SINGAPORE - A five-room flat at the Pinnacle@Duxton has been sold for a new high of $1.088 million in November.
The 107 sq m unit is located between the 43rd to 45th floor at the prime HDB development at Cantonment Road, according to Housing Board data.
The buyer, a young professional in his 30s, was looking specifically for a flat at the iconic residence in the city centre, said Mr Sean Lee, senior marketing director at ERA Realty.
Mr Lee and his cousin, Ms Audrey Lee, were joint agents for the sellers of the flat - a businessman and his family.
The unit was valued at $1 million, and transacted at $88,000 over valuation, said Mr Lee, who is also a Pinnacle resident.
He told The Straits Times that the buyer "was very specific" about the home he wanted, and had been viewing units at the Pinnacle since March.
Some of his requirements: high floor, a view of the sea and no afternoon sun. The Pinnacle@Duxton, the tallest public housing project, is known for its view of skyscrapers, the port and the sea.
Since Pinnacle units came on the market in January this year, eight have sold for a million or more.
The second-highest transaction was in April, when another five-room unit between the 28th and 30th storeys went for $1.06 million.
Many of the buyers are young professionals who want a central location and a great view.
"The main draw is the view, many buyers ask for a specific view," said Mr Lee.
Even the four-room units there have sold for prices upwards of $900,000, with one going for $990,000 in September.
When the project was launched, five-room units went for $345,100 to $439,400 and four-room units were priced at $289,200 to $380,900.
While the million-dollar price tag is hefty for an HDB flat, it is substantially lower than the cost of a private condominium in a central location, which can cost two or three times as much.