Avalon hits new high of $2,436 psf
The transaction tops the past psf-price high logged exactly a week earlier on July 13, when a 517 sq ft unit at Parc Clematis brought $1 million, or $1,935 psf. Parc Clematis is a residential mega-development currently under construction and is located along Jalan Lempeng in the Clementi estate in District 5.
Avalon is a property development by CapitaLand that was completed in 1999. It has 82 residences housed in two 10-storey blocks. Regular units comprise two-, three- and also four-bedders between 958 and also 2,292 sq ft. There are also four penthouse units in between 4,122 along with 5,220 sq ft.
Avalon, a property development on Anderson Roadway, off Stevens Roadway in District 10, topped the selection of condominiums that saw a new psf-price high around July 18 and 21. This was accomplished with the profit of a 1,765 sq ft, three-bedroom unit on the third level for $4.3 million, or $2,436 psf, on July 19.
Parc Clematis additionally 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 very first unit transacted at prices above $2,000 psf. The seller of the unit had actually acquired it from the property developer in October 2019 for $1.453 million ($1,646 psf), which suggests they produced a gain of $397,000 or 27% on the sale.
Developed by SingHaiyi Group, the 99-year leasehold project comprises 1,450 units throughout 9 24-storey residential tower blocks, 12 units of two-storey strata terraced homes and 6 units of two-storey strata bungalows. The property development was launched for sale in August 2019. Based upon cautions lodged as of Aug 1, the project is about fully marketed with 1,445 residences (99.7%) used up. The project is slated for completion by this year.
The deal marks the very first time the property has passed over the $2,400 psf limit, as well as beats the previous high of $2,338 psf set in November 2022 the moment a 1,668 sq ft unit changed controls for $3.9 million. Based upon caveats lodged with URA, the unit sold on July 19 had been acquired by the seller in April 2016 for $2.46 million ($1,394 psf). This suggests they made a boost of $1.84 million (75%) on the proceeding.
Another development that struck a new psf-price high is Dormer Park, an estate condo on Jervois Street in prime District 10. A three-bedroom flat on the 4th level figuring 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 record of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was yielded $3.125 million.
The property development has viewed a relatively minimal amount of resale transactions. The unit marketed on July 19 is the first residence to switch hands at the property development to date this year. In 2022, just 3 units were transacted, while four units were transacted the year before. Nonetheless, Avalon has actually observed a consistent boost in negotiated costs. Based upon information collected on the EdgeProp Singapore market patterns research study tool, annual average prices negotiated at the property have actually increased from $1,871 psf in 2020 to $2,436 psf since 2023, a rise of 30%.
Dormer Park was finished in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise two- to four-bedders between 1,227 and 2,540 sq ft. The project is one of a number of high-end condos that line Jervois Roadway, including the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is in addition within the location of the Bishopsgate-Chatsworth Good Class Bungalow surround. No new psf-price lows were recorded during the duration in review.