Avalon hits new high of $2,436 psf

The property has seen a fairly low amount of resale purchases. The unit marketed on July 19 is the first residence to switch hands at the project to date this year. In 2022, just 3 units were transacted, while four units were transacted the year since. However, Avalon has actually seen a consistent increase in negotiated costs. Based on data put together on the EdgeProp Singapore market trends research study tool, yearly average rates negotiated at the project have actually climbed from $1,871 psf in 2020 to $2,436 psf since 2023, a rise of 30%.

Dormer Park was finished in 1993 by Hong Leong Holdings with 92 residential units. Apartments make up 2- to four-bedders in between 1,227 and also 2,540 sq ft. The project is just one of several premium condos that line Jervois Road, including the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is in addition inside the area of the Bishopsgate-Chatsworth Good Class Bungalow surround. No new psf-price lows were documented throughout the time frame in evaluation.

Avalon, an estate property development on Anderson Roadway, off Stevens Roadway in District 10, topped the lineup of condominiums that observed a brand-new psf-price high around July 18 and 21. This was accomplished with the sale of a 1,765 sq ft, three-bedroom unit on the 3rd floor for $4.3 million, or $2,436 psf, on July 19.

Another development that hit a new psf-price high is Dormer Park, a property apartment on Jervois Road in prime District 10. A three-bedroom apartment on the fourth level measuring 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 property over the $2,000 psf benchmark, exceeding the previous document of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was realized $3.125 million.

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

The purchase tops the former psf-price high logged exactly 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 non commercial mega-development at present under construction and also stands around Jalan Lempeng in the Clementi estate in District 5.

Developed 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 residences together with six units of two-storey strata bungalows. The development was launched for sale in August 2019. Based on cautions lodged since Aug 1, the project is almost completely offered with 1,445 residences (99.7%) taken up. The project is slated for finish by this year.

Newport Residences floor plan

The exchange marks the very first time the project has actually crossed the $2,400 psf point, and also 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 upon signs lodged with URA, the unit sold on July 19 had actually been bought by the vendor in April 2016 for $2.46 million ($1,394 psf). This means they made a growth of $1.84 million (75%) on the transaction.

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 initial unit transacted at prices above $2,000 psf. The vendor of the unit had purchased it from the developer in October 2019 for $1.453 million ($1,646 psf), which means they made a profit of $397,000 or 27% on the sale.