyer, Jun Er Chan, shared that the Bishan maisonette is the first property he and his wife own.

Chan, who works as a financial advisor with Manulife, shared that he and his wife made the purchase because they wanted to have their private space as soon as possible.

He revealed that he and his wife had been living with their parents beforehand, as they had been unable to secure an ideal flat, including Built-to-Order (BTO) flats, over the last three years.

Six months ago, Chan and his wife decided to search for a resale HDB unit, he recounted.

As their parents live in the Woodleigh area, the couple initially wanted to buy a flat at Bidadari.

However, the new HDB flats in the area failed to fulfil the couple's interest due to their relatively smaller sizes.

Reasons behind offered price

After viewing the Bishan maisonette and learning that many potential buyers were keen on bidding for it, Chan and his wife decided to submit their S$1.588 million offer, reported Shin Min.

According to him, one key factor behind their willingness to make such a high offer was the rare open-air balcony, which would allow the couple to watch the sunset freely.

Additionally, Chan and his wife were hoping to purchase a larger unit as they planned on staying there for the long term and wanted more activity space for their pet.

Chan added that the HDB block was near comprehensive amenities, including schools, MRT stations, bus interchange terminals, and shopping malls.

"Our plan is to stay here for at least 10 years. If we find life here comfortable, we will continue living here," shared Chan.

HDB flats with very high resale prices 'a minority'

At a media briefing on Aug. 20, 2024, then National Development Minister Desmond Lee said that while record HDB resale prices have frequently made headlines, HDB flats with very high resale prices make up "a very small proportion of all transactions".

Lee added that such transactions made 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 noted that more than half of them 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."

Lee also noted then that flats that cross the million-dollar mark make up about 2 per cent of all resale transactions over the last 1.5 years.

Top images via Shin Min Daily News