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The resale prices of Pinnacle @ Duxton flats have been a talking point since a unit was sold for $1.08m in November 2014 and another one at approximately $1.07m recently in January 2016.
Many may wonder if the resale price of a HDB flat has gone up so much that it’s now comparable to a private Condominium unit. ERA Realty Network (ERA) Key Executive Officer Eugene Lim was quick to comment that the prices at Pinnacle are quite reasonable, considering that they are within the city area. "Given that flats in other less central city-fringe locations such as Bukit Merah and Queenstown have seen several transactions go past $900,000, flats at Pinnacle would command a premium for its better location," he said.
The two highest-priced transactions at Pinnacle @ Duxton were undertaken by ERA agents. According to ERA statistics, these two transactions were 3% higher than the average transacted price of $977,846 for a 5-room unit at Pinnacle. However, as compared to older flats in the area such as Smith Street and Tanjong Pagar Plaza, this points to at least a 25%-46% premium.
Lim notes that what buyers and sellers need to recognise is that many factors come into play when determining a resale price of a flat. Each unit, he said, will command a different price due to its unique characteristics — from furnishing to condition and more. The four main factors include: Level the unit is located on;
Direction the unit faces; View from the unit; and Physical condition of the unit
As for Pinnacle, Lim said that location is the main factor, given that the property is located within the CBD. Other factors include units on the upper floors would enjoy unblocked, panoramic views; and status as a landmark project.
Around the Duxton area, the resale HDB flats are pricier than those in other locations. However, Pinnacle @ Duxton is probably the most expensive resale HDB flats in Singapore at the moment.
Lim said that once this transaction has been recorded, it will be used as a benchmark and comparison for other units at Pinnacle. He believes that it is possible that another unit will be sold for an even higher price in the future if there is a willing buyer. Already, asking prices on property portals, he said, have gone up to $1.3 million. However, this phenomenon, he explained, is confined to the Pinnacle @ Duxton due to its uniqueness and the willingness of a very small pool of buyers who are willing to pay top dollar for a unit there. The rest of the resale HDB market is trading normally at around valuation prices.
Pinnacle @ Duxton was born out of the first international design competition for public housing in Singapore. Completed in December 2009, Pinnacle @ Duxton is an award winning public housing project and also the first 50 storey public housing project in Singapore. In February 2016, a 4 room unit at Pinnacle was sold for $988,000 while another was sold for $990,000 in September 2015. One unit of 5-room flat was transacted at $1.088 million in Nov 2015 and another at $1.068 million in Jan 2016.
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