$1.515m all-time-high transaction for a unit at Pinnacle@Duxton, highest ever in estate

The Pinnacle @ Duxton, a prominent HDB development in Singapore, achieved a new resale transaction record of S$1,515,000. This sets the highest-ever price for a unit in this development, indicating strong demand and value for properties in prime locations.

This article provides an in-depth analysis of the landmark transaction, examining the contributing factors to this record price and its potential implications for the real estate market.

Overview of the ATH transaction

On May 1, 2024, a 5-room unit at Block 1C, Cantonment Road in The Pinnacle @ Duxton was sold for S$1,515,000. The unit, located on a high floor between the 37th and 39th storeys, spans 106 sq m.

The million-dollar trend has been going steadily on since April 2015. Above is data from May 23 onwards.

This transaction matches the ATH town price for the Central Area and stands out compared to the ATH national price of S$1,568,888.

The last time The Pinnacle @ Duxton reached an ATH transaction was quite recent: April 1, 2024 with a S$1.425 million.

The Pinnacle @ Duxton: A prime location

The Pinnacle @ Duxton is a 99-year leasehold HDB development located at Cantonment Road in District 2. This HDB project's MOP year is 2016.

It is within walking distance of MRT stations such as Outram Park (NE3, 450 m, 7-min walk) and Tanjong Pagar (EW15, 800 m, 11-minute walk), which provide residents easy access to other areas of Singapore.

For young couples or families with children, The Pinnacle @ Duxton is also close to schools like Cantonment Primary School (2-min drive, 4-min walk) , Radin Mas Primary School (7-min drive) , River Valley Primary School (10-min-drive) , Outram Secondary School (6-min drive( and Zhangde Primary School (10-min drive).

For your leisure and entertainment, head down to the local parks - Duxton Plain Park (4-min walk) , Singapore River and Garden By The Bay (8-min drive).

Grocery runs can be done at nearby supermarkets like FairPrice Tanjong Pagar Plaza and Fairprice Finest @ 100AM which is just 8 minutes away.

For hospitals, the nearest is Singapore General Hospital (a 4-min drive) and National University Hospital (NUH) (a 10-min drive). For clinic, Singhealth Polyclinic Outram is located within Singapore General Hospital (11-min walk, 5-min drive).

Shopping malls like 100 AM, Chinatown Point, Icon Village, Clarke Quay Central and nearby shopping and leisure needs.

Factors contributing to the record price

Several factors have driven the record-setting price of this unit at The Pinnacle @ Duxton:

• High floor advantage: Apartments located on higher floors typically have higher market value due to improved views and reduced noise levels.
• Central Area location: The Central Area offers convenient access to business districts, shopping, dining, and entertainment options.
• Market demand: The demand for 5-room flats in prime locations is high, driven by families seeking spacious living areas and investors looking for properties with high appreciation potential.

Comparative market analysis

The S$1,515,000 resale price is significant when viewed against ATH benchmarks:

• National ATH price: S$1,568,888
• Town ATH price (Central Area): S$1,515,000

When we compare The Pinnacle @ Duxton and The Peak @ Toa Payoh, we see a competitive trend between them.

The transaction aligns with the current market price in the town of ATH, suggesting a strong valuation of properties within The Pinnacle @ Duxton.

Recent transactions in the Central Area demonstrate a pattern of increasing prices, indicating sustained demand for properties in this prime location.

Implications for future buyers and investors

The record-setting transaction at The Pinnacle @ Duxton offers valuable insights for potential buyers and investors:

• For buyers: The price point reflects the premium associated with residing in prime locations. Potential buyers should expect competitive pricing in these areas.
• For investors: The high resale value suggests strong appreciation potential, which makes properties in developments like The Pinnacle @ Duxton appealing for potential investments.

Looking ahead, the demand for HDB flats in prime locations is likely to remain robust, potentially driving further price increases.

Conclusion

The transaction of S$1,515,000 at The Pinnacle @ Duxton establishes a new benchmark in the Singaporean real estate market. It underscores the enduring appeal of prime locations and the willingness of buyers to invest in high-quality, well-located properties.

As the market continues to evolve, this record price serves as a reminder of the factors that drive property values in Singapore.

ALSO READ: Geylang executive unit sold for $1.088m is just $20k shy of estate's all-time-high transaction

This article was first published in 99.co.