Executive remuneration in Singapore: Paying for what, exactly?

In a remarkable real estate transaction, an executive flat built over four decades ago has set a new record in Singapore, selling for an astonishing $1.29 million, according to market news platform 99.co. This price surpasses all previous HDB resale prices in the central residential area of Bishan, regardless of the flat type. It is the first time an executive flat has ever achieved a sale price exceeding SGD1.6 million.

The maisonette, located at Block 192 Bishan Street 13 within the Bishan Spring HDB estate, is particularly noteworthy for its size, high-floor location, and central setting. The sale price represents an 18% increase above the 2026 average for executive flats in Bishan, underscoring the unit's premium status. Executive maisonettes, once a common feature in new HDB developments, are now scarce due to their discontinuation.

Bishan Spring, the complex housing this unit, comprises four residential blocks featuring three-room, four-room, five-room, and executive flats. The complex's 99-year lease began in 1987, leaving an impressive 60 years remaining as of August 2026. Bishan Spring's central location offers numerous advantages, with the Bishan MRT station just a five- to six-minute walk away and the Bishan Bus Interchange only a four- to five-minute stroll from the flat.

Seven schools within a one-kilometer radius further enhance the appeal of this prime residential area. The Urban Redevelopment Authority's (URA) Master Plan 2025 envisions a transformation of Bishan town center into the Bishan Sub-Regional Centre, complete with a new business hub, community facilities, pedestrian-friendly streets, and additional green spaces.

This development promises to bring more jobs and amenities closer to residents, cementing Bishan's position as the dominant location for Singapore's executive-flat resale market. Four of the country's five most expensive executive-flat transactions have occurred in Bishan, with only one exception: a SGD1.51 million sale at Mei Ling Street in Queenstown.