Avalon hits new high of $2,436 psf
Avalon, an estate project on Anderson Roadway, off Stevens Roadway in District 10, topped the selection of condominiums that viewed a new psf-price high between July 18 and 21. This was achieved 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.
The purchase beats the former psf-price high logged only a week sooner 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 at present under construction and also stands around Jalan Lempeng in the Clementi estate in District 5.
Avalon is a development by CapitaLand that was finished in 1999. It has 82 dwellings housed in two 10-storey blocks. Common units make up 2-, 3- and four-bedders in between 958 and 2,292 sq ft. There are even four penthouse units between 4,122 and 5,220 sq ft.
The transaction 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 set in November 2022 the moment a 1,668 sq ft unit switched controls for $3.9 million. Based on signs lodged with URA, the unit sold on July 19 had been acquired by the seller in April 2016 for $2.46 million ($1,394 psf). This implies they made a gain of $1.84 million (75%) on the transaction.
Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise two- to four-bedders between 1,227 and 2,540 sq ft. The property development is just one of numerous premium apartments that line Jervois Road, consisting of the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is also inside the area of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were recorded during the period in evaluation.
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 residences and 6 units of two-storey strata bungalows. The property development was released available for sale in August 2019. Based upon cautions lodged since Aug 1, the project is nearly fully sold with 1,445 residences (99.7%) occupied. The project is slated for finalization by this year.
Parc Clematis also 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 level was a sub-sale and also is the first unit transacted at rates above $2,000 psf. The vendor of the unit had acquired it from the property developer in October 2019 for $1.453 million ($1,646 psf), which means they produced a gain of $397,000 or 27% on the sale.
A different 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 switched hands for $3.35 million, or $2,008 psf, on July 19. This is the first unit negotiated at the development over 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 realized $3.125 million.
The property development has viewed a relatively minimal quantity of resale transactions. The unit marketed on July 19 is the very first flat to shift hands at the project to date this year. In 2022, only three units were negotiated, while four units were transacted the year since. Nevertheless, Avalon has viewed a constant rise in transacted rates. Based on information collected on the EdgeProp Singapore market trends research study tool, yearly average prices negotiated at the project have actually increased from $1,871 psf in 2020 to $2,436 psf as of 2023, a surge of 30%.