Avalon hits new high of $2,436 psf

Parc Clematis additionally 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 initial unit negotiated at costs above $2,000 psf. The vendor of the unit had purchased it from the property developer in October 2019 for $1.453 million ($1,646 psf), which suggests they got a gain of $397,000 or 27% on the sale.

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A different development that hit a new psf-price high is Dormer Park, a freehold condominium on Jervois Road in prime District 10. A three-bedroom flat on the fourth floor evaluating 1,668 sq ft unit shifted 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 document of $1,873 psf listed in May 2022 when a 1,668 sq ft unit was sold for $3.125 million.

The property development has viewed a relatively low amount of resale transactions. The unit offered on July 19 is the very first apartment to switch hands at the development to date this year. In 2022, just 3 units were worked out, while four units were settled the year before. Nonetheless, Avalon has observed a stable boost in transacted prices. Based upon data put together on the EdgeProp Singapore market trends study tool, annual average costs transacted at the project have climbed from $1,871 psf in 2020 to $2,436 psf since 2023, a surge of 30%.

The transaction beats the former psf-price high logged only 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 building and construction as well as lies around Jalan Lempeng in the Clementi estate in District 5.

Created by SingHaiyi Group, the 99-year leasehold project makes up 1,450 units across 9 24-storey residential tower blocks, 12 units of two-storey strata terraced homes together with six units of two-storey strata bungalows. The property development was released 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 completion by this year.

Dormer Park was finished in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise 2- to four-bedders in between 1,227 and 2,540 sq ft. The project is among numerous high-end condominiums that line Jervois Road, consisting of the 109-unit Mon Jervois and even the 108-unit Jervois Lodge. It is in addition inside the area of the Bishopsgate-Chatsworth Good Class Bungalow enclave. No new psf-price lows were documented during the period in evaluation.

Avalon is a property development by CapitaLand that was completed in 1999. It has 82 residential units housed in two 10-storey blocks. Common units consist of two-, 3- as well as four-bedders in between 958 and also 2,292 sq ft. There are even 4 penthouse units in between 4,122 along with 5,220 sq ft.

Avalon, a freehold development on Anderson Road, off Stevens Roadway in District 10, topped the list of condo units that saw a new psf-price high between July 18 and 21. This was accomplished 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.

The transaction marks the first time the development has actually crossed the $2,400 psf threshold, as well as defeats the former high of $2,338 psf set in November 2022 when a 1,668 sq ft unit switched controls for $3.9 million. Based on caveats lodged with URA, the unit sold on July 19 had been acquired by the seller in April 2016 for $2.46 million ($1,394 psf). This implies they made a boost of $1.84 million (75%) on the transaction.

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