Since December last year, many HDB flat units at The Pinnacle @ Duxton have reached their minimum 5-year occupation period. Home owners who have sold their units here have found themselves $500,000 or more richer.
With a view and location not even many private condominiums can boast, it is no wonder a 5-room HDB flat here could go for $1.06 million, a small sum considering the potential it holds. To date, 59 resale units have exchanged hands with 42 sold at an average of $857,230 and 17 at $983,092. This, considering the flats were originally purchase at $345,100 to $439,400, is a considerable profit gain.
Many of those who have sold are planning to upgrade to a private property in the suburbs. Some have spotted properties in Jurong, harnessing the potential it may have when the Singapore – Kuala Lumpur High Speed Rail Terminus is completed.
Many house hunters targeting a unit in this area are young professionals who wish to live nearer to the CBD (central business district). There is also no lack of hip eateries and boutiques in the area of Duxton hill, Neil road and Keong Saik road. With competition so high in the area, will sales of these HDB units affect the asking prices of private properties nearby? Or will prices here continue to rise as they are still considerably lower than private properties in the proximity?