5-room Pinnacle@Duxton flat sold for record price of $1.4m

A 5-room resale flat at Pinnacle@Duxton was recently sold at $1.4 million. This makes it the most expensive resale HDB flat in the project, smashing the previous record of $1,388,888.88 set last March.

Flat was originally listed for $1,488,888

Penny Lim from ERA Realty, the agent who brokered the deal, shared with 99.co that the initial asking price was $1,488,888.

"There's good response to the listing as there's limited supply of 5-room flats. So more than 10 enquiries and a few offers were received. But they were all below expectation."

Besides its prime location in the heart of the city, the corner unit is on the 41st floor. It also features an open concept kitchen and a full-height window in the living room.

The District Division Director added that the sellers, who were the first owners of the unit, are moving to be closer to their kids' primary school.

"So it makes sense to move."

Meanwhile, the buyers of the flat are PRs looking for city-living. Their children's schools are nearby as well. They settled on this HDB resale flat as they are looking for a bigger space.

Pinnacle@Duxton flats are not subject to PLH restrictions

Located in Blk 1G Cantonment Road, the flat spans 106 sqm (1,141 sq ft). This works out to $1,227 psf, which is way higher than the price psf of the previous 5-room record holder at Pinnacle@Duxton ($1,205 psf).

Lim noted that the price psf of this transaction is as high as ECs and resale condos in the OCR. On the other hand, other high-end HDB resale transactions generally have a price psf of $1,0xx to S$1,1xx.

She also pointed out the Prime Location Public Housing (PLH) model, in which new public housing projects in prime locations are now subject to a 10-year Minimum Occupation Period (MOP).

On top of that, resale PLH flats have an eligibility criteria similar to BTO flats. This includes an income ceiling of $14,000 and at least one Singaporean buyer. In comparison, there is no income ceiling for buyers of non-PLH resale flats. PR households are also allowed to buy these HDB flats on the resale market.

Nevertheless, in terms of price psf in the development, the record is currently held by a 4-room flat sold for $1.37 million ($1,369 sq ft) in October last year. What's notable is that it is also the highest price psf recorded for an HDB resale flat nationwide.

Meanwhile, the current record price for the most expensive HDB resale flat is $1.418 million, set by a 5-room flat at SkyTerrance @ Dawson sold last July.

According to HDB's resale flat price portal, as of writing, four 5-room flats have been sold at Pinnacle@Duxton this year, with transaction prices ranging from $1.26 million to $1.38 million.

Meanwhile, eight 4-room flats in the project have changed hands this year. Among them, seven were sold for at least a million dollars, ranging from $1.032 million to $1.29 million.

ALSO READ: 5-room Pinnacle@Duxton unit sold for $1.38m, buyer paid about $120k cash over valuation

This article was first published in 99.co.