Pinnacle sellers making massive gains

Romesh NavaratnarajahMay 28, 2015

Pinnacle@Duxton

Defying the slowing property market, Pinnacle@Duxton sold over 60 units within five months since owners began meeting the five-year minimum occupation period last December, revealed media reports.

Owners of the said units have witnessed hefty gains from the sale. The highest resale price was recorded last month when a five-room flat on the 29th storey was sold for $1.06 million.

Specifically, six of the 17 transactions for five-room flats since January found buyers at $1 million and above.

In fact, four property agents from PropNex saw the potential of the 50-storey project as a hotspot for those planning to move to the central area. Last June, the agents Alvin Lim, Lawrence Tan, Ray Lim and Adrian Lim teamed up and persuaded owners to capitalise on the sale of their units.

They began conducting tours of the project for potential buyers in November last year, and have since sold 24 units.

Last Sunday, they conducted a tour for eight interested buyers who viewed four units. After the two-hour tour they sold two units, a four-roomer on the 34th storey and a similar-sized unit on the 37th storey at $872,000 and $885,000 respectively. The respective asking prices for the units stood at $900,000 and $920,000.

“If I had known that the price would go up by so much, I would have chosen a bigger unit on a higher floor,” said 36-year-old Ma Seow Lin, the seller of the flat on the 34th storey. She is set to gain $526,000 from the sale as she purchased the unit for only $346,000.

The housing board website shows there have been 59 resale transactions at the project. The 17 resale transactions for five-room flats had an average price of $983,092, while the 42 transactions for four-room flats averaged $857,230.

As such, five-room flat sellers would have netted over $500,000 as they paid between $345,100 and $439,400 when Pinnacle@Duxton was launched in 2004. Four-room flats were in the range of $289,200 to $380,900 back then.

Image: The Pinnacle@Duxton. (Photo by ProjectManhattan: Wikimedia Commons)

 

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

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