SINGAPORE: A four-room Housing & Development Board (HDB) flat at Pinnacle @ Duxton set a new record when it was resold for the eye-watering price of $1.518 million. The previous owner, who bought the unit in 2010 for $378,000, walked away with a tidy profit.
The flat, which overlooks Chinatown and the city area, has a floor area of 94 sq m. The new owners are set to receive the keys to the unit in May.
Pinnacle @ Duxton is a 50-storey residential development with a prime location in Singapore’s city centre. Its seven connected towers are the tallest public residential buildings in the city-state. Begun in 2005, its construction ended in 2009. It boasts the two longest sky gardens ever built on skyscrapers, each spanning 500 metres.
Little wonder, then, that its units fetch such high prices. Last May, a five-room unit in Block 1C, Cantonment Road, was sold for $1,515,000, setting a record for resale prices within the development.
The new record is set by another unit in Block 1C located on the 49th floor. Its former owner, 49-year-old Wu Yu Ping, told Shin Min Daily News that the transaction had actually taken place last September when she sold her unit through the HDB website.
Ms Wu’s husband had been encouraging her to sell the unit for years, and she finally decided to do so when the resale price “met her expectations”.
She said that would-be homebuyers came to her door one after another, and she finally decided to sell the unit after meeting a Singaporean couple who have a 12-year-old son.
She initially wanted $1.52 million but agreed to lower the price to $1.518 million when the couple asked for a $2,000 discount for good luck.
Ms Wu also said that HDB’s valuation was S$1.41 million and the new owners had to pay the difference of S$108,000 — the amount above the valuation — in cash.
Last week, The Independent Singapore reported that a flat at Bidadari sold for S$1,258,888 recently, setting the record for the most expensive resale four-room flat at Toa Payoh, according to the property website 99.co.
Previously, a S$1.15 million resale transaction in March 2024 at Toa Payoh Crest held this distinction.
The new record is set by a high-floor flat at Alkaff Lakeview, which just reached its Minimum Occupation Period (MOP) last year and still has about 95 years and a month left on its lease. The sale netted the owner a profit of nearly S$800,000. /TISG
Read also: 5-room Pinnacle @ Duxton flat resold for record-breaking $1,515,000