- What’s the real state of HDB resale prices?
- Some issues to note here are:
- 1. Pinnacle @ Duxton isn’t a regular HDB development
- 2. This outlier may be unusually pricey, even by Pinnacle’s standards
- 3. A record number of million-dollar flats is still a tiny number
- 4. Million-dollar flats tend to happen due to highly specific situations
HDB resale flat prices climbed slower in Q1 this year; news that’s overshadowed by a flat at Pinnacle @ Duxton, which sold for around $1.39 million ($1,388,888.88, to be exact). This is a new record for HDB resale flats – and every time it happens, we hear an uproar about how flats are going to be super-unaffordable in a few years. But it’s not really logical to take the single most expensive property of its type and use that as some kind of “sign” or bellwether of the wider market. So yes, a flat did break the previous record; but here’s why it probably doesn’t matter as much as you think:
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writer used selective data to reflect 5room transacted price. This does not reflect the true picture as there were already units sold above 1.3M. He is trying to convince readers of his stance that this is a very uniquely transacted case.
Hi Pinnacle, thank you for reading our article! Yes there are units sold above $1.3M, we noted one of them which is the record-breaking one. However, there were only 2 others that hit or surpassed the $1.3M mark in the past year out of a total of 44 transactions (March 2021-22).
In total, they form just roughly 6% of all 5-room flat transactions in Pinnacle@Duxton alone. We did not use selective data as we had over 90% of the remaining transactions to showcase why prices are not (yet?) as ridiculously high as the one close to $1.4M.
In addition, of all the 5 room flats transacted between the said period above, million-dollar transactions constitute just 2.3% of all transactions. The average 5-room flat across Singapore during this period is $613,088 (8,310 transactions were taken here).
Furthermore, Pinnacle@Duxton is truly unique too – it’s the only “young-ish” HDB that has sweeping views of the city located right at the heart of the CBD. No other HDBs can match that.
In other words, we were not trying hard to convince readers of anything – we were just presenting the facts.
I hope the above helps clarify this.
Thanks!