Avalon hits new high of $2,436 psf

Avalon is a development by CapitaLand that was finished in 1999. It has 82 residences housed in two 10-storey blocks. Typical units make up 2-, three- as well as four-bedders in between 958 and also 2,292 sq ft. There are additionally four penthouse units in between 4,122 and 5,220 sq ft.

Established by SingHaiyi Group, the 99-year leasehold project makes up 1,450 units across 9 24-storey residential tower blocks, 12 units of two-storey strata terraced houses and six units of two-storey strata bungalows. The property development was launched available for sale in August 2019. Based on caveats lodged as of Aug 1, the property is nearly fully sold with 1,445 residences (99.7%) taken up. The project is slated for finish by this year.

Parc Clematis also attained 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 is the first unit transacted at rates above $2,000 psf. The vendor of the unit had actually bought it from the property developer in October 2019 for $1.453 million ($1,646 psf), which suggests they made a profit of $397,000 or 27% on the sale.

The Continuum showflat location

The purchase surpasses the former psf-price high logged just a week sooner 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 building and construction as well as stands along Jalan Lempeng in the Clementi estate in District 5.

Dormer Park was finished in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise 2- to four-bedders in between 1,227 as well as 2,540 sq ft. The property development is just one of a number of high-end condos that line Jervois Road, including the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is in addition within the location of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were documented during the duration in review.

The property has seen a reasonably low quantity of resale transactions. The unit offered on July 19 is the very first residence to switch hands at the development to date this year. In 2022, just three units were worked out, while 4 units were settled the year since. Nevertheless, Avalon has observed a constant rise in negotiated rates. Based upon data put together on the EdgeProp Singapore market patterns study tool, annual average costs transacted at the development have actually increased from $1,871 psf in 2020 to $2,436 psf as of 2023, a surge of 30%.

Avalon, an estate property development on Anderson Road, off Stevens Road in District 10, topped the selection of condominiums that viewed a brand-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 transaction marks the very first time the development has actually moved across 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 switched hands for $3.9 million. Based upon caveats lodged with URA, the unit sold on July 19 had actually been acquired by the vendor in April 2016 for $2.46 million ($1,394 psf). This implies they made a boost of $1.84 million (75%) on the deal.

Another development that struck a new psf-price high is Dormer Park, a property apartment on Jervois Road in prime District 10. A three-bedroom flat on the 4th floor measuring 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 above the $2,000 psf benchmark, going beyond the previous document of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was yielded $3.125 million.

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