The Pinnacle@Duxton development in Tanjong Pagar made headlines after a four-room corner unit was sold recently on the resale market for a sky-high price of $900,000, according to media reports.
Located on a high floor, this is the first flat in the landmark 50-storey public housing project to have changed hands since the five-year Minimum Occupation Period (MOP) ended last month.
The initial launch price of the 1,022 sq ft unit was $340,000 in 2004, and it was bought by a Singaporean couple.
The Savills agent who brokered the resale deal said the good location, stylish interior, and stunning views of the city skyline were key selling points.
According to property experts, this sale is likely to set a price benchmark for other four-room flats in the development, while buyers must be prepared to lay down more than $1 million for the larger five-bedrooms.
For those considering purchasing a unit at Pinnacle@Duxton, here are some interesting facts you should know.
1. The area where the 2.5ha residential complex was built has historical importance as it previously housed the first two HDB blocks in Tanjong Pagar. Minister Mentor Lee Kuan Yew proposed its redevelopment in 2001 and envisioned building an iconic project to commemorate the site.
2. An international competition was launched that same year to secure a winning architectural design that would incorporate a community club and landscaping features like a rooftop garden, but had to be affordable for public housing needs. The competition attracted more than 200 entries submitted by global design agencies. The design contract was eventually awarded to two Singapore-based architecture firms.
3. Launched in 2004, there was heavy interest from buyers with units oversubscribed. The priciest flat was moved for $646,000.
4. Completed in 2009, there are altogether 1,848 flats spread across seven connected towers of 50-storeys, making it the tallest public housing project in the world.
5. The towers are linked by skybridges on levels 26 and 50, which form an extensive jogging track and the world’s longest sky gardens (each measuring 1,600 sq ft). The sky gardens have become popular viewing spots for the public to watch the NDP fireworks.
6. In 2010, Prime Minister Lee Hsien Loong’s National Day Message was delivered on the viewing gallery, situated on the highest floor.
7. Prospective buyers can choose from 35 types of flats available. Some feature balconies while others have bay windows and planter boxes.
8. The development boasts many unique amenities for a HDB project, including a food centre, daycare centre, underground car park and sports facilities.
Source: Wikipedia
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
Source: PropertyGuru (6 Jan 2015)