In a remarkable turn of events within Singapore's real estate landscape, a four-room flat at Pinnacle@Duxton has set a new record by selling for an impressive S$1.518 million. This remarkable transaction sheds light on the continuing trend of rising prices in the Housing and Development Board (HDB) sector. The flat, which was originally purchased 15 years ago for a mere S$378,000, indicates a staggering appreciation in value.
The seller managed to sell it for just S$2,000 less than the asking price, demonstrating a keen understanding of market dynamics after waiting for the right moment to sell. This sale price comes as the flat benefits from its remaining lease of 85 years and 2 months, enhancing its appeal in the competitive market. Additionally, the final selling price reflects the increasing demand for flats in desirable locations like this one.
The seller's strategic timing allowed for a sale just S$2,000 under the asking price, highlighting savvy market insight.
The impressive sale price comes on the heels of a broader trend within the HDB resale market, where similar four-room flats had recently changed hands for around S$1.33 million each. In December 2024 alone, eight units fetched between S$1.25 million and S$1.43 million, reflecting an overall price surge of 99.7% in 2024. This upward trajectory follows a solid 4.9% rise in 2023, signifying a robust recovery post-pandemic and a newfound enthusiasm among investors and homeowners alike.
Located on the 49th floor, the flat offers sweeping views of Chinatown and Singapore's skyline, making it a prime spot for anyone seeking both luxury and accessibility. Built in 2011 and boasting modern amenities, Pinnacle@Duxton has cultivated a reputation as a benchmark for high-value HDB transactions.
This particular buyer, a local couple with a young son, was drawn not only by the flat's breathtaking views and invigorating breezes but also its enviable location near the city center. Despite forecasts projecting a modest 3% decline in property prices for 2024, premium properties in prime locations continue to command exceptional prices.
While the sale reflects individual achievements, it also highlights a concerning rise in prices driven by supply-demand imbalances, further complicated by COVID-19 related construction delays. As the market continues to evolve, government measures are in place to address these challenges, aiming to stabilize future pricing.
