Although prices of resale HDB flats have come down significantly, falling by 6.2 percent in 2014 due to the government’s slew of tightening measures to stabilise the public housing market, this hasn’t stopped some eager buyers from snapping up units at sky-high prices.
This afternoon, it was reported that a 5-room flat located on a high floor at The Pinnacle @ Duxton in Tanjong Pagar recorded a $1.028 million sale recently, the highest resale price achieved so far at the iconic HDB project.
Experts had previously warned that 5-room flats at Pinnacle could fetch a resale price tag of more than $1 million.
Since the five-year Minimum Occupation Period (MOP) for most owners at Pinnacle ended in December 2014, roughly 10 flats have been sold on the resale market.
PropertyGuru had earlier reported on the sale of a 4-room corner unit between the development’s 34th to 36th floors for $900,000, while a 5-room below the sixth floor found a buyer for $918,000.
Completed in 2009, there are a total of 1,848 flats at Pinnacle spread across seven connected towers of 50-storeys, making it the world’s tallest public housing project.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email firstname.lastname@example.org