The Pinnacle @ Duxton is a prizewinning 50-storey residential building in the city center of Singapore, next to the city’s business district. This project features the two longest sky gardens in the world of 50 meters each, on both 26th and 50th floors.
In 2015, the Pinnacle @ Duxton has recorded 3 big transaction of above $1 USD for its 5-room flats, the same to the 4 other deal that was seen in the first 3 months of 2015. The development in this building has been featured in several news headlines in the recent months. For instance, in November 2015, a unit was sold for 1.08m USD, which is the most expensive sale ever made for a 5 room flat in the history of Singapore. In January 2016, another unit was sold for USD $1.07m.
According to the brokers that helped to broker both of the deals, those flats are called sky-prices because of their panoramic, unblocked views of Singapore city, and Pinnacle’s status as landmark project.Aside from the building’s proximity to the MRT station, another major selling point of units is the lack of availability of such great units. According to one broker, not everyone at Pinnacle wants to sell their units. Those who decided to sell their unit are only leveraging in order to get a maximum premium for their units. Based on the data and statistics gathered, the 2 aforementioned transaction were 3% much higher as compared to the average price of transaction which is $977,846 for a single 5-room flat at usual project. But comparing to the older flats present in the area like the Tanjong Pagar Plaza and Smith Street, this can be translated to a 20% to 46% premium.
The most current resale prices for units are also very far from their original selling price that ranges from between 345,100 USD and 439,000 USD for a 5-room flat during the launch of project in 2004. Nevertheless, it was noted that these recorded flat prices are quite unique to Pinnacle@Duxton. The unit prices don’t represent most of the resale HDB transactions that are trading around the valuation in current real estate market environment.
It is also unlikely that the prices of 5-room flats at Pinnacle@Duxton will significantly rise higher of reach more than 2 million USD mark, as the home buyers could now easily purchase an amazing private apartment in the same area for similar price. Looking ahead, the resale prices of HDB flats are expected to stable while the volume of transaction is also expected to increase as the reduced attention on COV (Cash Over Valuation) premiums would attract the buyers in an immediate need of residential property, or those who don’t qualify for the BTO (build to order) flats.
In connection to the stability of sky-high prices of units at Pinnacle @ Duxton, Temasek Holdings has now been named as the largest real estate firm in Singapore, which greatly affected the real estate market in Singapore. They overtook the wealth fund of GIC (2015 top performing firm) and now has stakes in key regional and local players such as Pulau Indah Ventures, Mapletree, M+S, and Capital Land.
In 2015, the Pinnacle @ Duxton has recorded 3 big transaction of above $1 USD for its 5-room flats, the same to the 4 other deal that was seen in the first 3 months of 2015. The development in this building has been featured in several news headlines in the recent months. For instance, in November 2015, a unit was sold for 1.08m USD, which is the most expensive sale ever made for a 5 room flat in the history of Singapore. In January 2016, another unit was sold for USD $1.07m.
According to the brokers that helped to broker both of the deals, those flats are called sky-prices because of their panoramic, unblocked views of Singapore city, and Pinnacle’s status as landmark project.Aside from the building’s proximity to the MRT station, another major selling point of units is the lack of availability of such great units. According to one broker, not everyone at Pinnacle wants to sell their units. Those who decided to sell their unit are only leveraging in order to get a maximum premium for their units. Based on the data and statistics gathered, the 2 aforementioned transaction were 3% much higher as compared to the average price of transaction which is $977,846 for a single 5-room flat at usual project. But comparing to the older flats present in the area like the Tanjong Pagar Plaza and Smith Street, this can be translated to a 20% to 46% premium.
The most current resale prices for units are also very far from their original selling price that ranges from between 345,100 USD and 439,000 USD for a 5-room flat during the launch of project in 2004. Nevertheless, it was noted that these recorded flat prices are quite unique to Pinnacle@Duxton. The unit prices don’t represent most of the resale HDB transactions that are trading around the valuation in current real estate market environment.
It is also unlikely that the prices of 5-room flats at Pinnacle@Duxton will significantly rise higher of reach more than 2 million USD mark, as the home buyers could now easily purchase an amazing private apartment in the same area for similar price. Looking ahead, the resale prices of HDB flats are expected to stable while the volume of transaction is also expected to increase as the reduced attention on COV (Cash Over Valuation) premiums would attract the buyers in an immediate need of residential property, or those who don’t qualify for the BTO (build to order) flats.
In connection to the stability of sky-high prices of units at Pinnacle @ Duxton, Temasek Holdings has now been named as the largest real estate firm in Singapore, which greatly affected the real estate market in Singapore. They overtook the wealth fund of GIC (2015 top performing firm) and now has stakes in key regional and local players such as Pulau Indah Ventures, Mapletree, M+S, and Capital Land.