Record-smashing $1.701 mil HDB resale: How this Pinnacle@Duxton unit defied the odds

A few years ago, the Lims considered selling their five-room HDB flat at Pinnacle@Duxton. But their property agent, Ink Chua, advised them to hold on to it.

The flat was fetching more than $5,000 a month in rent then, and Chua felt there was no hurry to sell.

This year, she contacted the couple with a different recommendation: It could be a good time to put the flat on the market.

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The decision paid off, with the 1,152 sq ft flat recently sold for $1.701 million — setting a new record price at Pinnacle@Duxton.

It exceeded both the previous high of $1.63 million and their initial asking price, by $71,000 and $51,000 respectively.

Before the Lims' sale, the record was held by a five-room unit on the 43rd to 45th floors — sitting far above the couple’s flat on the 28th to 30th storeys — that changed hands in May.

Achieving this record-breaking outcome for their lower-floor, largely unrenovated unit came as a surprise to the Lims.

"We felt shocked, lucky and very grateful. Huat ah!" Mr Lim tells EdgeProp Singapore.

In fact, before putting the flat up for sale, the couple had considered spending a high five-figure sum renovating it to improve its prospects, but Chua advised them against that.

"Ink said not to waste the money and just leave it to her," he notes.

While other units they knew of had been renovated before being sold, the Lims’ flat went on to achieve a record price despite being largely in its original condition.

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"We ended up saving quite a bit on renovation, so we're really thankful for Ink," he adds.

'Completely random' beginnings

The Lims' story at Pinnacle@Duxton began more than two decades ago — long before they could have imagined their flat would one day fetch more than $1.7 million.

Situated on Cantonment Road in Tanjong Pagar, the 50-storey Pinnacle@Duxton soars 163m high — currently Singapore's tallest HDB development — and comprises 1,848 units with flexible layouts.

It features an award-winning design by Singapore firm Arc Studio Architecture + Urbanism, with seven HDB blocks linked by sky bridges.

The public housing project was completed in 2009 and has since logged a slew of million-dollar resale deals, including several among the highest-priced HDB flats in Singapore.

The Lims applied for a home at the development in 2004, almost on a whim.

"As the first owners, we didn't exactly choose Pinnacle@Duxton with a grand master plan. We just happened to apply for fun and surprisingly got it," recalls Mr Lim.

“It was all completely random when HDB called us down to select our choice unit.”

They paid about $350,000 to $400,000 for it and collected the keys in 2009.

The couple kept renovations to a minimum and furnished most of the home with movable furniture.

It was their first home together, where they began married life as a young couple in their 20s.

Now aged 40 to 50, the Lims still look back fondly on their years there.

"This home represents our foundational chapters, from early marriage milestones to hosting close friends against the backdrop of the city lights," says Mr Lim.

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"It feels very nostalgic, as our younger days were spent in this house."

They also appreciated the convenience of living in the CBD. Mrs Lim recalls being able to get around without driving.

"Having the entire CBD at our doorstep is a luxury, and our favourite feature has always been the sky gardens overlooking the city skyline," she says.

Likewise, her husband remembers the easy commute to work by public transport, as well as the abundance of amenities nearby and the many options for date nights in the city centre.

First home takes on a new role

As their lifestyle needs changed over the years, the Lims eventually left Pinnacle@Duxton.

The couple also wanted to care for and spend more time with their elderly parents, which led them to live together in a landed property owned by the parents. It remains the Lims’ primary residence today.

Living there also gives the Lims, who now have several children, more space as a family.

"It’s in a quiet residential enclave that better suits our lifestyle now," says Mrs Lim.

Meanwhile, they rented out the five-room flat and kept it largely in its original condition.

“That way, whoever buys it next gets a blank canvas and can design it the way they like," says Mrs Lim.

After holding on to the flat for several more years, the Lims decided to take their property agent’s advice to sell this year.

"The market was good and it was the right time to cash out," Mr Lim notes.

They plan to use the proceeds to buy two properties — one for their own stay in the future and another as an investment.

For now, they intend to continue living with their parents.

"It gives us immense comfort… to spend time with our parents and take care of them daily, while they're surrounded by their familiar neighbours and friends," adds Mrs Lim.

Price pushback amid strong interest

Chua, a branch division director at ERA, listed the flat for sale at $1.65 million in June.

The marketing period came with some constraints, as the tenant was overseas for about three weeks and viewings could only take place on weekdays.

She estimates that the flat therefore had about 1.5 months of active viewings within the two to three months it took to secure a buyer.

During that period, the listing attracted close to 30 enquiries and more than 20 viewings, by Chua's estimates. Aside from the eventual buyer, there were roughly eight offers, with some negotiations falling through.

