Two executive maisonette (EM) flats in Woodlands have crossed the $1.2 million mark this month, setting a new record for the area, with the highest resale price hitting $1.27 million, reported Shin Min Daily News. Analysts said the high prices were due to the rarity of such large flats and the government’s recent northern development plans, which have strengthened buyer confidence.
According to data from the government platform data.gov.sg, as of this month, two EM flats in Woodlands were sold for over $1.2 million. The previous record, also for an EM unit, was $1.19 million in June this year.
One of the record-breaking units is at Block 834 Woodlands Street 83, between the 4th and 6th floors, which sold for $1.235 million. The other, at Block 850 Woodlands Street 82, between the 10th and 12th floors, was sold for $1.27 million, the highest resale price ever recorded for an HDB flat in Woodlands.
Both units are very spacious, with floor areas of 189 and 177 square metres respectively, and about 67 and 68 years of lease left.
Data compiled by Shin Min Daily News shows that since Woodlands recorded its first million-dollar flat in May 2022, all 70 million-dollar flats sold there so far have been executive maisonettes with a minimum area of 168 square metres.
Analysts: Rare and spacious flats attract buyers
Property analysts say such large EM flats are extremely rare today, as new HDB flats are usually below 120 square metres. For buyers who like big living spaces, these older units are highly attractive.
OrangeTee & Tie’s Head of Research and Strategy, Christine Sun, said that more Build-To-Order (BTO) projects have been launched in Woodlands in recent years, and with the Johor Bahru–Singapore Rapid Transit System (RTS) Link opening next year, the area’s connectivity and infrastructure will continue to improve.
“With the government recently announcing new development plans for the northern region, buyers probably see strong potential in this area and believe that property values in Woodlands will rise in the future,” she said.
Mogul.sg’s Chief Researcher, Nicholas Mak, added that for over $1.2 million, buyers could have chosen newer flats closer to the city or MRT stations.
“The fact that they still picked Woodlands shows they not only like the area but are also drawn to these rare, spacious layouts. They are willing to pay a premium for such big units,” he said.
