Even though prices on the resale of HTB flats has dropped by 6.2% last year with the government’s continuing campaign of stabilizing the public housing market and the tightening of the approval process needed to obtain one. This is not stop buyers from stepping up prime residential properties at out of this world prices.
The Vales EC
Only this afternoon in the media, it was reported that a 5 flat located on a high floor at the Pinnacle@Duxton in the Tanjong Pager went for a record $1.028 million sale recently, which marks the highest price paid on resale of an iconic HDB project in The Vales EC.
HDB Project | The Vales
This was to be expected as experts have warned that the 5 room flats at the pinnacle were prime targets to fetch real sale prices of more than $1 million each.
This is due to the fact the five-year minimum occupation. (MOT) for most owners at pinnacle lapsed in December 2014, roughly 10 flats have been sold on the resale market since then, each commanding a premium price for The Vales EC.
Unit in The Vales
A 4-room corner unit between the developments, 34th and 36 floors went for $900,000, while a 5 room below the 6th floor found a buyer for $918,000 as reported by PropertyGuru earlier in the month.
The Pinnacle, which was completed in 2009, has a total of 1848 flats spread across 7 interconnected towers of 50 stories each. This makes the pinnacle the tallest public housing project in the world.