Most expensive HDB executive flat in Singapore: Bukit Timah’s Toh Yi Drive maisonette sold for S$1.291m, matching the price of a 2 bedroom at The Reserve Residences
Another day, another record-breaker, but this time, it’s an all-time-high national record.
In December 2022, a low-floor (1st to 3rd-floor range), 1,615-square-foot executive maisonette HDB flat at 3 Toh Yi Drive (Bukit Timah), was sold for S$1,290,800 or S$799 psf, a price comparable to a 2 bedder at The Reserve Residences.
The Reserve Residences launch price will be 50% higher in terms of psf, as the residents will enjoy the benefits of living close to the nature reserve and other natural attractions. The project is being developed by a leading developer, The Far East Organisation and Sino Group.
This has made it not just the most expensive HDB resale flat in Bukit Timah, but the most expensive executive HDB flat in Singapore.
Yep, you heard that right. The flat has beaten three other previous record-holders whose resale prices were at S$1.288m.
These are the two executive flats in Queenstown’s 150 Mei Ling Street (sold in July and September 2022) and a 1,755-sqft maisonette in 101 Bishan St 12 (sold in Jan 2022).
The previous Bukit Timah holder for the most expensive HDB resale flat was a 1,572-sqft executive maisonette in 6 Toh Yi Drive, which sold in September 2022 for S$1.28m, or S$814 psf – which we reported.
Just for the record, in psf price terms, this maisonette’s S$814 psf price is the current record-holder for executive HDB flats in Singapore.
Anyway, Blk 3 Toh Yi Drive has 64 executive HDB flats and was completed on 1 August 1988. This means it has 64 years and 8 months left on its lease.
Similar to what we shared with the previous Bukit Timah executive maisonette flat at 6 Toh Yi Drive, this block is about 450 metres from Beauty World MRT station (Downtown Line), or about a 6-minute walk.
Naturally, around that station, you have Bukit Timah Shopping Centre, Beauty World Centre, Beauty World Plaza and the vibrant day-and-night food and beverage eateries along Cheong Chin Nam Road.
The block is just adjacent to the Bukit Timah Market & Food Centre and Pei Hwa Presbyterian Primary School. A short drive out is where the junctions of PIE and BKE meet, served by the Anak Bukit Flyover and Jalan Jurong Kechil. Across this junction is Bukit Timah Plaza.
Who wouldn’t want to live near Bukit Timah’s Cheong Chin Nam Road with its famous row of delectable food and beverage outlets?The conveniences of nearby amenities and the coming together of foodies and shoppers in the neighbourhood would explain why the executive HDB blocks at Toh Yi Drive are in such high demand.
But there’s more – just a short walk north of the block is where new developments, including a new shopping mall and transport hub, are shaping up.
This follows the recent tender award for a 4,611.1 sqm land parcel there to Bukit One, a subsidiary of Bukit Sembawang Estates for S$200m, or S$1,343 psf per plot ratio.
One reason why executive HDB flats at Toh Yi Drive are in high demand is because of upcoming developments around the Jalan Anak Bukit and Jalan Jurong Kechil areas.That award follows current developments such as The Linq @ Beauty World (next to the land parcel) and the upcoming mixed-use The Reserve Residences at Jalan Anak Bukit (awarded in August 2021). The Linq has since been sold out (estimated TOP 2025) and The Reserve Residences is expected to launch early next year.
Executive HDB flats at Toh Yi Drive remain top-of-the-crop
A check on average per-square-foot prices of executive HDB flats in Bukit Timah versus Singapore shows just how large a gap in pricing exists (especially after COVID in 2020).Over the same period, the average psf price increase of executive maisonette HDB flats in Bukit Timah (really, it’s mainly just the ones at Toh Yi Drive), with the national average, is telling.
Since COVID in 2020, average psf prices of executive HDB flats in Toh Yi Drive have surged 27.44% compared to Singapore’s 22.55%.
On average, that’s S$1,205,658 per executive HDB flat in Toh Yi Drive, compared to S$718,058 per executive HDB flat nationwide.
Based on upcoming developments and the activities in the neighbourhood, something tells us that this particular record-holder at Blk 3 Toh Yi Drive, won’t hold onto its laurels for long.