Bishan maisonette sold for record S$980,000

Bishan maisonette sold for record S$980,000
By Romesh Navaratnarajah

A Housing and Development Board (HDB) executive maisonette in Bishan has been sold at a whopping price of S$980,000 or S$550 psf, a new record for the costliest HDB resale flat.

Sold by a Singaporean woman, the unit was bought by a Singaporean and her China national father, reported The Straits Times. The sale price of S$980,000 is inclusive of S$200,000 in cash-over-valuation (COV), reportedly the highest.

It beats the former record set in May when an executive flat in Toa Payoh was sold for S$910,000.

According to Cheryl Clare Ng of ERA Realty who marketed the property, a total of 40 people viewed the 25-year old unit at Bishan Street 13 over two hours during an open house in June.

Even though the maisonette had simple furnishings, buyers were attracted to the spacious 1,800 sq ft living area and the unique 150 sq ft open roof terrace. Ng added that the property is close to amenities and transport links.

"It's also on the 19th floor, has a great view and it is very airy most of the time."
Property agent Thomas Hee from Dennis Wee Group, who represented the buyers, acknowledged that there are only 48 of such spacious maisonettes in Singapore.
In 2005, a similar unit would have changed hands for approximately S$550,000.

"When they are put up for sale, they're always snapped up," added Hee.

Ng noted that the buyers got a good deal and "if you compare it to a similar condo unit, you are effectively paying half the price for twice the space".

Meanwhile, a quick search on PropertyGuru revealed that there are currently over 10 active listings for resale HDB executive flats, each with an asking price ranging from S$900,000 to S$1 million. Most notably, there are 19 active listings in the same flat category asking more than S$1 million each.