Last month, a five-room HDB flat at 1G Cantonment Road was sold for $1.6 million ($1,416 psf). The price tag of $1.6 million for the subject flat is the highest paid for a five-room HDB flat in the Central Area HDB town. The 1,130-sq ft flat, located on the 49th to 51st storeys, is part of The Pinnacle @ Duxton. The iconic project has a long remaining lease of approximately 85 years.

The recent transaction surpasses the previous record high of $1.58 million ($1,398 psf) fetched by another five-room flat at Block 1G Cantonment Road in July. A five-room flat at 1D Cantonment Road was sold in June, also for $1.58 million ($1,398 psf). The flat at Block 1D is located on the 34th to 36th storeys, while the flat at Block 1G is on the 43rd to 45th storeys (see Table 1). Similar to the subject flat, both flats have remaining leases of approximately 85 years as they are also part of The Pinnacle @ Duxton.

All three flats are within walking distance of many amenities, including Tanjong Pagar Plaza, Cantonment Primary School and 100AM. The HDB project is also located at the fringe of the CBD. Additionally, The Pinnacle @ Duxton is a short walk from Tanjong Pagar MRT Station (East–West Line) (see Map 1). The upcoming Cantonment MRT Station (Circle Line), scheduled to be completed next year, is about 600m away. Additionally, the Ayer Rajah and Central Expressways are a short drive away.

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The long remaining lease of The Pinnacle @ Duxton as well as its central and convenient location could have contributed to the high prices for its flats.

Despite the subject flat’s eye-watering price tag of $1.6 million, it still falls short of the national record high of $1.659 million ($1,263 psf), set by a five-room flat at 92 Dawson Road in June (see Table 2). The Dawson Road flat has a slightly longer remaining lease of approximately 90 years compared to the subject flat. Measuring 1,313 sq ft, it is also slightly larger than the subject flat (1,130 sq ft). The longer lease and larger size of the flat along Dawson Road could have contributed to its higher price tag.

The flat along Dawson Road is part of Skyterrace @ Dawson, which is within walking distance of Queenstown MRT Station and Dawson Place. Schools within a 1km radius include Queenstown Primary School, Queenstown Secondary School and Crescent Girls’ School (see Map 2).