Avalon hits new high of $2,436 psf
Parc Clematis likewise 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 is the first unit negotiated at costs over $2,000 psf. The seller of the unit had acquired it from the property developer in October 2019 for $1.453 million ($1,646 psf), which indicates they produced a gain of $397,000 or 27% on the sale.
The deal surpasses the past psf-price high logged exactly 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 building and construction and also lies along Jalan Lempeng in the Clementi estate in District 5.
The transaction marks the very first time the project has passed over the $2,400 psf limit, and beats the former high of $2,338 psf started November 2022 the moment 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 been acquired by the seller in April 2016 for $2.46 million ($1,394 psf). This indicates they made a growth of $1.84 million (75%) on the transaction.
Avalon is a property development by CapitaLand that was completed in 1999. It has 82 residential units housed in two 10-storey blocks. Typical units consist of 2-, three- and also four-bedders in between 958 and 2,292 sq ft. There are also four penthouse units in between 4,122 along with 5,220 sq ft.
Developed by SingHaiyi Group, the 99-year leasehold project comprises 1,450 units across nine 24-storey residential tower blocks, 12 units of two-storey strata terraced homes along with 6 units of two-storey strata bungalows. The development was released for sale in August 2019. Based on caveats lodged since Aug 1, the property is nearly fully sold with 1,445 residences (99.7%) taken up. The project is slated for completion by this year.
Avalon, a freehold project on Anderson Roadway, off Stevens Roadway in District 10, topped the selection of condominiums that saw a new psf-price high between July 18 and 21. This was accomplished 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.
Dormer Park was completed 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 development is among several high-end apartments that line Jervois Road, consisting of the 109-unit Mon Jervois and 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 recorded throughout the period in review.
A different development that struck a new psf-price high is Dormer Park, a property condo on Jervois Street in prime District 10. A three-bedroom flat on the fourth floor figuring 1,668 sq ft unit changed hands for $3.35 million, or $2,008 psf, on July 19. This is the very first unit transacted at the project above the $2,000 psf benchmark, exceeding the past document of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was realized $3.125 million.
The development has viewed a reasonably lowered level of resale deals. The unit sold on July 19 is the very first apartment to shift hands at the development to date this year. In 2022, just three units were transacted, while 4 units were settled the year before. However, Avalon has actually observed a stable rise in negotiated costs. Based on information put together on the EdgeProp Singapore market trends study tool, yearly average rates transacted at the property have increased from $1,871 psf in 2020 to $2,436 psf since 2023, a surge of 30%.
