Pinnacle@Duxton HDB flat sold for $1.23 million, record broken again

[The_King]

Move aside, Covid-19. The virus situation in March 2020 hasn’t stopped an record-high transaction for a HDB flat from taking place. This time, a five-room, 1,151 square feet (sq ft) flat at Pinnacle@Duxton was sold for $1.232 million dollars, beating the previous $1.205 million record set in July last year for flat in Boon Keng.

In selling the flat, the owner also netted a cool $800k profit, which is an 187% increase on the unit’s original selling price when it was launched as an HDB Build-to-Order (BTO) project back in May 2004.

If you didn’t already know, Pinnacle@Duxton is the one and only BTO project to date that’s located in the city. Completed in 2010, the project began selling at record prices soon after the flat owners attained their five-year Minimum Occupation Period (MOP) towards the end of 2014.

A look at the most expensive HDB flats ever

Where?	When?	How much?
Pinnacle@Duxton	March 2020	$1.232 million
City Lights @ Boon Keng	July 2019	$1.205 million
Pinnacle@Duxton	August 2019	$1.2 million
Tiong Bahru View	April 2019	$1.2 million
City Lights @ Boon Keng	January 2019	$1.185 million

To date, Pinnacle@Duxton has had 40 transactions at/above the $1 million mark. Per square foot, it remains the most highly valued HDB project ever built in Singapore.

Let’s take a look at the record-breaking unit and what makes it worth so much!

Spacious layout and stunning views… for $1.232 million

The record breaking $1.232 million HDB flat at Pinnacle@Duxton has a similar floor plan. The bedrooms have bay windows, instead of planters.

 

Located on the 41st storey and measuring 1,151 sq ft (or 107 square metres) in floor area, the layout of the record-breaking $1.232 million flat at Block 1B of Pinnacle@Duxton is as generous as a HDB flat can get. This flat is about 2% larger than most current 5-room configurations, and the largest of its kind at Pinnacle@Duxton.

Most of the extra space went into the living and master bedroom areas. There’s also a foyer, a seldom seen feature of HDB flats and more often seen in grander homes (think landed properties).

We don’t have photos of the actual unit sold, but here’s a gorgeous shot of the living room of a unit at Pinnacle@Duxton with matching layout:

Source: 99.co listings

 

This example of the same layout sees the walls of the kitchen and a common bedroom knocked down to create an even larger living and dining area with an open kitchen concept, in the process DOUBLING the space from 225 to 454 sq ft.

Here’s another example of a master bathroom (of the same layout) that’s very atas looking:

Source: Posh Home

 

As the $1.232 million flat is located high up on the 41st floor, the buyer of the flat will enjoy these stunning views towards the north-east of Singapore, the direction the flat is facing:

 

And the view slightly more to the left:

Credit: William Cho/Flickr

 

If you get a high-floor flat at Pinnacle @ Duxton that’s facing the opposite direction, you’ll get a sea view that’s also worth a millon bucks.

How can the Pinnacle@Duxton command such crazy prices for a HDB flat?

Three things: location, scarcity and age. In Singapore and in many developed cities around the world, land values that are within walking-distance proximity to the Central Business Distict (CBD) are sky-high. Aside from its nearness to the CBD, Pinnacle@Duxton is also within walking distance to key amenities, including two MRT stations (Outram Park interchange and Tanjong Pagar), as well as an assortment of amenities such as kopitiams, restaurants, supermarkets, parks and schools.

The second reason for Pinnacle@Duxton’s sky high prices is scarcity. Between 1985 and 2003, no HDB flats were built in the vicinity of the CBD. Today, there are only a handful of new-ish flats in the Central area of Singapore, and none as iconic as Pinnacle@Duxton, which won an international award for its design and architecture. According to its architects, Pinnacle@Duxton was designed to “optimise views” and “eliminate overlooking between units”—attributes that increase the price premium of a home.

Credit: Arc Studio Architecture + Urbanism

 

Contrast this to the flats at nearby Cantonment Towers, Pinnacle@Duxton’s closest competition in terms of age and distance to the CBD. Cantonment Towers was built in 2003, only goes up to 30 storeys, and is designed like regular HDB flats. None of the flats there have transacted above $1 million at the time of writing, although prices are rising faster than Pinnacle@Duxton’s thanks to the upcoming Cantonment MRT station at its doorstep.

Thirdly, the age of Pinnacle@Duxton flats also explains its high prices. The project is only 10 years old, with 89 out of 99 years of lease remaining at time of writing. Eventually, lease decay will start to exert downward pressure on the value of flats at the Pinnacle@Duxton, but that’s a good 30/40 years away from happening. That explains why nearby HDB flats at Tanjong Pagar Plaza and Everton Park, built in 1977 and 1980 respectively, command lower prices.

Note: There have not been any transactions for Tanjong Pagar Plaza in 2020.

 

What other homes can $1.232 million buy me?

For roughly the same price as the record-breaking flat at Pinnacle@Duxton, there’s a wide range of homes in Singapore for homebuyers. For properties that are of the same size as the $1.232 million flat, one can easily purchase a resale condo, although for this price point they tend to be located much further away from the city. Newer resale options within walking distance of an MRT station include The Palette (at Pasir Ris), The Rainforest (at Choa Chu Kang) and Twin Waterfalls (at Punggol).

Alternatively, if you’re a Singapore Citizen and are eligible to buy a brand-new Executive Condominium (EC), a $1.2 million budget can easily get you a unit above 1,000 sq ft with a full suite of condo facilities.

The recently-launched Parc Canberra EC.

 

https://www.99.co/blog/singapore/pinnacle-at-duxton-hdb-flat-sold-million-record/

 

[meng.huat]

jin song... 1.232 mil HDB.

@HarrisY go to this ATAS estate, cannot even lift his head.

[HarrisY]

9 minutes ago, meng.huat said:

jin song... 1.232 mil HDB.

@HarrisY go to this ATAS estate, cannot even lift his head.

Ya rah dats y I onli dare go Eberton Pak opposite haiz

[meng.huat]

5 minutes ago, HarrisY said:

Ya rah dats y I onli dare go Eberton Pak opposite haiz

 

singapore best ang ku kueh

[HarrisY]

1 minute ago, meng.huat said:

 

singapore best ang ku kueh

 

I prefer dis huan nearer my mangala werk camp near the siam loh beo

 

Tiagong they r related but rivals

 

https://m.facebook.com/146-Jalan-Bukit-Merah-Famous-Ang-Ku-Kueh-232255450147517/

 

 

 

 

 

[meng.huat]

4 minutes ago, HarrisY said:

 

I prefer dis huan nearer my mangala werk camp near the siam loh beo

 

Tiagong they r related but rivals

 

https://m.facebook.com/146-Jalan-Bukit-Merah-Famous-Ang-Ku-Kueh-232255450147517/

 

 

 

 

 

 

They cousins lai de...

 

i long time no go Wat Ananda already... Vesak coming...

[socrates469bc]

real sakti but kumgong kia is buy this development.

 

wahahahhahaha

 

btw kgk xdd @HarrisY , will u buy from this property agent zz if she let u smell her pigu??????

 

 

[XianGe]

Location location location... That's the key... Whatever facility those slumggol/slumkang/woodslum/slumbangan condo has is pointless... 

[ManOfTheHour]

On 5/4/2020 at 4:38 PM, meng.huat said:

 

singapore best ang ku kueh

Heng they sell online. Ate on Friday. Shiok