Iconic HDB project The Pinnacle@Duxton has set a new record for resale prices after two 5-room flats there were sold for over $1 million each this month, according to media reports.
A high floor unit on the 46th to 48th level went for $1.05 million, while the other one on the 28th to 30th floor fetched $1.06 million. Both units measure 107 sqm.
Four other 5-room flats were reportedly sold between $1 million and $1.04 million this year. 4-roomers were also popular, with six such units sold for $910,000 and above.
Property agents noted that homes at Pinnacle are prized for their central location, with higher floor units famous for their views.
Transactions at this project have been setting new records after the first batch of homeowners fulfilled the five-year minimum occupation period in December 2014 and were allowed to sell their flats.
Prices of new 4-room flats ranged from $289,200 to $380,900 back in 2004 during the project’s launch, while 5-roomers went for between $345,100 and $439,400.
Given that The Pinnacle@Duxton is a unique, premium project, its sky-high prices are not expected to have much impact on the overall HDB resale market, explained experts.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
Source: PropertyGuru (14 Apr 2015)