Avalon hits new high of $2,436 psf

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

The property development has actually seen a fairly lowered level of resale deals. The unit sold on July 19 is the very first flat to shift hands at the property development to date this year. In 2022, just 3 units were transacted, while 4 units were settled the year since. Nevertheless, Avalon has actually seen a consistent increase in negotiated rates. Based upon data put together on the EdgeProp Singapore market trends research study tool, annual average costs negotiated at the project have actually risen from $1,871 psf in 2020 to $2,436 psf since 2023, a surge of 30%.

A different development that hit a new psf-price high is Dormer Park, an estate condo on Jervois Road in prime District 10. A three-bedroom apartment on the 4th level evaluating 1,668 sq ft unit shifted hands for $3.35 million, or $2,008 psf, on July 19. This is the first unit negotiated at the property above the $2,000 psf benchmark, going beyond the previous record of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was sold for $3.125 million.

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

The exchange marks the first time the property has actually crossed the $2,400 psf point, as well as beats the previous high of $2,338 psf started November 2022 the moment a 1,668 sq ft unit changed controls for $3.9 million. Based upon caveats 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 indicates they made a boost of $1.84 million (75%) on the deal.

Reserve Residences Singapore

Parc Clematis additionally attained 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 is the very first unit transacted at costs over $2,000 psf. The vendor of the unit had actually purchased it from the developer in October 2019 for $1.453 million ($1,646 psf), which means they made a gain of $397,000 or 27% on the sale.

Created by SingHaiyi Group, the 99-year leasehold project comprises 1,450 units across 9 24-storey residential tower blocks, 12 units of two-storey strata terraced homes along with six units of two-storey strata bungalows. The development was launched available for sale in August 2019. Based on caveats lodged as of Aug 1, the property is about totally marketed with 1,445 residences (99.7%) occupied. The project is slated for finalization by this year.

Avalon, a freehold development on Anderson Roadway, off Stevens Road in District 10, topped the lineup of condo units that saw a 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.

The purchase tops the past 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 construction and also stands along Jalan Lempeng in the Clementi estate in District 5.

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