A 1,722 sq ft Executive Maisonette (EM) at 442 Sin Ming Avenue sold for $1.55 million in August 2026, establishing a new benchmark as the most expensive HDB flat in Bishan. The $900 per square foot price tag surpassed the previous record of $855 per square foot for a five-room EM in the same area, a $70,000 increase over the estate’s prior peak transaction.
The property, situated on the 19th to 21st floors, exceeded comparable sales by $150,000 and $170,000. A 1,873 sq ft EM sold for $1.4 million in January 2024, while a 1,615 sq ft EM changed hands for $1.38 million the prior August. Even a larger 1,873 sq ft EM at Block 447 Bright Hill Drive, which sold for $1.48 million in June 2024, could not match the August 2026 price.
Why Executive Maisonettes Stay in Demand
Executive Maisonettes—two-storey flats discontinued by the Housing & Development Board in 1995—now represent a dwindling stock. Their fixed supply, combined with persistent demand for spacious older flats, has maintained high prices. Block 422’s lease began in 1990, leaving just 62 years remaining, yet the unit’s size, high floor, and layout still attracted buyers despite the limited lease term.
Branden Lee, an associate division director at PropNex Realty who handled the sale, emphasized that few HDB homes in Bishan combine 1,722 sq ft, an EM layout, and high-floor views. “At approximately 1,722 sq ft with a rare Executive Maisonette layout, coupled with the fact that this is also a high-floor unit, there are very few HDB homes in this part of Bishan that can offer this combination of size, layout, and views,” he said.
Since January 2024, only six Executive flat resales have been recorded across the entire estate. The median EM resale price in Bishan dropped to $1.25 million in April 2025 due to low transaction volume, but the $1.55 million sale remained $257,500 above the town’s median Executive flat price for 2026.
Family’s 22-Year Legacy Fuels the Sale
The seller, Ms. Tan, lived in the flat for 22 years before deciding to move. “After living here for 22 years, my children have completed their tertiary education, and it feels like the right time for us to move on to the next chapter of our lives,” she said. The family highlighted the estate’s central location, proximity to Upper Thomson MRT and Thomson Plaza, and the nearby Ai Tong School, just 166 metres away, as key factors in their decision.
Lee noted the property’s appeal as a cost-effective alternative to private housing. Nearby 1,701 sq ft units at The Gardens at Bishan sold for $2.95 million and $3.138 million in mid-2026, demonstrating the savings buyers achieved with the HDB option. “They were buying a type of home that is increasingly rare, while still being able to achieve the lifestyle they wanted at a fraction of the cost of comparable private property,” he said.
Policy Shift Accelerates; but Rare Flats Sold Earlier
The sale occurred just before the government removed the 15-month wait-out period for private property owners buying HDB resale flats on July 28, 2026. While the policy change later boosted activity, 201 million-dollar HDB resale flats were logged in August, a monthly record, Lee confirmed the deal was finalized before the rule change. “There was already genuine demand for rare, large-format HDB homes among buyers who recognised the value and lifestyle that these properties offer,” he said.
Sin Ming Court itself consists of 15 low-rise blocks, offering a mix of four-room, five-room, and Executive flats. Since 2017, at least 36 Executive flat resales have occurred in the block alone, reflecting consistent interest despite the constrained supply. The estate’s blend of flat types and its mature environment, complete with established schools and amenities, further enhances its appeal. Buyers often prioritize the layout’s practicality over lease duration concerns, particularly when compared to newer HDB projects with shorter lease terms.
The timing of the sale, completed before the government removed the 15-month wait-out period for private property owners in July 2026, demonstrates that demand for EMs was already strong. The policy change later drove a surge in activity, with 201 million-dollar HDB resale flats recorded in August 2026, including 53 Executive flat transactions. Yet the record-setting EM sale was not influenced by this shift. Instead, it reflects long-standing buyer preferences for spacious, well-located HDB flats that bridge public and private housing options. The transaction’s completion in August 2026, despite earlier restrictions, confirms that rare layouts like the EM were always in demand, regardless of policy adjustments.
