New Heights: HDB 4-Room Flat Smashes Record, Sells for $1.41 Million
In recent years, we’ve witnessed record-breaking HDB resale prices all over the news.
Whether it be one of the newer high-rise HDB flats that sometimes look better than a condominium, or some old HDB flat that doesn’t even have a lift, the prices are just soaring high.
But this 4-room HDB flat at Pinnacle @ Duxton takes the cake again.
In April, a 4-room HDB flat between the 46th and 48th floor was sold for $1369 per square foot.
To help you visualise it, it’s pretty much a foot tile in your kitchen costing $1369. Or having to pay $45,660 for the space to place your queen size bed.
But the record has been shattered by on 29 Oct, when the HDB flat was sold for a staggering $1.41 million.
That’s over $1400 per square foot, marking the first time a resale flat at Pinnacle @ Duxton has crossed this threshold.
Veroy Chua, associate district director at PropNex Realty, facilitated the sale, adding to the string of headline-grabbing transactions in this estate.
Other flats in the vicinity are also achieving impressive resale prices.
In September, a 4-room flat covering 1,011 square feet fetched $1.394 per square foot, amounting to $1.41 million, according to EdgeProp.
The table below illustrates recent resale transactions at Pinnacle @ Duxton, where every flat commands over $1000 per square foot, regardless of its floor.
Why are these flats so sought after?
Located on Cantonment Road in Tanjong Pagar and completed in 2011, Pinnacle @ Duxton is conveniently close to the Central Business District (CBD).
High-floor units, typically above the 40th floor, offer stunning city skyline views, adding to their appeal.
With two sky bridges spanning its seven blocks of 50-storey buildings, and situated in the vibrant downtown precinct of Tanjong Pagar, it is easy to see why people pay such a high price to stay at this place.
But taking a step back, in general, HDB resale prices have seen consistent growth, according to the latest housing statistics for the third quarter of the year published by Housing Development Board (HDB).
With the resale price index (RPI) for Q3 2023 at 178.5, a 1.3% increase from the previous quarter.
Over the first nine months of the year, resale HDB prices increased by 3.8%, albeit at a slower rate than in 2022 and 2021.
The number of approved applications in Q3 2023 was 20.3% higher than in Q3 2022, explaining the rush to sell at Pinnacle @ Duxton.
As new public housing estate classifications take effect, flats in centrally located projects like Pinnacle @ Duxton won’t be subject to the new 10-year minimum occupation period (MOP) imposed on upcoming Prime flats.
This makes these flats an attractive option, especially for the (rich and young) singles who aren’t eligible to stay at Prime flats.
In the meantime, why not watch this video and sit back for more record-breaking resale prices in the headlines?
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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