Avalon hits new high of $2,436 psf
Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments consist of 2- to four-bedders in between 1,227 and also 2,540 sq ft. The development is one of several high-end condominiums that line Jervois Road, consisting of the 109-unit Mon Jervois and the 108-unit Jervois Lodge. It is in addition inside the area of the Bishopsgate-Chatsworth Good Class Bungalow enclave. No brand-new psf-price lows were documented throughout the duration in review.
The transaction 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 as well as lies around Jalan Lempeng in the Clementi estate in District 5.
Avalon, a freehold property development on Anderson Roadway, off Stevens Roadway in District 10, topped the lineup of condo units that viewed a 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.
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 homes and 6 units of two-storey strata bungalows. The property development was released available for sale in August 2019. Based upon caveats lodged since Aug 1, the project is nearly fully marketed with 1,445 residences (99.7%) taken up. The project is slated for finish by this year.
The transaction marks the very first time the development has passed over the $2,400 psf threshold, and 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 signs 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 suggests they made a growth of $1.84 million (75%) on the proceeding.
Avalon is a project by CapitaLand that was completed in 1999. It has 82 dwellings housed in two 10-storey blocks. Typical units consist of 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.
A different development that struck a brand-new psf-price high is Dormer Park, a property condominium on Jervois Street in prime District 10. A three-bedroom flat on the 4th level measuring 1,668 sq ft unit switched hands for $3.35 million, or $2,008 psf, on July 19. This is the first unit transacted at the property over the $2,000 psf benchmark, going beyond the past record of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was yielded $3.125 million.
The development has actually seen a reasonably low level of resale purchases. The unit offered on July 19 is the very first apartment to switch hands at the development to date this year. In 2022, only 3 units were transacted, while four units were settled the year since. Nonetheless, Avalon has viewed a steady increase in transacted costs. Based upon information put together on the EdgeProp Singapore market patterns study tool, annual average costs negotiated at the project have risen from $1,871 psf in 2020 to $2,436 psf as of 2023, a rise of 30%.
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 also is the very first unit transacted at prices above $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 indicates they made a gain of $397,000 or 27% on the sale.
