Where To Find HDB Executive Maisonettes Under $900K In 2026 — Plus An Updated Price List

Prior to the Executive Condominium (EC) scheme, Singapore had Executive Flats. Among these, the most famous are probably the Executive Maisonettes (EMs). Introduced in 1983, these double-storey flats were a massive 1,400 to 1,600 sq ft; and they indicated a major advancement in housing policy. The creation of these duplex units marked the point when HDB moved from the urgent, bare-bones housing of the post-Colonial era, to offering quality housing across different economic backgrounds. 

The EM scheme only lasted little over a decade though, ending in 1995. At that point, there was also some consideration of “subvention creep” – the tendency of public welfare budgets to balloon if unchecked. In the end, a compromise was made to tilt “sandwich” or aspirational housing toward the free market, in the form of the EC, which replaced the EM. 

Today though, the remaining EMs are a particularly scarce and desirable form of HDB housing. While many are getting on in years, most are million-dollar assets; and they’re snapped up fast on the rare occasions they appear on the resale market. 

This week, we present a quick update on EM transactions over the past year, and the overall trends we’re seeing:

A Snapshot of EM Prices Today 

*The following is based on recorded EM transactions from January 2025 to August 2026

For those on the hunt for EMs, here are a few things to note:

• Pricing generally falls into three broad bands
• Tampines and Hougang have the most active markets
• The narrow construction window limits age-based differences
• The layout of most EMs should be carefully considered by older buyers

1. Pricing generally falls into three broad bands

Overall, 10 of the 22 towns have average prices above $1 million. Tampines is effectively at that level too, with an average of $999,611.

As of August 2026, the transaction-weighted average price of an EM across the entire dataset is approximately $978,000.

The most affordable EMs are found mainly in the north and west, where town averages generally range from around $800,000 to $900,000. The following towns have average EM prices below $900,000:

• Jurong West: $803,000
• Choa Chu Kang: $859,000
• Bukit Batok: $872,000
• Jurong East: $882,000
• Sembawang: $886,000
• Woodlands: $887,000
• Bukit Panjang: $888,000

Sembawang’s average should be treated cautiously, however, as it is based on only four transactions.

The majority of towns fall into the second price band, with average prices of around $900,000 to $1.1 million. These include Yishun, Kallang/Whampoa, Pasir Ris, Sengkang, Tampines, Hougang, Geylang, Bedok, Toa Payoh, Clementi and Serangoon.

Unsurprisingly, the highest town averages are found in more central or highly sought-after mature areas. Ang Mo Kio, Bishan, Bukit Timah and Queenstown all have average EM prices above $1.1 million.

That said, the Ang Mo Kio and Queenstown averages are not particularly representative, as they are based on only two and three transactions respectively. We also cannot conclude from the town averages alone that even the cheapest EMs in these locations will cost more than $1.1 million.

2. Tampines and Hougang have the most active markets

Tampines and Hougang account for 264 of the 945 transactions in the dataset, or approximately 28%. The largest transaction volumes came from:

• Tampines: 146
• Hougang: 118
• Woodlands: 72
• Bukit Batok: 63
• Jurong West: 61
• Yishun: 60
• Pasir Ris: 59
• Bishan: 54
• Serangoon: 53

We should note, however, that Tampines is an exceptionally large town, so it is statistically more likely to record a high number of transactions.

Nonetheless, the data suggests that EMs in more central towns are not just expensive, but also much scarcer on the resale market. Most transactions take place in the larger fringe towns, where buyers may have a wider selection.

That said, there are a few other micro-location details to note:

• In Bedok, a substantial portion of the EM stock is around Bedok Reservoir and Kaki Bukit rather than Bedok Central. Blocks 716, 721 and 725 Bedok Reservoir Road, where EMs can be found, are near Bedok Reservoir MRT station on the Downtown Line.
• In Hougang, Kovan forms something of a premium submarket. Kovan Green at Hougang Street 21 is within walking distance of Kovan MRT station. A 148 sqm maisonette there reportedly sold for $1.45 million in December 2025, far above Hougang’s town average of approximately $1.01 million.
• Serangoon Central and Serangoon North unsurprisingly see substantial price differences as well. EMs around Blocks 417, 418, 423 and 424 in Serangoon Central have transacted for approximately $980,000 to $1.23 million. By comparison, 148 to 155 sqm EMs at Block 125 Serangoon North Avenue 1 have recently sold for around $880,000 to $975,000.

Bear in mind that the figures in the table are town-wide averages. Prices in the most convenient or desirable parts of a town can diverge significantly from them.

3. The narrow construction window limits age-based differences

Because EMs were constructed within a relatively narrow window, there is less variation in age than buyers would find among other flat types.

The earliest EMs appeared around 1983, with the format rolled out more widely through the mid-to-late 1980s. HDB subsequently phased out EMs during the 1990s, with the final batches completed around the end of that decade.

The EMs in this dataset are currently between 27 and 42 years old. This means even the youngest are already in their late twenties, while the oldest have only around 57 years remaining on their leases.

The figures also suggest that location matters much more than small differences in age. For example:

• Sengkang’s 27-year-old EMs average $971,571.
• Bishan’s 34-to-41-year-old EMs average $1.27 million.
• Clementi’s 41-to-42-year-old EMs average $1.06 million.
• Bedok’s 30-to-42-year-old EMs average $1.05 million.

This is not to say lease decay isn’t a factor. Rather, there are no genuinely young EMs against which the older ones can be compared. At present, location, scarcity and demand appear to matter more than the roughly 10-to-15-year age differences between most EM clusters.

If you want a relatively younger EM, you can look in places such as Sengkang, Bukit Panjang, Sembawang or Woodlands. One of the youngest EM clusters is at Block 310 Canberra Road in Sembawang, where the lease commenced in 1998. Even so, its comparatively low town average is probably attributable more to location than to its remaining lease.

4. The layout of most EMs should be carefully considered by older buyers 

The standard EM layout places all three bedrooms on the upper floor, together with the master and common bathrooms. The lower floor usually contains the living and dining areas, kitchen, balcony, utility or study room and a common toilet. This reflects an older layout philosophy that clearly separates communal and private spaces.

This can be problematic for older residents, as reaching the bedrooms requires the regular use of stairs. Some EM variants have a study or utility room downstairs that owners convert into a small bedroom. In some cases, you may find an EM where the previous owners have already made this alteration.

However, buyers should check whether the converted room is large and well-ventilated enough for long-term use. They should also note that the downstairs toilet may not contain a shower, which could limit the usefulness of a ground-floor bedroom for residents with mobility difficulties.

As of 2026, EMs make more sense as an end-point for owner-occupiers

This is even more likely to be the dominant role of the EM, as we move forward. Buyers today are paying close to, or above, $1 million for these flats that are already between 27 and 42 years old. Over a long holding period, the remaining lease will continue to shorten, eventually affecting financing, CPF usage, and the size of the prospective buyer pool. 

We would also note that, as of August 2025, the Government confirmed it had no plans for further SERS projects. The first VERS exercises are expected only in the 2030s, when selected flats approach around 70 years old. The scheme is expected to be less generous than SERS, which should be a concern for owners and buyers of older flats (this by default includes EMs).

As such, buyers of EMs today shouldn’t depend on the sale proceeds of the property to fund a second move, or to significantly boost a retirement fund. Bear in mind the layout issues as well: if the stairs eventually become unmanageable, you could be forced to sell when the flat is older, and harder for prospective buyers to finance.