We all know that housing prices are on the rise. And with the new Prime Location Public Housing model, we can expect public housing prices to go up as well.
What happened to public housing provided by the Housing & Development Board (HDB) being affordable?
It seems a not-too-distant future where Singaporeans are priced out of owning their own homes.
These may be some thoughts that you have once you find out that a 4-room HDB flat has just sold for an eye-watering $1.4 million.
Yes, you read that right, almost one and a half million dollars.
Here is what you need to know about this sale.
4-Room HDB Flat at Pinnacle@Duxton Sold for $1.4 Million
Pinnacle@Duxton is a public housing project that all of us in Singapore should be familiar with. With two sky bridges within its seven blocks of 50-storey buildings and located in the bustling downtown area of Tanjong Pagar, this unprecedented project made waves when it was first unveiled.
Thirteen years on from its completion, this impressive HDB project is still in the news.
In the latest news from that area, one of the 4-room HDB flats at Pinnacle@Duxton has taken the top spot for the most expensive 4-room HDB flat sold in Singapore.
The price? A whopping $1.4 million dollars.
The flat is reportedly within the 46 to the 48-floor range, near the top of the building stack. The 4-room flat spans 95 square metres (1,023 square feet).
While it’s unsurprising that flats in a good location and on higher storeys sell for more, some eyebrows are still raised upon hearing how much the flat sold for.
After all, there are condominiums in Singapore which can be purchased for less than a million dollars. So this 4-room HDB flat, public housing, mind you, is more expensive than some private housing available on the market.
We’re sure the view from the newly sold flat is good as the HDB building stacks tower over the neighbouring buildings. But the view of your bank account balance might not be as good.
With this history-making sale, the selling price of this 4-room HDB flat is about $1,369 per square foot. It again takes the cake for 4-room HDB flats sold when judged by the metrics of price and psf.
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Cheaper HDB Options in Singapore
If you have become disheartened by the expensive HDB prices in Singapore but are still looking to purchase a HDB resale flat, fret not.
There are still some estates within Singapore where public housing remains relatively affordable.
We go out on a limb to say that the bar to meet this point might not be too high, given that the ceiling for a 4-room flat is now in the millions.
Nonetheless, you can consider the estates of Bedok, Bukit Panjang, Jurong East, Jurong West, Woodlands, and Yishun if you’re looking for a 4-room flat below half a million dollars.
The cheapest estate, for now, is Jurong East. If you don’t mind travelling a distance to the central business district or town area, this could be a good interim step while we wait for the property market to cool.
Would you pay $1.4 million dollars for a HDB flat?
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