Avalon hits new high of $2,436 psf
The property has actually viewed a fairly minimal quantity of resale purchases. The unit sold on July 19 is the very first flat to switch hands at the property development to date this year. In 2022, just 3 units were negotiated, while four units were transacted the year since. Nonetheless, Avalon has viewed a steady boost in negotiated rates. Based upon data put together on the EdgeProp Singapore market patterns research tool, annual average prices transacted at the development have increased from $1,871 psf in 2020 to $2,436 psf since 2023, a surge of 30%.
Avalon, an estate development on Anderson Roadway, off Stevens Roadway in District 10, topped the selection of condo units that viewed a new psf-price high within July 18 and 21. This was attained with the profit of a 1,765 sq ft, three-bedroom unit on the third floor for $4.3 million, or $2,436 psf, on July 19.
The deal beats the previous psf-price high logged only 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.
Created by SingHaiyi Group, the 99-year leasehold project makes up 1,450 units across nine 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 launched available for sale in August 2019. Based on cautions lodged since Aug 1, the project is about fully sold with 1,445 residences (99.7%) taken up. The project is slated for finish by this year.
Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise two- to four-bedders in between 1,227 and also 2,540 sq ft. The project is just one of a number of high-end condominiums that line Jervois Road, consisting of the 109-unit Mon Jervois and the 108-unit Jervois Lodge. It is also inside the vicinity of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were recorded throughout the period in review.
Another development that struck a brand-new psf-price high is Dormer Park, a property condo on Jervois Street in prime District 10. A three-bedroom flat on the 4th level evaluating 1,668 sq ft unit changed hands for $3.35 million, or $2,008 psf, on July 19. This is the first unit negotiated at the development above the $2,000 psf benchmark, surpassing the past document of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was sold for $3.125 million.
Avalon is a development by CapitaLand that was completed in 1999. It has actually 82 dwellings housed in two 10-storey blocks. Regular units consist of 2-, 3- as well as four-bedders between 958 and 2,292 sq ft. There are even 4 penthouse units between 4,122 along with 5,220 sq ft.
Parc Clematis also achieved 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 also is the initial unit negotiated at prices 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 indicates they got a profit of $397,000 or 27% on the sale.
The deal marks the first time the development has actually crossed the $2,400 psf point, as well as defeats the previous high of $2,338 psf started November 2022 when a 1,668 sq ft unit changed hands for $3.9 million. Based upon signs lodged with URA, the unit sold on July 19 had actually been purchased by the seller in April 2016 for $2.46 million ($1,394 psf). This indicates they made a growth of $1.84 million (75%) on the proceeding.