The asking price faced some resistance, as "there was definitely discussion and some strong pushback", Chua says.

Some buyers brought up renovation costs. Others argued for a lower price by pointing to the previous $1.63 million record, which was on a much higher floor at levels 43 to 45.

A few prospective buyers also noted that the view from the flat "was a small pocket of sea view rather than a full panorama", Chua recalls.

"My job was to help them see the bigger picture: five-room flats in the CBD are rare, and there aren’t many available for sale," she continues.

Still, almost everyone liked the spacious interior and central location.

And because the unrenovated interiors made it difficult for some viewers to picture what the home could look like, Chua prepared before-and-after design renderings of possible changes.

“I spoke to each buyer to qualify them and understand their profile and needs… Based on that, I prepared a few variations of the renderings in layout and style," she says.

During viewings, she would walk prospective buyers through the flat and explain how different areas could be reworked.

For example, they may remove a kitchen wall to create an open-concept living and dining area, convert a bedroom into a walk-in wardrobe, or turn a common room into a study with glass sliding doors.

“Because the flat wasn't renovated, I wanted to help potential buyers visualise what their future home could look like and imagine living there. I think it made a big difference," Chua says.

She would also remind viewers that while the interiors could always be tailored to their preferences, the flat's location and size were fixed.

One viewing was all it took

The eventual buyers are a Singaporean couple in their 30s to 40s who are currently living with their parents and purchasing their first property.

According to Chua, they were looking for a well-located home with ample liveable space and convenience.

"They instantly recognised that this unit checked every box," she says. “They viewed the flat just once and loved it immediately."

She adds that the buyers had looked at several alternatives in the market, but the layout efficiency of a five-room Pinnacle@Duxton unit ultimately won them over.

They agreed to fork out $1.701 million — well above the Lims' target price.

The Lims credit Chua’s use of market analytics and people skills with helping to keep the selling process on track.

They say she mapped out the sale strategy using market data while building rapport with prospective buyers.

"As sellers, we did not have to lift a finger to do anything, as we could leave it all to Ink to handle," says Mr Lim with a laugh.

"She made this entire sale a breeze; everything was so, so smooth."

Who is buying at these prices?

Although the buyers of the Lims' flat are first-time homeowners, the approximately 25 viewings drew people at different stages of their property journey.

Among them were other first-time buyers who had been house-hunting for six months to a year.

Some were prepared to pay more for a resale home so they could move in as soon as possible and skip the waiting times for Build-To-Order (BTO) flats.

On the other hand, the unit also attracted older buyers who were moving from private homes to public housing.

From Chua's recent transactions, she has similarly observed more private property owners seeking large, well-located HDB flats as their forever homes.

For them, a prime HDB flat can offer lifestyle advantages they value, such as generous space, central location, views and convenience, without having to pay monthly maintenance fees for condo facilities they do not use often.

"In that sense, they might be downgrading in the property category, but certainly not in their day-to-day living experience," she notes.

"With a flat like this [at Pinnacle@Duxton], they can just head downstairs for food and groceries, and everything is nearby."

Chua reckons that more of such buyers will be considering flats like the Lims', given that the government has recently scrapped the 15-month wait-out period for private homeowners purchasing a non-subsidised HDB resale flat without an HDB housing loan.

What buyers prioritise at the million-dollar mark

At the same time, buyers considering million-dollar HDB flats tend to compare them with private condos as well.

The alternatives they evaluate include smaller condo units in the Rest of Central Region and Core Central Region.

“But the mismatch between the price point and actual living space [in some condos] can make it difficult for those planning to start a family. Consequently, many still prefer to purchase a bigger flat that’s ready for immediate occupation," Chua says.

In her experience, buyers of million-dollar HDB flats typically prioritise factors such as the floor level, views, remaining lease and proximity to an MRT station.

Moreover, buyers have become more practical in recent years, placing more weight on the location, unit layout and size.

“They care less about existing renovation because they know they can redo the interiors," Chua says.

"This $1.701 million sale is a good example. Our unit wasn't on the highest floor and didn’t have a full view, but the space and location were strong enough to set a record."

For the Lims, the deal brings to a close more than two decades of ownership that started in 2004.

At the time, they could hardly have known how much that decision would come to shape the years ahead.

Pinnacle@Duxton became their first marital home, followed them through different stages of their lives and later provided a steady stream of rental income.

Now, the home they once acquired largely by chance has given the Lims an unexpected parting gift: a record sale and the means to start planning their next chapter.

Property Diaries is a new series that goes behind the scenes of real estate transactions, featuring homebuyers, investors, renters and sellers sharing their journeys, decisions and lessons learnt.

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