Pinnacle@Duxton flat sold for $900k

Romesh NavaratnarajahJanuary 5, 2015

Pinnacle@Duxton

A four-room corner unit at Pinnacle@Duxton was sold for $900,000 a week ago after the development’s five-year minimum occupation period (MOP) ended on 16 December, media reports said.

Situated around the 34th to 36th floors, it is the first flat at the iconic HDB project to be sold on the resale market.

According to the broker, Savills agent Ron Chong, the hefty price tag for the 95 sqm (approx. 1,022 sq ft) unit was worth it due to its central location, well-designed interior and vantage point.

“It has superb views. You can see Sentosa from the balcony, and Orchard from the corner bedroom,” he noted. “A lot of potential buyers said it looks like a show-flat.”

In comparison, older HDB flats of the same size within the vicinity, like the lower-floor units at Cantonment Close, are selling for about $750,000, added Chong.

Originally, the unit was bought by a Singaporean couple for $340,000 during the project’s launch in 2004.

“…it’s a pity to let this flat go, but my wife and I are very happy with the price. We were expecting only about S$850,000 to S$880,000,” said the seller Mr Ng, a 38-year-old healthcare professional.

As it is the first resale transaction at Pinnacle@Duxton, the stunning price tag is expected to be used as a benchmark for the project’s other four-roomers, while the five-room flats could fetch more than $1 million, say experts.

However, its high price is unlikely to affect the wider resale market.

“We have to take this project as a unique development. In terms of location, the design, even the view, it’s something you don’t get elsewhere,” shared OrangeTee’s Managing Director Steven Tan.

 

Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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