Saturday, October 6, 2012

203 bids for one Pinnacle flat


The Straits Times
Saturday, Oct 06, 2012

There were 203 bids for a five-room Pinnacle@Duxton flat by the time applications closed yesterday.

The 1,140 sq ft unit was going for $736,000.

Considered one of the Housing Board's best projects, the Pinnacle sits at the edge of the Central Business District, near the Outram and Tanjong Pagar MRT stations.

Two other smaller four- room units there were also on offer, together with a three- room unit along Selegie Road near the city. These three units drew a total of 211 bids by 5pm yesterday.

Dennis Wee Group spokesman Lee Sze Teck said the demand was mainly due to location. "News that these flats will likely surpass the recent $1 million record attracts buyers. They also give good rental yields," he said.

Another interesting unit in this latest offering was a three-room Housing Board terrace house in Jalan Bahagia selling for $795,000.

Unlike the Pinnacle units, which were open to all ethnic groups, this 1,860 sq ft two-storey property with two bedrooms is open only to Malays and Indians/Others. In addition, the 99-year lease starts from 1972, when it was completed.

An HDB spokesman said the house was repossessed after the owner defaulted on his mortgage payments and sublet it illegally.

Calling the unit an "exception", he said that given its unique attributes, "it would naturally command a higher price compared to other flats".

He added: "Generally, such a unique property would appeal to a niche group of buyers looking for a specific housing option who are willing and able to pay more."


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