Avalon hits new high of $2,436 psf

A different development that struck a brand-new psf-price high is Dormer Park, an estate condo on Jervois Road in prime District 10. A three-bedroom apartment on the fourth floor evaluating 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, 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 deal marks the first time the development has crossed the $2,400 psf threshold, as well as defeats the past high of $2,338 psf started November 2022 the moment a 1,668 sq ft unit changed hands for $3.9 million. Based upon warnings lodged with URA, the unit sold on July 19 had been acquired by the vendor in April 2016 for $2.46 million ($1,394 psf). This implies they made a growth of $1.84 million (75%) on the transaction.

The property has viewed a reasonably minimal quantity of resale transactions. The unit marketed on July 19 is the first apartment to switch hands at the project to date this year. In 2022, only three units were worked out, while four units were transacted the year since. However, Avalon has seen a steady increase in negotiated rates. Based upon information collected on the EdgeProp Singapore market patterns research study tool, annual average costs negotiated at the property have risen from $1,871 psf in 2020 to $2,436 psf since 2023, a surge of 30%.

Kassia Condo floor plan

Avalon is a development by CapitaLand that was finished in 1999. It has actually 82 residences housed in 2 10-storey blocks. Regular units comprise two-, 3- and also 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.

Parc Clematis also accomplished 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 floor was a sub-sale and is the very first unit negotiated at prices over $2,000 psf. The vendor of the unit had bought it from the developer in October 2019 for $1.453 million ($1,646 psf), which means they produced a gain of $397,000 or 27% on the sale.

The transaction tops the past psf-price high logged just a week sooner on July 13, when a 517 sq ft unit at Parc Clematis fetched $1 million, or $1,935 psf. Parc Clematis is a residential mega-development currently under construction and is located along Jalan Lempeng in the Clementi estate in District 5.

Dormer Park was finished 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 among several high-end condominiums that line Jervois Roadway, including the 109-unit Mon Jervois and the 108-unit Jervois Lodge. It is also inside the area of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were documented during the time frame in evaluation.

Avalon, a property project on Anderson Roadway, off Stevens Roadway in District 10, topped the lineup of condos that observed a new psf-price high between July 18 and 21. This was attained with the profit of a 1,765 sq ft, three-bedroom unit on the 3rd level for $4.3 million, or $2,436 psf, on July 19.

Established 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 upon caveats lodged since Aug 1, the property is nearly fully marketed with 1,445 residences (99.7%) used up. The project is slated for completion by this year.

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