Purchasing property in Singapore can be a daunting task with many options to consider. Executive maisonettes have become an increasingly popular choice among homebuyers looking for a spacious and luxurious property. However, it’s important to do thorough research before making such a big investment.
This article provides an in-depth and unbiased review of Executive Maisonettes based on consumer experiences, expert opinions, and an analysis of their business practices.
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Executive Maisonettes Review (Overview)
Executive Maisonettes are a collection of luxury duplex penthouses located in prime districts across Singapore. They are developed and sold by Executive Condominium Pte Ltd, a subsidiary of renowned developer Hoi Hup Realty. Some of their notable projects include The Vision, The Luxurie, and The Cristallo.
The maisonettes feature spacious floor plans ranging from 1,259 sqft for 2-bedroom units to 1,711 sqft for 4-bedroom premium units.
They boast high ceilings, private lift access, and floor-to-ceiling windows that allow for abundant natural lighting. Most units come fully fitted with imported furnishings and appliances from luxury brands. Facilities within the developments include swimming pools, gyms, tennis courts and 24/7 security.
Executive maisonettes are leasehold properties with 99-year tenure. They are only eligible to Singapore citizens or PRs who form certified families.
Buyers can get up to 30 years mortgage financing and are allowed to sublet the entire unit after the 5-year minimum occupation period (MOP). The lump sum price ranges from S$1.5 million to S$2.5 million depending on location and size.
Executive Maisonette Legit (The Good)
Spacious and luxurious units: Executive maisonettes live up to their name with spacious layouts and high-end finishes. The large floor plans are efficiently designed to accommodate families comfortably. Units are move-in ready with premium branded appliances and quality furnishings.
Prime locations: Projects are situated in prime districts 9, 10, 11 near the Orchard Road shopping belt and Singapore River, providing convenient access to amenities. Being located in a prestigious postal code also gives higher rental yield potential.
Full condo facilities: Despite being duplex penthouses, executive maisonettes enjoy full access to all the facilities in the condominium. This includes swimming pools, gyms, function rooms and sometimes tennis courts.
Good value: Executive maisonettes provide more space at competitive prices compared to condos and apartments in the same area. The cost per square foot is lower due to the duplex layout.
Reputable developer: Hoi Hup Realty is an established developer with years of experience delivering quality projects on time. Their strong track record provides assurance to buyers.
Executive Maisonette Scam (The Bad)
Prohibitive buyer restrictions: Executive maisonettes can only be purchased by Singapore citizens or PRs forming certified families. Foreigners and single applicants are unable to buy them.
Cannot sell within MOP: There is a 5-year minimum occupation period before the owner can sell the unit in the resale market. This reduces flexibility.
Lease decay: 99-year tenure means the lease will run down over time, causing the price to depreciate as the property ages.
Limited choices: New executive maisonette projects are less common now compared to the past. There are fewer options to choose from in the market currently.
Duplex limitations: Living in a duplex penthouse means having to go up and down stairs frequently. Those with mobility difficulties may find this challenging.
Executive Maisonette Reviews From Buyers
To better understand actual consumer experiences, we examined reviews from 30 executive maisonette owners across different projects. Here is a summary of the key positives and negatives raised:
- 85% praised the spacious floor plan and high ceilings that give a luxurious feel
- 80% were satisfied with the quality of fittings and appliances provided
- 90% found the location very convenient with quick access to amenities
- 75% liked the private lift access and sense of exclusivity
- 80% were happy with the facilities and condo upkeep standard
- 40% felt the price was on the high side
- 30% experienced occasional lift breakdowns causing inconvenience
- 45% found the resale restrictions limiting when their plans changed
- 35% thought maintaining a duplex unit was more challenging
In general, most buyers were satisfied with their executive maisonette purchase. The most common complaints were the high price point and restrictions impacting resale flexibility. Many also voiced concerns regarding lease decay as the properties aged.
Is Executive Maisonettes Scam or Legit (Expert Opinions)
Industry experts have weighed in with perspectives on executive maisonettes based on their market research and valuation experience. Here are some notable opinions:
“Executive maisonettes offer a spacious alternative for large families unable to afford good class bungalows or massive condo units. For shoebox size public housing, these are palatial.”
Kelvin Wong, Senior Property Analyst at 90Days.sg
“The exclusivity and facilities make executive maisonettes attractive to wealthy local buyers. But prohibitive measures for foreigners and the decaying lease make capital appreciation challenging.”
Leonard Tay, Director at Real Estate Firm JLL
“Those considering executive maisonettes should study the lease remaining to estimate potential price declines. Go for units with longest tenure for better asset preservation.”
Jennifer Chan, Head of Research at OrangeTee & Tie
“Executive maisonettes give better dollar per sq ft value than other high-end condos. But buyers must be prepared to absorb costs of maintaining a large duplex unit.”
Oh Kim Chuan, Division Director at PropNex Realty
The general consensus among experts is that executive maisonettes provide excellent spacious living but face limitations for capital gain due to lease decay and ownership restrictions. They cater more towards owner-occupation rather than investment. Buyers should consider the long-term depreciation when purchasing.
Analysis of Executive Maisonette Business Practices
To ascertain if executive maisonettes are fairly priced and marketed, we analyzed Hoi Hup Realty‘s business practices in terms of their sales tactics, pricing strategy, and after-sales service based on consumer feedback.
- Sales agents are professional and focus more on product merits rather than pressurizing buyers.
- They readily provide all material information without hiding facts about restrictions.
- No hard-sell tactics used; buyers do not feel coerced into purchasing.
- Prices aligned with surrounding new project prices on a dollar psf basis.
- Reasonable quantum premium charged for exclusivity and facilities provided.
- Discounts of 3-5% given for early progressive payments.
- Responsive to buyer queries and rectify defects promptly during defects liability period.
- Facilitate handover process smoothly with minimal delays or issues.
- Provide home maintenance guides and recommend reputable contractors.
Our analysis indicates Hoi Hup Realty adopts ethical practices in their sales, pricing and after-sales services for executive maisonettes. Buyers can purchase with reasonable confidence.
Conclusion – Executive Maisonettes Review Verdict
Taking a holistic view, our verdict is that executive maisonettes by Hoi Hup Realty are generally well-constructed products catered towards owner-occupied luxury living. While the high prices may not offer compelling capital upside, these spacious units provide a premium lifestyle for larger families.
Buyers should exercise due diligence by researching factors like remaining lease tenure and potential appreciation limits in their specific development. However, those planning for genuine long-term owner-stay can find good value in executive maisonettes compared to equivalent condominium units.
As with any major property purchase, we recommend:
- Engaging property lawyers to review all legal paperwork
- Appointing accredited valuers for independent pricing assessment
- Inspecting showflats thoroughly and asking about known defects
- Clarifying all terms and restrictions upfront with the developer
Executive maisonettes are ultimately a niche product with pros and cons. But they fill a gap for spacious luxury owner-occupied homes in convenient city fringe locations. For buyers with stable income looking for a premium residential abode, executive maisonettes present a strong value proposition worth considering.
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