Avalon hits new high of $2,436 psf
The property has actually viewed a relatively minimal quantity of resale purchases. The unit marketed on July 19 is the first apartment to change hands at the project to date this year. In 2022, just three units were negotiated, while 4 units were negotiated the year before. However, Avalon has actually seen a steady boost in negotiated costs. Based upon data compiled on the EdgeProp Singapore market trends research tool, annual average prices negotiated at the development have actually climbed from $1,871 psf in 2020 to $2,436 psf as of 2023, a surge of 30%.
Avalon, an estate project on Anderson Road, off Stevens Roadway in District 10, topped the lineup of condo units that viewed a brand-new psf-price high within July 18 and 21. This was achieved with the sale of a 1,765 sq ft, three-bedroom unit on the 3rd floor for $4.3 million, or $2,436 psf, on July 19.
Avalon is a development by CapitaLand that was finished in 1999. It has actually 82 dwellings housed in 2 10-storey blocks. Regular units make up two-, three- and also four-bedders between 958 and 2,292 sq ft. There are also 4 penthouse units in between 4,122 and 5,220 sq ft.
Another development that hit a new psf-price high is Dormer Park, an estate apartment on Jervois Street in prime District 10. A three-bedroom flat on the 4th level evaluating 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 property over the $2,000 psf benchmark, exceeding the past document of $1,873 psf listed in May 2022 when a 1,668 sq ft unit was sold for $3.125 million.
The transaction marks the first time the property has actually crossed the $2,400 psf point, as well as defeats 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 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 means they made a gain of $1.84 million (75%) on the deal.
The purchase tops the past psf-price high logged just 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 non commercial mega-development currently under construction and is located around Jalan Lempeng in the Clementi estate in District 5.
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 initial unit negotiated at rates over $2,000 psf. The vendor of the unit had acquired it from the developer in October 2019 for $1.453 million ($1,646 psf), which indicates they got a return of $397,000 or 27% on the sale.
Established by SingHaiyi Group, the 99-year leasehold project comprises 1,450 units throughout nine 24-storey residential tower blocks, 12 units of two-storey strata terraced homes along with 6 units of two-storey strata bungalows. The property development was introduced for sale in August 2019. Based upon caveats lodged as of Aug 1, the property is nearly fully sold 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 2- to four-bedders between 1,227 as well as 2,540 sq ft. The development is among several high-end condominiums that line Jervois Road, consisting of the 109-unit Mon Jervois and even the 108-unit Jervois Lodge. It is also inside the area of the Bishopsgate-Chatsworth Good Class Bungalow enclave. No brand-new psf-price lows were recorded during the period in review.