Avalon hits new high of $2,436 psf

Avalon is a project by CapitaLand that was completed in 1999. It has actually 82 residential units housed in two 10-storey blocks. Typical units make up two-, 3- as well as four-bedders in between 958 and 2,292 sq ft. There are also 4 penthouse units in between 4,122 and 5,220 sq ft.

Parc Clematis likewise accomplished 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 floor was a sub-sale and also is the first unit transacted at prices 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 indicates they made a gain of $397,000 or 27% on the sale.

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 property development is among several premium apartments that line Jervois Road, consisting of the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is also inside the location of the Bishopsgate-Chatsworth Good Class Bungalow surround. No brand-new psf-price lows were documented throughout the duration in review.

The deal marks the very first time the development has actually passed over the $2,400 psf threshold, and defeats the previous high of $2,338 psf started November 2022 when a 1,668 sq ft unit changed hands for $3.9 million. Based on warnings lodged with URA, the unit sold on July 19 had actually been bought by the seller in April 2016 for $2.46 million ($1,394 psf). This indicates they made a gain of $1.84 million (75%) on the transaction.

Another development that hit a brand-new psf-price high is Dormer Park, a freehold condo 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 negotiated at the project over the $2,000 psf benchmark, going beyond the past record of $1,873 psf listed in May 2022 when a 1,668 sq ft unit was realized $3.125 million.

Sky Eden Frasers Property

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 homes and six units of two-storey strata bungalows. The development was introduced for sale in August 2019. Based on caveats lodged since Aug 1, the property is almost totally marketed with 1,445 residences (99.7%) taken up. The project is slated for finalization by this year.

Avalon, a freehold project on Anderson Road, off Stevens Roadway in District 10, topped the lineup of condos that viewed a new psf-price high between July 18 and 21. This was achieved 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 property development has actually viewed a fairly low level of resale purchases. The unit offered on July 19 is the very first flat to change hands at the development to date this year. In 2022, only 3 units were transacted, while 4 units were settled the year since. However, Avalon has actually observed a constant boost in transacted rates. Based upon information put together on the EdgeProp Singapore market patterns research tool, annual average prices transacted at the project have risen from $1,871 psf in 2020 to $2,436 psf as of 2023, a surge of 30%.

The purchase tops the previous 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 non commercial mega-development at present under building and construction and also stands along Jalan Lempeng in the Clementi estate in District 5.

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