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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Premium grade office rents surge 6.1% in Q3: Colliers

Premium grade office rents surge 6.1% in Q3: Colliers

The quarter-on-quarter increase was the highest in three years, and comes amid a continued shortage of office space in the central business district, the real estate services firm says.

SINGAPORE: Premium grade office rents in the Raffles Place/New Downtown area surged 6.1 per cent in the third quarter to S$11.67 psf per month amid a continued shortage of office space in the central business district, real estate services firm Colliers International said on Monday (Oct 13).

The 6.1 per cent quarter-on-quarter increase was the highest in three years, and was nearly double the 3.1 percent pace recorded in the second quarter.

Grade A office space in the Raffles Place/New Downtown area rose 2.9 per cent quarter on quarter to S$10.25 psf in July-September, while Grade A rents in the Shenton Way and Tanjong Pagar area gained 2.9 per cent to S$8.83 psf.

Colliers defines premium-grade offices as those found in relatively new buildings with large floor plates of more than 20,000sqft as well as intelligent features. Examples of such buildings include Marina Bay Financial Centre and Asia Square.

Grade A offices, on the other hand, refer to those in good quality buildings in strategic locations that are well served by amenities and transport nodes, for example 6 Battery Road and Republic Plaza Tower 1.

Colliers said the rise in office rents comes amid a supply squeeze, with the average occupancy rates of most micro-markets having breached the technical full occupancy rate of 95 per cent.

For instance, as of September 2014, the average occupancy rate for Grade A space in Raffles Place/New Downtown and Shenton Way/Tanjong Pagar stood at 97.2 per cent and 99.4 per cent, respectively.

- CNA/cy


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