SINGAPORE (EDGEPROP) - An HDB executive maisonette — located at 616 Ang Mo Kio Avenue 4 in District 20 — is on sale with a guide price of $999,999. The auctions team at PropNex Realty is marketing the 1,593 sq ft flat and the guide price works out to $627 psf.
Linda Lin, PropNex Realty’s associate branch director of corporate sales and auction, says the price tag of almost $1 million is supported by its attractive location in a mature HDB estate.
The two-storey flat has four bedrooms, three bathrooms, two living areas, a dining area and a kitchen. The 99-year leasehold flat has 74 years left to its lease.
Spanning 1,593 sq ft, the large space and similar layout to landed housing makes executive maisonettes an attractive public housing option. (Picture: PropNex Realty)
“An uncommon feature of this maisonette is the attached balcony beside the master bedroom. The flat has also been well maintained,” she adds. The owners are a local Chinese family who are planning to upgrade to a private property.
Located on a lower floor, the unit was only on the market for about a week when it received its first serious offers. At least two buyers have made offers after viewing the unit once, says Lin.
She also says negotiations with a buyer had progressed significantly on April 13. Lin expects a deal to be closed soon.
HDB executive maisonettes are a type of public housing developed by the HDB but were replaced by the executive condominium (EC) scheme in 1997. There are a limited number of these flats and most of them can be found in mature estates like Ang Mo Kio, Bishan, Bedok, Bukit Panjang, Choa Chu Kang, Hougang, Queenstown and Sembawang.
Maisonettes are typically sized between 1,582 and 1,722 sq ft. The large space and similar layout to landed housing makes them an attractive public housing option, says Lin.
“This type of HDB flat would also be desirable to owners of smaller-sized HDB flats who are looking to upgrade to a larger space,” she adds.
The unit for sale is one of 50 executive maisonette units located in the HDB block. Neighbouring HDB blocks comprise executive maisonettes and four- and five-room flats.
If sold, the maisonette is expected to set a new high price for 616 Ang Mo Kio Avenue 4. (Picture: PropNex Realty)
Maisonettes are rarely available on the resale market and new listings typically surface when owners choose to let go of their home to rightsize or upgrade to a private property.
The asking price for this maisonette is relatively attractive, given that some older executive maisonettes in the Bishan area are going for about $1.2 million, she adds.
Lin expects the maisonette to appeal to multi-generational families and young couples on the hunt for a spacious apartment.
“I would not be surprised if some buyers would be willing to fork out about $100,000 in cash-over-valuation (COV) to secure an attractively priced maisonette in the Ang Mo Kio area because the supply of of this type of unit in this neighbourhood is scarce,” says Lin.
The most recent transaction at 616 Ang Mo Kio Avenue 4 was in September 2020, when a 1,593 sq ft maisonette on the first floor was sold for $750,000 ($471 psf).
Based on HDB resale data compiled by EdgeProp Singapore, the most expensive flat in that block was a 1,593 sq ft unit on the fourth floor that was sold for $835,000 ($524 psf) in May 2015.
While the final selling price of the maisonette was still being negotiated at press time, it is expected to be slightly lower than the guide price.
Still, Lin expects the sale to set a new price record for the block as it “benefits from the low supply of available maisonette flats in the Ang Mo Kio area and its location is close to amenities, reputable schools and MRT stations”.
Popular educational institutions in proximity to the HDB block include Anderson Primary School, Presbyterian High School, Yio Chu Kang Secondary School, CHIJ St Nicholas Girls School, and Anderson Serangoon Junior College. Nanyang Polytechnic and the Singapore Institute of Technology @ NYP are also nearby.
The block is located close to Yio Chu Kang MRT Station on the North-South Line. The nearby Lentor and Mayflower MRT Stations on the Thomson-East Coast Line are expected to be operational by the fourth quarter of this year.
Check out the latest listings near Yio Chu Kang MRT Station, Mayflower MRT Stations, Anderson Primary School, Presbyterian High School, Yio Chu Kang Secondary School, CHIJ St Nicholas Girls School, Anderson Serangoon Junior College, Nanyang Polytechnic, Singapore Institute of Technology @ NYP