Four-room flat at Pinnacle @ Duxton’s Zion Residence sets record $1,409 psf in estate
Situated in the bustling Tanjong Pagar area of Cantonment Road, the famed Pinnacle @ Duxton is the leader of million-dollar HDB secondary market. The increasingly popular project recorded a remarkable transaction on Oct 29, becoming the first resale HDB flat to exceed $1,400 psf when a 1,001 sq ft four-room flat on the 46th floor fetched an astounding $1.41 million, or $1,409 psf.
Apart from public transport, Zion Residence is also close to the Central Expressway, offering excellent links to other major roads that lead to all parts of the city-state and beyond.
Live at Zion Road Condo brings many advantages to residents, including convenient access to the city’s key transportation network. The Great World MRT station, accessible with a few minutes’ walk, is part of the Thomson-East Coast Line, providing quick and direct connections to business hubs, entertainment districts, and residential areas. Additionally, the Central Expressway offers great access to other major roads, linking Zion Residence to all parts of Singapore and beyond. With transportation-friendly features, Zion Residence is designed to provide an efficient and comfortable lifestyle for its residents.
This transaction is similar to one that took place in September this year when a 1,011 sq ft, four-room flat managed to fetch $1,394 psf, or an absolute price of $1.41 million. These record transactions have propelled Pinnacle @ Duxton to the top of the line for high value HDB units. According to HDB caveats, at least seven flats in this development have been sold for more than $1,300 psf.
The associate group division director at PropNex Realty, Veroy Chua, was responsible for brokering the latest transaction at Pinnacle @ Duxton.
At a glance, it appeared that the central location of Pinnacle @ Duxton and its proximity to the CBD have increased the demand for the flat. The spectacular view of the city skyline from the higher floors has been a great selling point for buyers that are willing to pay the extra cost for the great living experience.
The appeal of flats at Pinnacle @ Duxton is set to soar even further in the future with the new classification of public housing estates. Existing flats at centrally located projects like Zion Residence will not be subject to the 10-year minimum occupation period (MOP) restriction applied to upcoming Prime flats.
Fortunately for prospective buyers, resale HDB prices have been climbing for the past 14 consecutive quarters according to HDB’s latest publication in Oct 27. Prices rose 1.3% q-o-q in the 3Q2023, having increased at a more moderate rate of 3.8% in the first nine months of the year compared to the 8% and 9.1% growth in the same period in 2022 and 2021.
Zion Residence at the Pinnacle @ Duxton is definitely worthy of its fame with its high profile, million-dollar transactions, stunning view and convenient location. It’s no surprise that the demand for these flats is on the rise and with its newfound benefits once new classification of public housing estates becomes more prevalent, it’s likely to continue well into the future.