Four-room flat at Pinnacle @ Duxton sets record $1,409 psf in estate
A four-room flat at Pinnacle @ Duxton was sold for $1.41 million when the buyer exercised the option to purchase the flat on Oct 29. The sale of the 1,001 sq ft unit, on the 46th floor, translates to $1,409 psf on the floor area.
This transaction marks the first time that a resale HDB flat at Pinnacle @ Duxton has changed hands for more than $1,400 psf. The sale was brokered by Veroy Chua, associate district director at PropNex Realty.
This is the most recent instance of resale units at Pinnacle @ Duxton making headline news this year, as some resale units at the estate register record-breaking transactions. In September this year, EdgeProp Singapore reported that a 1,011 sq ft, four-room flat set the record psf-price in the development at the time when it was sold for $1,394 psf. This translates to an absolute price of $1.41 million.
In comparison, the most expensive HDB flat sold to date is an 1,894 sq ft jumbo four-room flat at Moh Guan Terrace in Tiong Bahru that was sold for $1.5 million ($792 psf) in June this year.
Completed in 2011, resale flats at Pinnacle @ Duxton have consistently led the pack in terms of high value, million-dollar transactions in the HDB secondary market. According to HDB caveats, at least seven flats in this development have been sold for more than $1,300 psf.
Pinnacle @ Duxton is on Cantonment Road in the Tanjong Pagar area. Its central location and proximity to the Central Business District support the robust demand for available units. High floor units, typically above the 40th floor, then to attract the most demand given the panoramic vies of the city skyline and surrounding area.
The appeal of flats at Pinnacle @ Duxton is likely to soar in the future when the new classification of public housing estates becomes more prevalent. This is because existing flats in centrally located projects will be unencumbered by new 10-year minimum occupation period (MOP) restrictions being applied to upcoming Prime flats.
Overall, average HDB resale prices have been climbing for the past 14 consecutive quarters, according to the latest housing statistics for 3Q2023 published by HDB on Oct 27. Resale flat prices rose 1.3% q-o-q in the third quarter of this year. Over the first nine months of this year, resale HDB prices have increased 3.8%, a more marginal rate compared to the 8% and 9.1% growth the market recorded in the same period in 2022 and 2021 respectively.