Avalon hits new high of $2,436 psf
The property has actually seen a relatively lowered quantity of resale purchases. The unit marketed on July 19 is the very first residence to shift hands at the property development to date this year. In 2022, just three units were transacted, while 4 units were settled the year before. Nonetheless, Avalon has viewed a steady rise in negotiated prices. Based upon data compiled on the EdgeProp Singapore market trends research tool, annual average costs negotiated at the project have actually risen from $1,871 psf in 2020 to $2,436 psf as of 2023, a surge of 30%.
Avalon is a development by CapitaLand that was completed in 1999. It has 82 residential units housed in two 10-storey blocks. Common units make up two-, three- as well as four-bedders between 958 and also 2,292 sq ft. There are also four penthouse units between 4,122 and 5,220 sq ft.
Avalon, a property project on Anderson Roadway, off Stevens Road in District 10, topped the selection of condominiums that saw a new psf-price high between July 18 and 21. This was attained with the profit of a 1,765 sq ft, three-bedroom unit on the 3rd floor for $4.3 million, or $2,436 psf, on July 19.
The deal surpasses the previous 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 is located along Jalan Lempeng in the Clementi estate in District 5.
The deal marks the first time the project has crossed the $2,400 psf point, as well as beats the former high of $2,338 psf set in November 2022 when a 1,668 sq ft unit switched hands for $3.9 million. Based on 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 implies they made a growth of $1.84 million (75%) on the proceeding.
A different development that struck a brand-new psf-price high is Dormer Park, a freehold condo on Jervois Road 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 first unit negotiated at the project over the $2,000 psf benchmark, surpassing the previous document of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was sold for $3.125 million.
Parc Clematis additionally achieved 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 also is the initial unit negotiated at rates above $2,000 psf. The vendor of the unit had bought it from the property developer in October 2019 for $1.453 million ($1,646 psf), which indicates they made a return 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 along with six units of two-storey strata bungalows. The property development was introduced available for sale in August 2019. Based upon cautions lodged since Aug 1, the project is nearly completely sold with 1,445 residences (99.7%) occupied. The project is slated for finalization by this year.
Dormer Park was finished in 1993 by Hong Leong Holdings with 92 residential units. Apartments consist of 2- to four-bedders in between 1,227 and also 2,540 sq ft. The development is among a number of high-end apartments that line Jervois Road, including the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is in addition inside the area of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were recorded during the time frame in review.
