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Thread: Price boost for 'limited edition' exec maisonettes

  1. #1
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    Default Price boost for 'limited edition' exec maisonettes

    http://www.straitstimes.com/premium/...ettes-20121022

    Price boost for 'limited edition' exec maisonettes

    Experts say value will go up as HDB will not be building new ones

    Published on Oct 22, 2012

    By Rachel Chang And Daryl Chin


    THE Government's reiteration that it will not build new executive maisonettes will further boost the prices of such "limited edition" units, said analysts.

    These large, two-storey flats have become highly sought-after in the last few years due to a growing price gap between Housing Board flats and private property, and a wave of collective sales that have thrown up cash-rich buyers looking for big spaces.

    Some flats in neighbourhoods like Bishan have made headlines for fetching record prices. This year, four of the eight units that broke the $900,000 threshold were executive maisonettes.

    HDB stopped building these homes, which range in size from 138 sq m to 243 sq m, in 1995. There are 65,000 executive flats altogether, of which executive maisonettes form one group.

    The spotlight on the latter has led to renewed interest on the ground, said Pasir Ris-Punggol GRC MP Gan Thiam Poh. It led him to ask in Parliament if HDB would build them again.

    The Ministry of National Development said last Tuesday that it would not, as executive condominiums, which become fully privatised after 10 years, provide a more diverse range of housing options for Singaporeans.

    "If they don't build any more," said Mr Gan, "prices for this particular type of flat will keep rising."

    Data from the Singapore Real Estate Exchange showed the segment's prices have indeed accelerated recently. Over the last 10 years, median prices of executive flats rose 46.3 per cent compared to 101.8 per cent overall.

    But in the last four years, this segment has rapidly caught up. From 2008 until now, median prices of executive flats rose 35.6 per cent, close to the 39.7 per cent of the overall market. In the third quarter, maisonettes were pricier at $631,000, compared to executive apartments at $607,500.

    This, noted Chesterton Suntec International research head Colin Tan, is "astonishing" as larger apartments generally lag behind in percentage rises because they start off at a much higher base.

    Their scarcity will continue to boost prices, he said, predicting that executive maisonettes "will follow the path of HUDC units".

    HUDC flats, roomy units which have the option to be privatised, regularly breach the $1 million mark.

    Even with the spurt in prices, HDB executive flats are still a "value proposition" for buyers, given the rise of private property prices, said PropNex chief executive Mohamed Ismail.

    The 17-year-old Queenstown flat that went for $1 million translated to $620 per sq ft, compared to about $1,200 psf that private properties and executive condominiums can command.

    Some executive maisonettes in more remote locations like Choa Chu Kang or Yishun are still listed for under $400 psf.

    Despite the possibility of runaway prices, many argue that the HDB is right to resist calls to build new executive maisonettes.

    "HDB should concentrate on providing affordable housing for a lot of Singaporeans. Many buyers are young couples who are seeking to buy their very first flat so a four-room unit is enough for them," said Nee Soon GRC MP Lee Bee Wah.

    Mr Ismail said with the shrinking family size, it does not make sense for HDB to build large flats to cater to buyers "who might not even have large families but are just able to afford the space".

    For current owners, the limited stock works in their favour.

    Mr Raymond Loke, 48, moved into his unit in Choa Chu Kang in 2000 and is now looking to sell it to buy an HDB shophouse.

    "The price will keep going up since the Government has stopped building," said the duck rice seller. "But no matter what, it will still be cheaper than a condo so it can give young families a chance for luxury living."

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  2. #2
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    No $3million no sell ...

  3. #3
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    Maisonette is the worst idea for hdb flats, climb up and down is no joke for old folks n cleaning is a nightmare. Also most maisonettes have windows along the corridor, ah beng walk past puffing cigarette n whistling can smell n hear, privacy is terrible. I think corner executive apartments with horizontal space is much much better. The maisonette is lky's failed idea of multigenerational living under one roof that is why they stopped building.

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    All these maisonettes are quite old, since HDB is not building any new ones, by the time SERS comes around, the large COVs that the resale buyers pay will go up in smoke.

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    Agents talking up the market? Heh. All old hdbs are limited edition cos they don't make them that big anymore.

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    The other recent newer limited editions are HDB paired units and penthouses with double volume ceiling, found in dawson and punggol.

    http://www.h88.com.sg/article/HDB+Pa...its+explained/




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    No wonder em is a thing of the past.

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    Would not touch those old EMs. The new lofts at punggol are way more contemporary.

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    Swee ah these new loft units layout.

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    HDB loft penthouse I want also cannot buy....




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    These are much better limited editions.

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    Can only be bought by the "privilege" few people

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    Quote Originally Posted by blackpepperj
    Can only be bought by the "privilege" few people
    meaning of privileged?

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    Quote Originally Posted by blackpepperj
    Would not touch those old EMs. The new lofts at punggol are way more contemporary.
    Agreed! Don't understand the big hoo hah over EM's. All of them are >30 yrs old, and if you pay 800-900k to buy one, you'll need to spend another 100k to do up, and even then, there is nothing you can do about the building that it resides in. The build quality 30 years ago is very much inferior to the build quality today. I have lived in one before. I know.

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    Quote Originally Posted by kane
    meaning of privileged?
    If i am not wrong, some of these are reserved for civil servants or those working in hdb only, right ?

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    Quote Originally Posted by Sleepyhead
    Agreed! Don't understand the big hoo hah over EM's. All of them are >30 yrs old, and if you pay 800-900k to buy one, you'll need to spend another 100k to do up, and even then, there is nothing you can do about the building that it resides in. The build quality 30 years ago is very much inferior to the build quality today. I have lived in one before. I know.
    Some of those built in Bishan in the 1990s are not bad. The residents there are fairly well off and the condition of the surroundings is not too bad. In fact, most have cars and there is not enough car parking space for the residents.

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    Quote Originally Posted by azeoprop
    The other recent newer limited editions are HDB paired units and penthouses with double volume ceiling, found in dawson and punggol.

    http://www.h88.com.sg/article/HDB+Pa...its+explained/



    I seen this before. I can't remember where is it. Either at Punggol Sapphire or Treelodge@ Punggol.

    Anyone ? Correct me if i am wrong !

  18. #18
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    Quote Originally Posted by wendytan
    I seen this before. I can't remember where is it. Either at Punggol Sapphire or Treelodge@ Punggol.

    Anyone ? Correct me if i am wrong !
    both sapphire and treelodge have.
    The floor plan is sapphire version, the photo is treelodge version.

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