Avalon hits new high of $2,436 psf
Avalon, a property project on Anderson Roadway, off Stevens Roadway in District 10, topped the selection of condominiums that observed a brand-new psf-price high between July 18 and 21. This was attained with the revenue of a 1,765 sq ft, three-bedroom unit on the 3rd floor for $4.3 million, or $2,436 psf, on July 19.
Established 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 together with 6 units of two-storey strata bungalows. The property development was introduced available for sale in August 2019. Based on cautions lodged as of Aug 1, the project is about fully offered with 1,445 residences (99.7%) occupied. The project is slated for finalization by this year.
The deal marks the very first time the property has actually passed over the $2,400 psf limit, and beats the past high of $2,338 psf started November 2022 the moment a 1,668 sq ft unit changed controls for $3.9 million. Based upon warnings lodged with URA, the unit sold on July 19 had been bought by the vendor in April 2016 for $2.46 million ($1,394 psf). This indicates they made a boost of $1.84 million (75%) on the sale.
A different development that struck a new psf-price high is Dormer Park, a freehold condominium on Jervois Street in prime District 10. A three-bedroom apartment on the 4th level evaluating 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 property over the $2,000 psf benchmark, exceeding the previous document of $1,873 psf listed in May 2022 when a 1,668 sq ft unit was realized $3.125 million.
The deal beats the past psf-price high logged only 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 around Jalan Lempeng in the Clementi estate in District 5.
Avalon is a development by CapitaLand that was completed in 1999. It has actually 82 residences housed in 2 10-storey blocks. Typical units comprise two-, 3- and also four-bedders between 958 and 2,292 sq ft. There are also 4 penthouse units in between 4,122 along with 5,220 sq ft.
Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments make up two- to four-bedders in between 1,227 and also 2,540 sq ft. The development is one of a number of high-end condominiums that line Jervois Roadway, consisting of the 109-unit Mon Jervois and the 108-unit Jervois Lodge. It is in addition within the area of the Bishopsgate-Chatsworth Good Class Bungalow enclave. No new psf-price lows were documented during the period in review.
The property development has viewed a fairly minimal quantity of resale purchases. The unit offered on July 19 is the very first flat to shift hands at the property development to date this year. In 2022, just 3 units were negotiated, while four units were transacted the year since. However, Avalon has seen a constant increase in transacted prices. Based upon information collected on the EdgeProp Singapore market trends research tool, yearly average prices negotiated at the property have increased from $1,871 psf in 2020 to $2,436 psf since 2023, a rise of 30%.
Parc Clematis also accomplished 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 level was a sub-sale and is the first unit transacted at rates above $2,000 psf. The seller of the unit had actually bought it from the property developer in October 2019 for $1.453 million ($1,646 psf), which means they made a return of $397,000 or 27% on the sale.