Avalon hits new high of $2,436 psf

The development has viewed a reasonably minimal amount of resale deals. The unit marketed on July 19 is the first apartment to switch hands at the project to date this year. In 2022, just 3 units were negotiated, while 4 units were transacted the year before. However, Avalon has actually seen a stable boost in negotiated rates. Based on data collected on the EdgeProp Singapore market trends research tool, annual average prices negotiated at the project have risen from $1,871 psf in 2020 to $2,436 psf since 2023, a rise of 30%.

Avalon is a property development by CapitaLand that was finished in 1999. It has 82 residential units housed in two 10-storey blocks. Regular units make up two-, three- and four-bedders between 958 and 2,292 sq ft. There are also four penthouse units between 4,122 and 5,220 sq ft.

Parc Clematis also 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 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 means they produced a return of $397,000 or 27% on the sale.

The deal marks the very first time the project has actually moved across the $2,400 psf point, as well as defeats the previous high of $2,338 psf started November 2022 the moment a 1,668 sq ft unit switched hands for $3.9 million. Based on caveats lodged with URA, the unit sold on July 19 had actually been acquired by the vendor in April 2016 for $2.46 million ($1,394 psf). This means they made a gain of $1.84 million (75%) on the deal.

Avalon, a property project on Anderson Road, off Stevens Roadway in District 10, topped the lineup of condo units that viewed a brand-new psf-price high within July 18 and 21. This was attained 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.

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 houses and 6 units of two-storey strata bungalows. The development was launched for sale in August 2019. Based on caveats lodged as of Aug 1, the property is almost completely marketed with 1,445 residences (99.7%) occupied. The project is slated for finalization by this year.

Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments consist of two- to four-bedders between 1,227 and 2,540 sq ft. The development is one of numerous premium condominiums that line Jervois Road, consisting of the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is also inside the location of the Bishopsgate-Chatsworth Good Class Bungalow enclave. No new psf-price lows were recorded during the duration in review.

Lentor Hills Residences Lentor Hills Road

A different 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 fourth floor evaluating 1,668 sq ft unit switched hands for $3.35 million, or $2,008 psf, on July 19. This is the very first unit negotiated at the project over the $2,000 psf benchmark, surpassing the previous record of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was yielded $3.125 million.

The transaction surpasses the previous psf-price high logged just a week sooner on July 13, when a 517 sq ft unit at Parc Clematis brought $1 million, or $1,935 psf. Parc Clematis is a non commercial mega-development at present under building and construction and also stands around Jalan Lempeng in the Clementi estate in District 5.

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