S$1.5 million HDB flat at Bishan breaks records

SINGAPORE: An executive maisonette flat at Block 286, Bishan Street 24 fetched a hefty price of S$1,500,000 earlier this month, a transaction that 99.co has deemed record-breaking.

Bishan is no stranger to expensive HDB flats. Last September, an executive maisonette unit at 273B Bishan Street 24 sold for S$1.43 million, and just this January, another sold for S$1.458 million in the same block. Earlier last year, two other Bishan properties located at 273A breached the million-dollar mark.

The most recent record-breaker is a Design, Build, and Sell Scheme (DBSS) flat that sold on May 1. The 172-square meter flat can be found on the 22nd to 24th stories of the building.

Being a DBSS flat is likely to have added to the flat’s attractiveness since there are only 13 such residences in Singapore and they are no longer produced.

99.co noted that this latest sale not only set a benchmark for the price of homes at Bishan but also “highlights the demand for premium HDB flats in well-located areas.”

It also reflects higher home prices in Singapore in general.

The five-room flat is found at Natura Loft, a property that was described as “a condo-looking HDB with excellent amenities” in a 2021 review. It spans 1,292 square feet, which means it costs S$1,160 per square foot (psf). The property’s lease began in 2011, meaning there are 86 years and four months left on its lease.

The luxury of Natura Loft comes at a price, however, as the project has had 64 million-dollar transactions so far. In the past four years, property prices there have gone up by a significant 39.72 per cent.

The old saying “location, location, location,” certainly applies to this residence, with its proximity to the MRT stations at Bishan, Marymount, and Teck Ghee. Additionally, bus stations close to Whitley Secondary School and Bishan North Shopping Mall are also nearby.

There are also easily a dozen schools in the vicinity, which makes the property all the more attractive to young families, as well as a number of hawker centers, grocery stores and wet markets, and even parks.

Nearly every town in Singapore has now had at least one million-dollar HDB flat transaction. Jurong West, Choa Chu Kang, and Sembawang are the “final frontier,” or the only towns that have not seen a resale transaction of over S$1 million.

The latest town to join the million-dollar club was Sengkang, an Executive Maisonette at Block 205B, Compassvale Lane, which also sold earlier this month. /TISG

Read also: Yet another HDB unit resold for million dollars, this time in Sengkang