Higher prices for The Pinnacle@Duxton shows strong demand

Higher prices for The Pinnacle@Duxton shows strong demand
Dec 14, 2009 - PropertyGuru.com.sg

The higher prices achieved for The Pinnacle@Duxton on its second launch were a sign of strong demand, said Minister Mentor Lee Kuan Yew yesterday.

'Even though prices of the flats at the second launch in 2008 were higher, the demand for the flats was still very strong. The higher prices reflect the demand for the flats; they reflect the market demand,' said Mr. Lee during the hand over ceremony for The Pinnacle@Duxton.

The Pinnacle@Duxton is a 50-storey public housing project that was first launched in May 2004. Some of the remaining flats were re-launched in September 2008 and 111 five-room units were put up for sale at around $545,000 to $645,800.

When it was first introduced in 2004, four-room units were worth $289,200 while most of the five-room units were offered for about $439,400.

Mr. Lee said that pricing of HDB flats is very important as it reflects its true value.

“We cannot price a new flat in Punggol or Tanjong Pagar the same because when they are re-sold, we know there will be a tremendous difference in price,” he said.

“From the 1980s, we moved towards a market-based system. By liberalising the resale market and allowing HDB prices to move in tandem with the economy, we unlocked the value of HDB flats to allow citizens to share in the fruits of the nation's growth. Home ownership of a HDB flat is a store of value that can be monetised when need be.”

The development of The Pinnacle@Duxton, which is the tallest public housing project in the country, features 12 sky bridges that are linked in all seven buildings. The sky bridges will be launched on January 1.

The development also includes other amenities like a childcare centre, food court, basketball court and 800-metre jogging track.

The Pinnacle@Duxton houses a total of 1,848 flats. Its construction has been completed, except for some minor jobs such as the landscaping.