Pinnacle@Duxton four-room flat sold for record S$1.518 million

A four-room flat at Pinnacle@Duxton has set a new record resale price of S$1.518 million, reflecting the broader trend of rising HDB resale values. The seller, Goh Nyuk Ping (transliterated), initially purchased the unit 15 years ago for S$378,000 but delayed selling despite her husband's suggestions. She finally decided to put it on the market in September 2024, when prices aligned with her expectations. According to a report by Shin Min Daily News, the final price was just S$2,000 below the asking price of S$1.52 million, as the buyers requested a small discount for "good luck." This sale marks the highest-ever resale price for a four-room flat in Pinnacle@Duxton, based on data from the Housing and Development Board (HDB) resale website. The HDB data also indicated that the flat has a remaining lease of 85 years and 2 months.

Surging demand for prime HDB flats

Pinnacle@Duxton is a 50-storey residential development in Singapore’s city centre, near the Central Business District.

Situated along Cantonment Road in Tanjong Pagar, it enjoys a prime location with strong demand for its units, driven by its proximity to the Central Business District.

Completed in 2011, Pinnacle@Duxton has consistently set benchmarks for million-dollar transactions in the HDB resale market. It remains one of the most sought-after HDB developments, regularly commanding high-value sales. The development is a 99-year leasehold HDB project and met its Minimum Occupation Period (MOP) in 2016. Known for its two skybridges and panoramic views, the estate is highly sought after. Goh’s unit, located on the 49th floor of Block 1C, offers views of Chinatown and the city. She noted that while many prospective buyers visited the flat, it was ultimately sold to a 41-year-old local couple with a 12-year-old son. The buyer particularly appreciated the cool breeze flowing through the flat. HDB’s valuation for the unit was S$1.41 million, meaning the buyers had to pay an additional S$108,000 in cash. The keys will be handed over in May 2025. Pinnacle@Duxton has seen multiple high-value transactions. In January and February 2025, two other four-room flats in the development were sold for S$1.33 million each. In December 2024, eight similar flats changed hands at prices ranging from S$1.25 million to S$1.43 million.

HDB resale prices jump 9.7% in 2024, 1,035 million-dollar flat transactions set new record

The record-breaking sale is part of a wider trend in Singapore’s HDB resale market, which saw a 9.7% price increase in 2024, according to HDB data released on 24 January. This surge follows a 4.9% rise in 2023 but is slightly lower than the 10.4% increase recorded in 2022. A record 1,035 HDB flats were sold for at least S$1 million in 2024, reflecting strong demand for prime units in mature estates. A recent example includes a four-room HDB flat at Alkaff Lakeview, which set a new record for Toa Payoh with a resale price of S$1,258,888.

Desmond Lee: Million-dollar HDB flats remain a small fraction of total resale transactions

During the Ministry of National Development’s budget debate on 5 March, National Development Minister Desmond Lee addressed concerns over rising HDB resale prices. He attributed the price surge to construction delays caused by the Covid-19 pandemic, which led to a supply-demand imbalance and increased demand for resale flats. However, he assured that prices are expected to stabilise as more flats enter the market and cooling measures take effect. The number of HDB flats reaching their Minimum Occupation Period (MOP) is projected to rise from 8,000 units in 2025 to 13,500 in 2026, and further to 19,500 in 2028. This increase in supply is expected to help moderate price growth. Lee also noted that government measures, including tighter financing restrictions and additional buyer stamp duties, will continue to influence market trends. Despite the growing number of million-dollar HDB transactions, Lee emphasised that these high-value deals still represent a small fraction of total resale transactions. In August 2024, he stated that such flats accounted for only about 2% of all resale transactions over the past 1.5 years.