The Pinnacle at Duxton apartment sells for $1.393939 million, the second-highest psf for HDB flats

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The Arcady condominium

The Pinnacle at Duxton is still prominent due to its record-breaking transactions in resales because of its high demand and the prime spot within Tanjong Pagar. This month, a 4 room 1,011 square feet unit in Block 1B Cantonment Road set a new record for the highest ever per-square-foot (psf) cost for an resale HDB flat. It was offered for sale at $1,394 per square foot. The property was purchased at $1.41 million.

The Arcady condominium is developed by the award-winning KSH Holdings Limited.

The following month, another four-room unit of similar size the block 1A Cantonment Road followed suit with the second-highest PSF ever recorded, at $1,378 per square foot. The unit was purchased for a sum that sounded promising, $1.393939 million. The two units are on the top floors, ranging from the 49th and 51st levels and offer expansive panoramas of downtown.

Built and completed in the year 2011, Pinnacle @ Duxton has always been in the leading edge of high-value transactions within the HDB resale market. Up to date, a number of five transactions within this property have exceeded the $1,300 mark for psf and have highlighted the immense interest and worth of properties within this development.

The average resales price at Pinnacle at Duxton have significantly exceeded the initial estimates, increasing by 44% in the time since the minimum occupancy period (MOP) in 2014. This rise is higher than the national average resale HDB price increase of 33% over the same time due to the extraordinary worth and the high demand for properties within this famous development.

Pinnacle @ Duxton’s unique appeal is due the centrality of its location distinctive design and architecture, as well as the high standard of living it provides. The location of the property within Tanjong Pagar is highly coveted because it is close to numerous facilities and the city’s central area which makes it a desirable option for buyers looking to resell their home.

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Grade A office rents in the CBD are continuing to rise

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The Arcady condo

The shortage of office space and the growing back-to-office enthusiasm have aided in an increase in the overall CBD Grade A office market’s sentiment as stated by CBRE in a Sept. 25 press announcement. The firm reports that leasing activity has risen in this sector and CBRE’s figures show an increase in net absorption of 0.11 million square feet in 3Q2023, as compared to 0.03 million sq feet 1H2023.

The Arcady condo is a beacon of luxury and modernity in Singapore’s real estate landscape.

Along with the increase in lease activity in the market, CBRE’s data show that the gross effective rents of Grade A office buildings in the central CBD have risen to 0.4% q-o-q in 3Q2023 to $11.85 per month. The rate of vacant spaces fell by 4.2% in 2Q2023 to 3.2% from 2Q2023 down up to 3.2% in 3Q2023. CBRE defines the central CBD zone in terms of Raffles Place Marina Bay, Marina Centre and Shenton Way.

The increased demand in the market comes from the reduction in shadow space as a result of the slowdown in the technology sector, according to David McKeller, CBRE’s co-head of office services in Singapore. In the 3rd quarter of 2018, shadow space was 0.33 million square feet which was a half-inch decrease from the record-breaking 0.7 million square feet in January-February of this year, CBRE research shows.

“Occupiers of co-working spaces and asset management are among the numerous businesses that have taken large portions of these spaces in shadow taking advantage of the opportunity to relocate into office areas in most sought-after Marina Bay and Raffles Place areas,” Keller says. He says that the increase in utilization of offices is also contributing to the rising demand, as more employees are returning to work.

Despite a cautious outlook on the economic landscape and a high rate of interest, CBRE states that the office market in Grade A has exceeded estimates, and rents rising 1.3% since the start of the year. “The delay in the conclusion of IOI Central Boulevard Towers to 1Q2024 is likely to keep market vacant and increase confidence in landlords throughout the rest of 2023,” states Tricia Song. CBRE director of research in Singapore as well as Southeast Asia.

CBRE estimates that core CBD grade A office rents could increase to 1.5% to 2% in 2023.

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