Pinnacle@Duxton resale prices soar above $1.25 mil
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - High-floor units at the iconic Pinnacle@Duxton dominated the top 10 HDB resale deals in 2020, claiming seven spots on the list. The sales of five-room units at Natura Loft in Bishan and at City View @ Boon Keng were also among the top HDB resale transactions in 2020.
The record HDB resale transaction of 2020 was the sale of a 1,151 sq ft, five-room unit at Block 1B at Pinnacle@Duxton. The unit changed hands for $1.258 million ($1,093 psf) on Sept 27. This record sale was closely followed by that of another 1,130 sq ft, five-room unit in neighbouring Block 1A that fetched $1.248 million ($1,104 psf) on Nov 4.
All the top seven resale transactions at Pinnacle@Duxton in 2020 featured units in either Block 1A or 1B and were all high-floor units. Their prices ranged from $1.17 million ($1,035 psf) to $1.258 million ($1,093 psf). The top four units sold were all located above the 40th floor.
The Pinnacle@Duxton is a landmark public housing development in Tanjong Pagar beside the CBD. The project was built by HDB, and was designed by Singapore-based architecture company, ARC Studio Architecture + Urbanism, in collaboration with RSP Architects Planers and Engineers.
The 1,848-unit development was completed in 2009 and comprises seven 50-storey residential towers that are linked by sky bridges on the 26th and 50th floors. Other public facilities within the development include a food court, a childcare centre, a basketball court and a jogging track.
Prime high-floor flats at Pinnacle@Duxton dominated the top HDB resale transactions in 2020. Most million-dollar flats are above the 40th floor. (Picture: Samuel Isaac Chua/The Edge Singapore)
High-floor units in the HDB-built development have commanded relatively high resale prices over the past few years, and the record resale price at the development has increased by 7% over the past three years.
The record resale price at Pinnacle@Duxton in 2018 was for the sale of a 1,140 sq ft, five-room unit for $1.168 million ($1,025 psf) in October 2018. The top end of the resale price range increased to $1.2 million ($1,053 psf) when another 1,140 sq ft, five-bedroom unit was sold in August 2019. It rose again to $1.258 million ($1,093 psf) in 2020.
Resales at City View @ Boon Keng
The other record HDB resale transactions in 2020 involved five-room units at two Design, Build and Sell Scheme (DBSS) developments. Two sales occurred at Natura Loft at Block 275A, Bishan Street 24, and another occurred at City View @ Boon Keng at 9 Boon Keng Road.
DBSS developments, introduced in 2005 by HDB, were public housing that was developed by private developers. These types of flats featured better designs compared to HDB blocks built at the time, and were mostly located in mature housing estates such as Ang Mo Kio, Bishan and Toa Payoh.
The government had built 13 DBSS developments before the housing scheme was discontinued in 2012 in favour of executive condominiums (EC). As a result, the relative rarity and condo-like designs of DBSS flats have made them highly desirable properties on the secondary market.
Top-floor units at City View @ Boon Keng continued to command significant resale prices in 2020. There were two million-dollar resale deals in the development in the year. (Picture: Samuel Isaac Chua/The Edge Singapore)
The highest resale price at City View @ Boon Keng in 2020 was from the sale of a 1,280 sq ft, five-room flat for $1.2 million ($938 psf) on Nov 26. This was the second million-dollar transaction at the development in 2020, after a 1,173 sq ft, five-room unit was sold for $1.04 million ($887 psf) on Feb 13.
City View @ Boon Keng is a 99-year leasehold development on Boon Keng Road in District 12. The 714-unit development comprises three 40-storey blocks, and some top-floor units boast an unblocked view towards the Kallang area and the Singapore Sports Hub. The development is close to two MRT stations — Boon Keng Station on the North-East Line and Bendemeer Station on the Downtown Line.
Top-floor units at City View @ Boon Keng had already been setting million-dollar prices on the resale market since most units in the development reached their minimum occupation period in 2016. At least 21 flats have changed hands for more than $1 million at the development over the past four years. The most expensive resale at City View @ Boon Keng was that of a 1,280 sq ft, five-room flat that fetched $1.205 million ($941 psf) on July 5, 2019.
Resales at Natura Loft in Bishan
Two other DBSS units at Natura Loft in Bishan also topped the record HDB resale list in 2020. A 1,291 sq ft, five-room unit was sold for $1.208 million ($936 psf) on Oct 9, and a similarly sized flat fetched $1.18 million ($914 psf) on Dec 17.
Located on Bishan Street 24, the 480-unit Natura Loft comprises three 40-storey blocks that were completed in 2012. The development attracts wide appeal, as it is a DBSS development and given its central location and largely unblocked views of the surrounding Bishan estate. Natura Loft is located beside Catholic High School and Whitley Secondary School, and is near Bishan MRT Interchange Station on the North-South and Circle Lines.
DBSS developments like Natura Loft in Bishan are highly desirable, given their central location and condo-like design and facilities. (Picture: Samuel Isaac Chua/The Edge Singapore)
At least eight resale flats at Natura Loft changed hands for more than $1 million in 2020, compared to the six million-dollar flats that were each sold in 2019 and in 2018.
The first time a flat at Natura Loft crossed the million-dollar resale price threshold was when a 1,291 sq ft, five-room unit in Block 273B changed hands for $1.038 million ($804 psf) in October 2016. It was the highest resale price at the development that year.
Record number of million-dollar flats
According to the HDB’s flash estimate of the 4Q2020 resale price index released on Jan 4, a record number of resale flats were sold above $1 million in 2020. Seventy-two HDB flats crossed this resale price threshold in 2020, compared to 64 million-dollar flats in 2019, and this exceeds the previous record number of 71 million-dollar flats sold in 2018.
For the whole of 2020, HDB resale prices rose 4.8%, beating out the 0.1% price growth recorded in 2019 and the 0.9% decline set in 2018.
“The market recovery can be attributed to the slew of policy changes made over the past two years to make public housing more affordable for Singaporeans and enhance the attractiveness of older flats. Many new flats which command higher prices have also been transacted over the past few months, which may have ‘uplifted’ the overall price index last quarter,” says Christine Sun, head of research & consultancy at OrangeTee & Tie.
She expects the HDB resale market to continue heating up this year, supported by the upgrader market and a gradual macroeconomic recovery in 2H2021. The long completion period for recent Build-To-Order (BTO) launches and rising private home prices may also divert more housing demand to the HDB resale market in 2021, says Sun.
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