Avalon hits new high of $2,436 psf

The deal marks the very first time the property has passed over the $2,400 psf point, and also defeats the past high of $2,338 psf started November 2022 the moment a 1,668 sq ft unit switched controls for $3.9 million. Based upon signs lodged with URA, the unit sold on July 19 had actually 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 sale.

Avalon is a development by CapitaLand that was completed in 1999. It has actually 82 dwellings housed in two 10-storey blocks. Typical units consist of two-, three- and also four-bedders in between 958 and also 2,292 sq ft. There are even 4 penthouse units between 4,122 and 5,220 sq ft.

The development has viewed a reasonably lowered level of resale purchases. The unit offered on July 19 is the very first apartment to shift hands at the project to date this year. In 2022, just 3 units were transacted, while 4 units were negotiated the year before. Nonetheless, Avalon has observed a constant boost in transacted costs. Based on information compiled on the EdgeProp Singapore market patterns research study tool, annual average costs transacted at the property have actually increased from $1,871 psf in 2020 to $2,436 psf since 2023, a surge of 30%.

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 is the very first unit negotiated at costs above $2,000 psf. The seller of the unit had actually purchased it from the property developer in October 2019 for $1.453 million ($1,646 psf), which suggests they produced a return of $397,000 or 27% on the sale.

Sceneca Residences condo

The deal tops the past psf-price high logged just 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 residential mega-development currently under construction and stands along Jalan Lempeng in the Clementi estate in District 5.

Avalon, an estate development on Anderson Roadway, off Stevens Road in District 10, topped the lineup of condo units that observed 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 level for $4.3 million, or $2,436 psf, on July 19.

A different development that hit a brand-new psf-price high is Dormer Park, a freehold condo on Jervois Road in prime District 10. A three-bedroom apartment on the 4th floor measuring 1,668 sq ft unit changed hands for $3.35 million, or $2,008 psf, on July 19. This is the very first unit transacted at the property 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.

Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise 2- to four-bedders between 1,227 as well as 2,540 sq ft. The property development is among several premium condominiums that line Jervois Road, consisting of the 109-unit Mon Jervois and even the 108-unit Jervois Lodge. It is in addition inside the vicinity of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were documented throughout the period in evaluation.

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 introduced 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%) taken up. The project is slated for completion by this year.


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