SINGAPORE: Another resale flat was sold at a price tag of S$1.4 million recently. The five-room flat is located at the award-winning Pinnacle@Duxton, a 50-floor residential development located on 1B Cantonment Road, right beside Singapore’s business district.
Property prices have been climbing up steadily, even in the resale market. In September 2020, a five-room unit, also at The Pinnacle@Duxton, set the record for the most expensive resale flat with a price tag of S$1.258 million.
In June 2021, a 49-year-old HDB terrace unit at Block 39 Jalan Bahagia topped that when it was sold for S$1.268 million.
And in March of last year, a five-room resale flat, again at The Pinnacle@Duxton, set another record with a S$1,388,888.88 price tag.
And while the $1.4 million flat broke the record price at The Pinnacle@Duxton recently, it is still not the most expensive resale flat in Singapore.
That distinction belongs to a resale flat at SkyTerrace @ Dawson, which was sold for $1.418 million last July.
Property website 99.co reported that the $1.4 million flat at The Pinnacle@Duxton was actually originally listed for S$1,488,888.88, quoting Penny Lim from ERA Realty, who brokered the deal.
The flat is sized at 106 sq m, which means it was sold for a cool $1,227 per square foot.
She added, “There’s good response to the listing as there’s limited supply of 5-room flats. So more than 10 enquiries and a few offers were received. But they were all below expectation.”
99.co also reported that the previous owner had moved in order to be nearer to their children’s primary school, and that the new owners are Singapore Permanent Residents who need a bigger living space.
In a Bloomberg interview last June, Liu Thai Ker, the man behind Singapore’s Housing Development Board who is also known as “the architect of modern Singapore” expressed concerns over Singapore’s high property prices.
More and more properties in Singapore costing millions of dollars have been reported, as the property market has gotten pricier.
The average private property now costs about 15 times the median household earnings, which is higher than in New York, London, and San Francisco, Bloomberg noted.
“I do worry that nowadays, public housing prices is really a business venture than actually solving the housing need.
I feel that the implication may not be very good for the economic development of Singapore,” Mr Liu said.
/TISG
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