Last month, an executive maisonette at 194 Bishan Street 13 was sold for $1.588 million ($905 psf). The 1,755-sq m HDB flat, located on the 22nd to 24th storey, is within District 20 and the Bishan HDB town. As its lease commenced in 1987, the flat has a remaining lease of approximately 61 years.

We used our analytics tool, Is it a Good Deal?, to assess the transaction and determine whether the buyer of this executive maisonette secured a bargain.

Location and rarity drive up price

There are many factors that could have contributed to the eye-watering price for the subject flat. One factor could be its excellent location, which puts it in close proximity to a wide variety of amenities. The subject flat is within walking distance of the dual-line Bishan MRT Station, Bishan Bus Interchange, Junction 8 and Bishan Public Library (see Map 1). The Central Expressway is also a short drive away.

Read also: Two-storey HDB shophouse in Bishan for sale at $3.68 mil

Schools within a 1km radius include Catholic High School, Kuo Chuan Presbyterian Primary School, First Toa Payoh Primary School, Kuo Chuan Presbyterian Secondary School, Guangyang Secondary School, Beatty Secondary School and Raffles Institution (Secondary and Junior College) (see Screenshot 1).

As part of the announcements for the Draft Master Plan 2025, Bishan will be designated as the newest sub-regional centre. Residents of 194 Bishan Street 13 will benefit from the transformation of Bishan Place – the road behind nearby Junction 8 – into a pedestrian mall. Additionally, more offices will be built in Bishan. Additionally, some government bodies are expected to relocate their office to Bishan.

Another contributing factor to the record-high price could be the rarity of executive flats, which are usually larger than typical HDB flats. According to the latest HDB annual report, there are 65,118 executive flats in Singapore, accounting for 6.1% of all HDB flats across the island. In Bishan, there are only 1,660 executive flats, representing 8.6% of the total HDB flats in the town.

Furthermore, the subject flat is a spacious two-storey maisonette that measures 1,755 sq ft. It also features an open-air terrace, which is an uncommon feature in HDB flats.

A drawback of the subject flat is its relatively short remaining lease of approximately 61 years, as the lease commenced in 1987 (see Screenshot 2). In addition, our tool indicated that the transacted price for the subject flat is higher than the average prices of neighbouring projects and the district.

Three executive flats fetched more than $1.5 million each

Thus far, the $1.588 million paid for the subject flat is the highest transacted price for an executive flat in Singapore. However, there are two other executive flats that also fetched prices exceeding $1.5 million.

Read also: An executive flat along Edgefield Plains in Punggol sold for a record-high of $880,000

Coincidentally, both flats were transacted in May. The flat at 147 Mei Ling Street was sold for $1.51 million ($961 psf), while the flat at 3 Toh Yi Drive was sold for $1.502 million ($906 psf). Of the three flats, the subject flat is the largest at 1,754 sq ft, followed by the flat at Toh Yi Drive (1,657 sq ft) and the flat at Mei Ling Street (1,571 sq ft) (see Table 1).

Similar to the subject flat, both flats are located within walking distance of an MRT station and other amenities. The flat at 147 Mei Ling Street is a short walk from Queenstown MRT Station, Queenstown Primary School, and Queenstown Stadium, Sports Centre and Swimming Complex. Meanwhile, the flat at 3 Toh Yi Drive is in close proximity to Beauty World MRT Station, Beauty World Centre, Beauty World Plaza, and Pei Hwa Presbyterian Primary School.

Another common factor among the three flats is their remaining leases of less than 70 years. The flat along Toh Yi Drive has a remaining lease of 62 years, one year more than the subject flat. The flat along Mei Ling Street has a remaining lease of 69 years.

Deep dive into Bishan

The number of million-dollar transactions for executive flats in Singapore is on the rise, surging from 151 transactions in 2023 to 275 transactions last year. To date, 245 executive flats have been sold for at least $1 million this year.

A similar trend can be seen in Bishan, where the number of million-dollar transactions for executive flats rose from 33 in 2023 to 40 last year. This year, 18 executive flats in Bishan have fetched at least $1 million for their sellers (see Chart 1).

Thus far this year, two executive flats in Bishan have been sold for at least $1.5 million. Similar to the subject flat, the other Bishan flat is also a 1,755-sq ft maisonette on the 22nd to 24th storey and has a remaining lease of 61 years. It was sold in March for $1.5 million ($855 psf) (see Table 2).

Read also: Is it a Good Deal?: A freehold unit in prime District 9 sold at a loss of $796,090

Located at 135 Bishan Street 12, the second flat is a stone’s throw from the subject flat (see Map 2). The lower price for the flat along Bishan Street 12 could be because it is not within walking distance of any MRT stations. However, it is within walking distance of a wet market along Bishan Street 11, Beatty Secondary School and Guangyang Secondary School.

The average resale price of executive flats ($774 psf) in Bishan dipped below that of their five-room flats ($794 psf) counterparts this year (see Chart 2). This could be due to the weaker price growth of executive flats (1.2% y-o-y) since last year, compared to five-room flats (5.3% y-o-y). Meanwhile, the average resale price for four-room flats ($739 psf) in Bishan has consistently trended below the other two flat types.

However, the average resale price for Bishan ($774 psf) executive flats aged 31 to 40 years still trends above that of similar HDB flats in the Central Region ($722 psf) and islandwide ($595 psf) (see Chart 3). Notably, the transacted price of $905 psf for the subject flat is significantly higher than that of its peers.

Only three residential developments within walking distance

There are only two 99-year leasehold condos and an executive condo (EC) within a 500m radius of the subject flat. The two nearby condos are Sky Habitat and Sky Vue, while the EC is Bishan Loft (see Map 3).

Both condos are located along Bishan Street 15, while Bishan Loft is along Bishan Street 11. Compared to the two condos, Bishan Loft is a smaller development with only 384 units, while Sky Vue and Sky Habitat feature 694 units and 509 units, respectively. At the same time, Bishan Loft is also significantly older, having obtained its temporary occupation permit (TOP) in 2003. Sky Vue and Sky Habitat are closer in age, having obtained their TOPs in 2016 and 2015, respectively.

Unsurprisingly, the average resale price for Bishan Loft ($1,664 psf) is below that of Sky Vue ($2,169 psf) and Sky Habitat ($1,885 psf) (see Chart 4). However, Bishan Loft achieved the highest price growth of 41.5% since 2020, compared to Sky Vue (29.9%) and Sky Habitat (25%).

Notably, the average resale prices for the three residential developments are significantly higher than the transacted price of $905 psf for the subject flat.

Conclusion

The record-high price of $1.588 million for the subject flat at 194 Bishan Street 13 is not only the highest price paid for executive flats in Bishan, but also the highest ever paid for an executive flat in Singapore.

Factors contributing to the eye-watering price of the subject flat could include its well-connected and convenient location. Two other executive flats that also fetched prices exceeding $1.5 million are located within walking distance of an MRT station and numerous amenities. Additionally, the limited supply of executive flats in Singapore allows such flats to command a price premium.

To learn more about this transaction, and whether it is a good deal, click here.

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