4-room Pinnacle@Duxton HDB flat sold for S$1.518 million, new record set

Despite her husband’s repeated suggestions to sell their four-room flat at Pinnacle@Duxton over the years, a woman put it off until 15 years after they first purchased it.

In September 2024, she finally decided to sell it, as the resale price "met her expectations".

The flat’s owner, Wu Yu Ping (transliteration), and her husband bought the unit 15 years ago for S$378,000, according to Shin Min Daily News.

Now, they’ve sold it for an impressive S$1.518 million.

Records show this is the highest resale price ever for a four-room flat in Duxton, Shin Min reported.

The asking price was originally S$1.52 million, but the buyers requested a S$2,000 discount for "good luck".

Ecstatic

The Pinnacle@Duxton is a 50-storey residential development with a 99-year lease, featuring two skybridges that connect the blocks and offer gardens.

It is located in Singapore's city centre and is near the Central Business District.

Wu’s unit is located on the 49th floor of Block 1C, has a floor area of 94 sqm, and boasts views of Chinatown and the city.

"I sold it through the HDB (Housing and Development Board) website last September," Wu said, adding that she was ecstatic when the sale went through.

Although many potential buyers visited the flat, Wu ultimately sold it to a 41-year-old local couple with a 12-year-old son.

Wu explained that the buyer mentioned he liked the cool breeze that flowed through the flat.

She added that HDB’s valuation was S$1.41 million, meaning the buyer had to pay the difference of S$108,000 in cash.

The keys to the flat will be handed over to the new owners in May.

HDB flats with very high resale prices "a minority"

While record HDB resale prices frequently appear in headlines, units with very high resale prices make up "a very small proportion of all transactions", said Minister for National Development Desmond Lee on Aug. 20, 2024.

Such transactions make up only 0.5 per cent of all four-room or smaller flats transacted in the last two years, are very central, and are well served by transport connectivity and comprehensive amenities, he added.

Lee noted that more than half are also located on very high floors, above 30 storeys, and have good views.

However, they have caused Singaporeans to be concerned about "the affordability of resale flats as a whole":

"Flat sellers who are reading such news raise their expectations about how much the flat could bring, while flat buyers become anxious to secure flats before prices get higher.

If we are not careful, such market dynamics can cause the resale market to run out of line with economic fundamentals and cause a bubble."

Flats that cross the million-dollar mark make up about 2 per cent of all resale transactions over the last 1.5 years.

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Top photos from Shin Min Daily News