4-room flat at Pinnacle@Duxton sold for $990,000

4-room flat at Pinnacle@Duxton sold for $990,000

AsiaOneMonday, Nov 02, 2015

The Straits Times

SINGAPORE - A four-room resale flat at The Pinnacle@Duxton in Tanjong Pagar was recently sold for a record-breaking amount of $990,000, according to Shin Min Daily News.

The evening daily reported that the 93 sq metre unit, which is located on the 43rd to 45th storey, was sold in September.

This is the most expensive four-room HDB flat sold to date. According to Shin Min Daily News, a total of 20 four-room units were sold this year, with five units being sold for $950,000.

Despite property cooling measures, a total of seven five-room units were sold this year for at least $1 million per unit.

Head of investment sales at PropNex Realty, Mr Charles Chua, said that it is only a matter of time before four-room flats at the Pinnacle@Duxton are sold for $1 million.

"Pinnacle@Duxton flats are benchmarked against private property prices, not public housing. If a buyer has a budget of $1 million, instead of buying a private property in Pasir Ris, he might find a unit near the city to be more attractive," said Mr Chua.

The most expensive Pinnacle@Duxton unit sold this year was a five-room flat which went for a record $1.06 million in April.

Transactions at The Pinnacle@Duxton have set new records this year after the first batch of owners fulfilled the five-year minimum occupation period in December last year and were allowed to sell their flats.

According to The Straits Times, at the project's launch in 2004, new four-room flats were priced from $289,200 to $380,900, and five-room flats were from $345,100 to $439,400.


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