Avalon hits new high of $2,436 psf
Developed by SingHaiyi Group, the 99-year leasehold project makes up 1,450 units throughout 9 24-storey residential tower blocks, 12 units of two-storey strata terraced homes along with six units of two-storey strata bungalows. The property development was launched available for sale in August 2019. Based upon caveats lodged since Aug 1, the project is about completely marketed with 1,445 residences (99.7%) occupied. The project is slated for completion by this year.
The purchase surpasses the former psf-price high logged just a week much 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 construction and also lies along Jalan Lempeng in the Clementi estate in District 5.
Avalon is a development by CapitaLand that was completed in 1999. It has 82 residential units housed in 2 10-storey blocks. Regular units comprise two-, three- and four-bedders in between 958 and 2,292 sq ft. There are additionally four penthouse units between 4,122 along with 5,220 sq ft.
Avalon, an estate project on Anderson Road, off Stevens Roadway in District 10, topped the list of condos that viewed a brand-new psf-price high between July 18 and 21. This was accomplished 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.
Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments consist of 2- to four-bedders in between 1,227 and also 2,540 sq ft. The property development is one of numerous high-end condominiums that line Jervois Roadway, consisting of the 109-unit Mon Jervois and even the 108-unit Jervois Lodge. It is also within the vicinity of the Bishopsgate-Chatsworth Good Class Bungalow enclave. No brand-new psf-price lows were documented throughout the time frame in evaluation.
Parc Clematis likewise 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 very first unit negotiated at costs over $2,000 psf. The seller of the unit had purchased it from the property developer in October 2019 for $1.453 million ($1,646 psf), which suggests they got a profit of $397,000 or 27% on the sale.
The deal marks the first time the development has actually passed over the $2,400 psf threshold, and also beats the past high of $2,338 psf set in November 2022 the moment a 1,668 sq ft unit changed hands for $3.9 million. Based on caveats lodged with URA, the unit sold on July 19 had been bought 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 sale.
The development has seen a relatively minimal quantity of resale deals. The unit offered on July 19 is the very first flat to switch hands at the property development to date this year. In 2022, only three units were negotiated, while four units were settled the year since. Nonetheless, Avalon has observed a consistent increase in negotiated prices. Based on data compiled on the EdgeProp Singapore market trends study tool, annual average prices negotiated at the development have climbed from $1,871 psf in 2020 to $2,436 psf since 2023, a rise of 30%.
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 flat on the 4th level figuring 1,668 sq ft unit changed hands for $3.35 million, or $2,008 psf, on July 19. This is the very first unit negotiated at the development 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 realized $3.125 million.