Record $1.12 million pricetag for Pinnacle@Duxton unit

Units at Pinnacle@duxton have been selling at record high prices

A unit at the Pinnacle@Duxton was sold for $1.12 million in September, making it the highest known transaction for a Singapore public flat.

The five-room unit is located on the 43rd to 45th storey of the iconic development in Tanjong Pagar, according to the Housing and Development Board. The abode spans 106 square metres, meaning that the buyer paid around $981.62 per square foot.

Chinese evening daily Lianhe Wanbao shed light on the buyer’s identity, claiming that he or she was a professional who appreciated an unobstructed sea view. The buyer also liked the fact that the unit was close to the central business district, the daily claimed.

Due to its prime location, the public development has been popular since its launch in 2004. During that time, five-room flats at Pinnacle@Duxton cost between $345,100 and $439,400, The Straits Times reported.

The development features a total of 1,848 units that vary in size, spread across seven blocks. In December 2014, many owners started to put their flats up for sale, after meeting the minimum occupation period of five years.

They reaped huge profits. Since 2015, more than 10 units belonging to the development have fetched prices of $1 million or more, including the record transaction. All of these were five-room flats.

Another Pinnacle@Duxton flat, sold last November for $1,088,000, is second on the charts.

But, flats in mature estates have also been sold for prices exceeding $1 million. Last April, an executive maisonette in Bishan was sold at a price tag of $1.05 million. The 28-year- old unit measured 149 square metres.

In August, a Clementi Towers unit – located along Clementi Avenue 3 – switched hands for $1,005,000. The unit was 116 square metres and located on the 18th floor.

Visit The Straits Times for the full report.

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