Avalon hits new high of $2,436 psf
The property development has viewed a reasonably low level of resale transactions. The unit sold on July 19 is the first residence to change hands at the development to date this year. In 2022, only three units were negotiated, while 4 units were negotiated the year before. However, Avalon has observed a constant rise in negotiated costs. Based on data put together on the EdgeProp Singapore market patterns research study tool, annual average prices transacted at the development have actually climbed from $1,871 psf in 2020 to $2,436 psf as of 2023, a surge of 30%.
A different development that hit a brand-new psf-price high is Dormer Park, an estate condominium on Jervois Road in prime District 10. A three-bedroom flat on the fourth floor 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 transacted at the development over the $2,000 psf benchmark, exceeding the previous document of $1,873 psf listed in May 2022 when a 1,668 sq ft unit was yielded $3.125 million.
The purchase tops the former psf-price high logged just 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 currently under building and construction and also stands around Jalan Lempeng in the Clementi estate in District 5.
Created by SingHaiyi Group, the 99-year leasehold project comprises 1,450 units across nine 24-storey residential tower blocks, 12 units of two-storey strata terraced residences along with 6 units of two-storey strata bungalows. The property development was launched for sale in August 2019. Based on cautions lodged as of Aug 1, the project is nearly totally marketed with 1,445 residences (99.7%) used up. The project is slated for completion by this year.
Avalon is a development by CapitaLand that was finished in 1999. It has actually 82 residences housed in 2 10-storey blocks. Common units consist of two-, 3- 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.
Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments make up 2- to four-bedders in between 1,227 and 2,540 sq ft. The property development is just one of numerous premium apartments that line Jervois Roadway, including the 109-unit Mon Jervois and even the 108-unit Jervois Lodge. It is in addition inside the location of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were documented during the time frame in evaluation.
Avalon, a freehold development on Anderson Road, off Stevens Road in District 10, topped the list of condo units that observed a brand-new psf-price high between July 18 and 21. This was attained with the sale of a 1,765 sq ft, three-bedroom unit on the third floor for $4.3 million, or $2,436 psf, on July 19.
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 also is the very first unit negotiated at costs above $2,000 psf. The seller of the unit had actually acquired it from the property developer in October 2019 for $1.453 million ($1,646 psf), which suggests they made a gain of $397,000 or 27% on the sale.
The exchange marks the very first time the property has actually crossed the $2,400 psf limit, and defeats the past high of $2,338 psf set in November 2022 the moment a 1,668 sq ft unit changed 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 suggests they made a growth of $1.84 million (75%) on the deal.