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 $1,290,800 or $799 psf.
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 $1.288 million.
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 January 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 $1.28 million, or $814 psf – which we reported.
Just for the record, in psf price terms, this maisonette’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 Aug 1, 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 six-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.
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 $200m, or $1,343 psf per plot ratio.
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
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 per cent compared to Singapore’s 22.55 per cent.
On average, that’s $1,205,658 per executive HDB flat in Toh Yi Drive, compared to $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.