Avalon hits new high of $2,436 psf
Avalon, a freehold project on Anderson Road, off Stevens Road in District 10, topped the lineup of condo units that saw a brand-new psf-price high within 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.
A different development that hit a new psf-price high is Dormer Park, an estate condominium on Jervois Road in prime District 10. A three-bedroom flat on the fourth floor measuring 1,668 sq ft unit switched hands for $3.35 million, or $2,008 psf, on July 19. This is the very first unit negotiated at the project over the $2,000 psf benchmark, going beyond the past document of $1,873 psf listed in May 2022 when a 1,668 sq ft unit was yielded $3.125 million.
The development has seen a relatively minimal amount of resale purchases. The unit marketed on July 19 is the very first flat to shift hands at the property development to date this year. In 2022, only three units were negotiated, while four units were transacted the year before. Nevertheless, Avalon has actually observed a steady boost in transacted rates. Based on data put together on the EdgeProp Singapore market trends study tool, annual average costs negotiated at the development have climbed from $1,871 psf in 2020 to $2,436 psf since 2023, a rise of 30%.
The deal surpasses the past psf-price high logged exactly a week earlier on July 13, when a 517 sq ft unit at Parc Clematis fetched $1 million, or $1,935 psf. Parc Clematis is a non commercial mega-development currently under building and construction and lies around Jalan Lempeng in the Clementi estate in District 5.
Developed by SingHaiyi Group, the 99-year leasehold project comprises 1,450 units across 9 24-storey residential tower blocks, 12 units of two-storey strata terraced homes together with six units of two-storey strata bungalows. The development was released for sale in August 2019. Based upon caveats lodged since Aug 1, the property is nearly fully marketed with 1,445 residences (99.7%) used up. The project is slated for finish by this year.
Dormer Park was finished in 1993 by Hong Leong Holdings with 92 residential units. Apartments consist of two- to four-bedders between 1,227 and also 2,540 sq ft. The development is one of several premium condos that line Jervois Road, consisting of the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is also within the location of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were recorded during the time frame in review.
Parc Clematis additionally attained a 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 first unit negotiated at rates over $2,000 psf. The seller of the unit had purchased it from the property developer in October 2019 for $1.453 million ($1,646 psf), which means they made a profit of $397,000 or 27% on the sale.
Avalon is a project by CapitaLand that was finished in 1999. It has actually 82 residences housed in 2 10-storey blocks. Typical units comprise 2-, 3- and also four-bedders between 958 and 2,292 sq ft. There are additionally 4 penthouse units in between 4,122 along with 5,220 sq ft.
The transaction marks the very first time the project has moved across the $2,400 psf limit, and also defeats the past high of $2,338 psf started November 2022 when a 1,668 sq ft unit changed controls for $3.9 million. Based on signs lodged with URA, the unit sold on July 19 had actually been bought by the vendor in April 2016 for $2.46 million ($1,394 psf). This suggests they made a growth of $1.84 million (75%) on the sale.
