Avalon hits new high of $2,436 psf
Avalon is a development by CapitaLand that was finished in 1999. It has actually 82 residences housed in two 10-storey blocks. Common units make up 2-, 3- and four-bedders between 958 and 2,292 sq ft. There are even four penthouse units between 4,122 and 5,220 sq ft.
Created by SingHaiyi Group, the 99-year leasehold project makes up 1,450 units across 9 24-storey residential tower blocks, 12 units of two-storey strata terraced houses and 6 units of two-storey strata bungalows. The property development was introduced available for sale in August 2019. Based on caveats lodged since Aug 1, the property is about fully offered with 1,445 residences (99.7%) taken up. The project is slated for completion by this year.
The purchase beats the past psf-price high logged just a week much earlier on July 13, when a 517 sq ft unit at Parc Clematis brought $1 million, or $1,935 psf. Parc Clematis is a non commercial mega-development at present under building and construction and also stands along Jalan Lempeng in the Clementi estate in District 5.
The property has actually seen a reasonably lowered amount of resale deals. The unit offered on July 19 is the first apartment to change hands at the project to date this year. In 2022, only three units were worked out, while 4 units were settled the year since. However, Avalon has seen a consistent rise in negotiated costs. Based upon data collected on the EdgeProp Singapore market patterns study tool, yearly average prices transacted at the property have risen from $1,871 psf in 2020 to $2,436 psf as of 2023, a surge of 30%.
Parc Clematis likewise attained a brand-new psf-price high following the sale of an 883 sq ft unit for $1.85 million, or $2,096 psf, on July 20. The three-bedroom unit on the 15th floor was a sub-sale and is the initial unit transacted at rates above $2,000 psf. The vendor of the unit had actually purchased it from the developer in October 2019 for $1.453 million ($1,646 psf), which indicates they produced a gain of $397,000 or 27% on the sale.
The deal marks the first time the development has crossed the $2,400 psf point, and also beats the previous high of $2,338 psf set in November 2022 the moment a 1,668 sq ft unit changed hands for $3.9 million. Based upon warnings lodged with URA, the unit sold on July 19 had been purchased by the vendor in April 2016 for $2.46 million ($1,394 psf). This suggests they made a boost of $1.84 million (75%) on the deal.
Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise 2- to four-bedders between 1,227 and 2,540 sq ft. The property development is one of numerous high-end condominiums that line Jervois Roadway, including the 109-unit Mon Jervois and even the 108-unit Jervois Lodge. It is also within the vicinity of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were recorded throughout the period in review.
A different development that hit a new psf-price high is Dormer Park, a freehold condo on Jervois Street in prime District 10. A three-bedroom apartment on the fourth level measuring 1,668 sq ft unit shifted hands for $3.35 million, or $2,008 psf, on July 19. This is the very first unit negotiated at the development above the $2,000 psf benchmark, going beyond the previous document of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was realized $3.125 million.
Avalon, a freehold development on Anderson Roadway, off Stevens Roadway in District 10, topped the lineup of condominiums that saw a brand-new psf-price high between July 18 and 21. This was achieved with the profit of a 1,765 sq ft, three-bedroom unit on the 3rd level for $4.3 million, or $2,436 psf, on July 19.