Buyers of 5-room unit on low floor paid fully in cash
A SECOND unit at the Pinnacle@Duxton has changed hands on the resale market, barely a week after the first was sold for $900,000.
The five-room, 106 sq m flat, located below the sixth floor, went for $918,000 on Monday.
Although some industry observers expect five-room units at the unique Housing Board project in Tanjong Pagar to fetch over $1 million, the agent who handled the transaction said the sellers were more "realistic" with their pricing as their flat is on a "very low floor". "They bought the flat for under $400,000, so they are quite happy with the selling price," said the 43-year-old agent from real estate firm DWG, who declined to be named.
He said the sellers are a couple in their mid-40s with two young children. They started looking for buyers early last month, with an initial asking price of $960,000.
There were seven to eight viewings. The Straits Times understands that the buyers, who paid fully in cash, are a couple in their 60s who are downgrading from a private property.
On Dec 29, a four-room flat in the development, located somewhere on the 34th to 36th floor, was sold for $900,000. ......
Published Published on Jan 9, 2015 1:18 AM . Read the rest here.
I remembered vividly that the 5 room flats were going for around 180k-200k-ish back then when the Duxton units were released for sale. Me and my partner felt that the price was really high, approx 2.5 times more than the 5 room HDB in the suburbs! We were looking for a place called home and not a house as an investment. The thought of getting a HDB just purely for "flipping" did not occur to us. That was not even in the 2009 when the property market took a serious beating.
Hence, lets say I use the same ratio back then and try to work out the hypothetical cost of a new HDB launch in the Duxton area. A new 5 room in ulu places like Punggol costs around $400k - $450k right now. Thus, doesn't it mean that newly launched 5 room HDB in the Duxton area would have costed at least $800 to $900k?
Humm....now it seems like getting $918k for a resale unit is a "fair" price?
Your thoughts?
I remembered vividly that the 5 room flats were going for around 180k-200k-ish back then when the Duxton units were released for sale. Me and my partner felt that the price was really high, approx 2.5 times more than the 5 room HDB in the suburbs! We were looking for a place called home and not a house as an investment. The thought of getting a HDB just purely for "flipping" did not occur to us. That was not even in the 2009 when the property market took a serious beating.
Hence, lets say I use the same ratio back then and try to work out the hypothetical cost of a new HDB launch in the Duxton area. A new 5 room in ulu places like Punggol costs around $400k - $450k right now. Thus, doesn't it mean that newly launched 5 room HDB in the Duxton area would have costed at least $800 to $900k?
Humm....now it seems like getting $918k for a resale unit is a "fair" price?
Your thoughts?
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