Avalon hits new high of $2,436 psf

The transaction marks the very first time the property has crossed the $2,400 psf threshold, as well as beats the past high of $2,338 psf set in November 2022 when a 1,668 sq ft unit changed controls for $3.9 million. Based on 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 means they made a gain of $1.84 million (75%) on the sale.

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 first unit negotiated at costs over $2,000 psf. The vendor of the unit had actually acquired it from the developer in October 2019 for $1.453 million ($1,646 psf), which means they produced a profit of $397,000 or 27% on the sale.

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 together with six units of two-storey strata bungalows. The development was launched for sale in August 2019. Based on cautions lodged as of Aug 1, the project is about fully sold with 1,445 residences (99.7%) occupied. The project is slated for finalization by this year.

Midtown Modern price

Another development that struck a new psf-price high is Dormer Park, a property condominium on Jervois Road in prime District 10. A three-bedroom apartment on the 4th floor figuring 1,668 sq ft unit switched hands for $3.35 million, or $2,008 psf, on July 19. This is the first unit transacted at the development above the $2,000 psf benchmark, exceeding the past document of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was realized $3.125 million.

The deal surpasses the previous psf-price high logged only a week earlier on July 13, when a 517 sq ft unit at Parc Clematis brought $1 million, or $1,935 psf. Parc Clematis is a residential mega-development at present under building and construction and lies along Jalan Lempeng in the Clementi estate in District 5.

Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments make up two- to four-bedders between 1,227 and 2,540 sq ft. The project is just one of a number of premium condos that line Jervois Roadway, consisting of the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is also within the location of the Bishopsgate-Chatsworth Good Class Bungalow enclave. No new psf-price lows were recorded throughout the period in review.

Avalon, a freehold property development on Anderson Roadway, off Stevens Road in District 10, topped the selection of condos that viewed a new psf-price high within July 18 and 21. This was accomplished 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 development has viewed a relatively low quantity of resale purchases. The unit sold on July 19 is the first flat to shift hands at the development to date this year. In 2022, only three units were transacted, while four units were transacted the year before. Nonetheless, Avalon has viewed a consistent increase in transacted prices. Based on information compiled on the EdgeProp Singapore market patterns research study tool, yearly average costs transacted at the project have actually risen from $1,871 psf in 2020 to $2,436 psf since 2023, a surge of 30%.

Avalon is a project by CapitaLand that was completed in 1999. It has 82 residences housed in two 10-storey blocks. Typical units make up two-, 3- as well as four-bedders in between 958 and also 2,292 sq ft. There are also 4 penthouse units between 4,122 and 5,220 sq ft.

error: Content is protected !!