Singapore’s skyline could soon have a new landmark challenging the Pinnacle@Duxton’s decade-long reign as the city-state’s most sought-after public housing project. A new Housing Board (HDB) development planned for Pearl’s Hill, slated to exceed 60 storeys, is prompting analysts to consider whether it will eclipse the iconic Pinnacle in terms of resale value and desirability.
The Pearl’s Hill project, announced on March 4, will be the first public housing development on the hill in over four decades, offering approximately 1,700 two-room flexi, three- and four-room flats, alongside 140 public rental units. The Pinnacle@Duxton, completed in 2009, currently holds the record for the most million-dollar HDB resale transactions between 2015 and 2025, a testament to its central location, unique skybridge design, and limited supply.
Still, the impact of Pearl’s Hill on Pinnacle@Duxton’s resale performance is not expected to be immediate. Eugene Lim, key executive officer of ERA Singapore, explained that the Pearl’s Hill flats are likely to enter the resale market no sooner than 2040, at least 15 years after their initial launch. Another centrally located BTO project, River Peaks I and II in Rochor, is expected to be completed in mid-2028 and will likely begin appearing on the resale market around 2038, further limiting the immediate supply of newer city-centre flats.
“So, the supply of newer resale flats in the city centre could remain limited for at least the next decade,” Lim said.
The classification of the Pearl’s Hill project as a “Prime” HDB development will also play a significant role. Prime flats come with stricter resale conditions, including a 10-year Minimum Occupation Period (MOP) and potentially substantial subsidy clawback rates, designed to ensure affordability and prevent speculation. Resale buyers will also be subject to income ceilings – currently $14,000 per month for couples and families – to maintain accessibility.
These restrictions could temper enthusiasm for Pearl’s Hill resale flats, according to analysts. In contrast, Pinnacle@Duxton benefits from a shorter five-year MOP and no subsidy clawback, potentially bolstering its long-term resale value. A five-room flat at Pinnacle@Duxton sold for a record $1.6 million in August 2025, and a four-room unit fetched $1.518 million in March 2025. Between 2015 and 2025, 367 flats at Pinnacle@Duxton sold for over a million dollars, with average annual price growth of approximately 4.7% for both four- and five-room units, according to ERA Singapore.
Professor Sing Tien Foo, provost’s chair professor of real estate at NUS Business School, suggests that both projects are likely to attract buyers to the downtown area and could even reinforce each other’s price growth. “The two projects are not perfectly substitutable in terms of their age, location, flat mix and types, and thus interest in Pearl’s Hill flats could generate positive spillover to resale prices at Pinnacle@Duxton,” he said.
However, the timing of the Pearl’s Hill launch could influence its impact. Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, believes a launch within the next two years might cause buyers to postpone purchases at Pinnacle@Duxton, potentially stagnating or slowing its price growth. Conversely, a launch four to five years later could sustain demand at Pinnacle@Duxton as buyers opt for a quicker move into a city-centre flat.
Sun also cautioned that Pinnacle@Duxton’s age – it will be over 30 years old when Pearl’s Hill enters the resale market – could limit its gains, particularly as new BTO projects continue to launch in desirable locations, including those near MRT stations.
Despite these factors, both Pinnacle@Duxton and Pearl’s Hill are expected to retain their value over time. Pinnacle@Duxton, even as it ages, will benefit from being relatively young and having fewer resale restrictions compared to the newer Prime development. Historically, older flats in prime Singapore locations have demonstrated resilience, often maintaining or even increasing in value despite lease decay.
