Avalon hits new high of $2,436 psf

Developed 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 residences along with six units of two-storey strata bungalows. The property development was released available for sale in August 2019. Based on caveats lodged as of Aug 1, the project is nearly completely sold with 1,445 residences (99.7%) taken up. The project is slated for finish by this year.

The property development has actually viewed a relatively low level of resale transactions. The unit sold on July 19 is the very first residence to switch hands at the project to date this year. In 2022, only three units were worked out, while 4 units were negotiated the year since. However, Avalon has seen a steady rise in transacted rates. Based on data put together on the EdgeProp Singapore market trends 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%.

Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise two- to four-bedders in between 1,227 and 2,540 sq ft. The development is just one of numerous high-end condos that line Jervois Road, consisting of the 109-unit Mon Jervois and the 108-unit Jervois Lodge. It is in addition within the vicinity of the Bishopsgate-Chatsworth Good Class Bungalow enclave. No brand-new psf-price lows were recorded throughout the time frame in evaluation.

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

The deal marks the very first time the project has actually passed over the $2,400 psf point, as well as beats the former high of $2,338 psf set in November 2022 the moment a 1,668 sq ft unit switched hands for $3.9 million. Based upon caveats lodged with URA, the unit sold on July 19 had been bought by the vendor in April 2016 for $2.46 million ($1,394 psf). This means they made a boost of $1.84 million (75%) on the proceeding.

Another development that struck a brand-new psf-price high is Dormer Park, a freehold apartment on Jervois Street in prime District 10. A three-bedroom flat on the 4th floor figuring 1,668 sq ft unit shifted hands for $3.35 million, or $2,008 psf, on July 19. This is the very first unit transacted at the project 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 realized $3.125 million.

Lakegarden Residences Wingtai Holdings

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 is the very first unit negotiated at costs over $2,000 psf. The vendor of the unit had actually bought it from the developer in October 2019 for $1.453 million ($1,646 psf), which means they produced a profit of $397,000 or 27% on the sale.

Avalon, an estate development on Anderson Roadway, off Stevens Road in District 10, topped the list of condos that viewed a brand-new psf-price high within July 18 and 21. This was attained with the revenue of a 1,765 sq ft, three-bedroom unit on the 3rd level for $4.3 million, or $2,436 psf, on July 19.

The purchase surpasses the past psf-price high logged just a week much earlier on July 13, when a 517 sq ft unit at Parc Clematis brought $1 million, or $1,935 psf. Parc Clematis is a residential mega-development currently under construction and stands around Jalan Lempeng in the Clementi estate in District 5.

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