In a recent property transaction that has grabbed headlines, a four-room Housing and Development Board (HDB) flat at the iconic Pinnacle@Duxton was sold for a staggering S$1.41 million on October 29, 2023. This 1,001 sqft unit situated on the 46th floor has set a new benchmark in the history of HDB flat resales, particularly in terms of price per square foot.
Pinnacle@Duxton Overview
Pinnacle@Duxton, boasting seven blocks with an impressive 50 floors each, stands tall as the world’s tallest public residential buildings. Nestled in the prime Tanjong Pagar location, it dominates the skyline, offering residents breathtaking views of Singapore’s city center and business district.
Architectural Marvel – Sky Gardens
One of the architectural marvels of Pinnacle@Duxton is its two sky gardens, each stretching an astonishing 500 meters. Located at the 26th and 50th floors, these gardens not only contribute to the aesthetics of the estate but also provide a unique communal space for residents.
Completion and Minimum Occupation Period (MOP)
Constructed in 2009, Pinnacle@Duxton completed its five-year Minimum Occupation Period (MOP) in 2014. This milestone opened the doors for resale transactions, leading to the recent noteworthy sale.
Lease Details
With approximately 86 years remaining in its 99-year lease, the flat retains considerable lease tenure, adding to its desirability and long-term investment potential.
Record-Breaking Resale
While not holding the title for the most expensive resale HDB flat at the time, the Pinnacle@Duxton flat claims a different record – the highest resale price per square foot. The previous record was held by a Design, Build and Sell Scheme (DBSS) HDB flat at The Peak in Toa Payoh, sold for S$1,568,888 on November 9, 2023.
Price Breakdown
Breaking down the S$1.41 million transaction, the cost per square foot for this four-room flat comes to S$1,409 psf. This analysis provides insight into the premium associated with high-rise living and the exclusivity that comes with a residence at Pinnacle@Duxton.
Seller Profile
The transaction was facilitated by Veroy Chua, an accomplished individual serving as the associate district director at PropNex Realty and the founder of The Real Collective. Chua’s marketing strategy included a YouTube video that showcased the flat’s unblocked view and its elevated position on the “super high floor.”
The Unblocked View and “Super High Floor”
In the promotional video, the focus was on the unique selling points of the flat. The unblocked view from the 46th floor and the appeal of living on a “super high floor” were emphasized as key features that set this flat apart from others.
The Market Impact
The sale of this four-room flat at Pinnacle@Duxton raises questions about the potential impact on the broader HDB resale market. Factors such as location, unique features, and the reputation of the estate may contribute to the premium pricing observed in this transaction.
Conclusion
In conclusion, the recent sale of the four-room flat at Pinnacle@Duxton signifies not just a property transaction but a record-breaking event in the realm of HDB resale. The combination of architectural excellence, prime location, and the strategic promotion by Veroy Chua has propelled this flat into a category of its own.
Frequently Asked Questions (FAQs)
- Is this the most expensive HDB flat ever sold?
- No, while it is not the most expensive in terms of total sale price, it holds the record for the highest resale price per square foot.
- What makes Pinnacle@Duxton unique among HDB estates?
- Pinnacle@Duxton stands out as the world’s tallest public residential buildings with seven blocks and impressive sky gardens at the 26th and 50th floors.
- Who was the seller of the record-breaking flat, and how was it promoted?
- The flat was sold by Veroy Chua, an associate district director at PropNex Realty and the founder of The Real Collective. Chua utilized a YouTube video to highlight the unblocked view and the “super high floor.”
- How does the cost per square foot compare to other resale flats?
- The cost per square foot for the Pinnacle@Duxton flat is S$1,409 psf, making it the highest in history for an HDB resale flat.