Avalon hits new high of $2,436 psf
Parc Clematis likewise 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 floor was a sub-sale and is the first unit negotiated at costs over $2,000 psf. The vendor of the unit had bought it from the developer in October 2019 for $1.453 million ($1,646 psf), which suggests they made a return of $397,000 or 27% on the sale.
Another development that struck a new psf-price high is Dormer Park, a property apartment on Jervois Road in prime District 10. A three-bedroom apartment on the 4th level 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 development over the $2,000 psf benchmark, surpassing 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 deal surpasses the previous psf-price high logged just a week sooner 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 at present under construction and also is located around Jalan Lempeng in the Clementi estate in District 5.
Established 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 houses along with six units of two-storey strata bungalows. The property development was released available for sale in August 2019. Based on cautions lodged since Aug 1, the project is almost totally offered with 1,445 residences (99.7%) taken up. The project is slated for finish by this year.
The transaction marks the first time the project has passed over the $2,400 psf point, and beats the previous high of $2,338 psf set in November 2022 when 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 been acquired by the vendor in April 2016 for $2.46 million ($1,394 psf). This implies they made a boost of $1.84 million (75%) on the deal.
Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments make up two- to four-bedders in between 1,227 as well as 2,540 sq ft. The project is one of several premium condos that line Jervois Roadway, consisting of the 109-unit Mon Jervois plus the 108-unit Jervois Lodge. It is also within the vicinity of the Bishopsgate-Chatsworth Good Class Bungalow surround. No new psf-price lows were recorded throughout the duration in evaluation.
Avalon, a freehold project on Anderson Roadway, off Stevens Road in District 10, topped the list of condo units that viewed a new psf-price high around July 18 and 21. This was accomplished with the revenue of a 1,765 sq ft, three-bedroom unit on the third floor for $4.3 million, or $2,436 psf, on July 19.
The development has seen a reasonably minimal level of resale deals. The unit marketed on July 19 is the first residence to shift hands at the property development to date this year. In 2022, just 3 units were negotiated, while four units were negotiated the year before. However, Avalon has viewed a constant rise in negotiated costs. Based on data put together on the EdgeProp Singapore market trends research study tool, annual average costs transacted at the property have climbed from $1,871 psf in 2020 to $2,436 psf since 2023, a rise of 30%.
Avalon is a property development by CapitaLand that was completed in 1999. It has actually 82 dwellings housed in 2 10-storey blocks. Typical units consist of 2-, 3- and also four-bedders in between 958 and also 2,292 sq ft. There are also four penthouse units in between 4,122 along with 5,220 sq ft.