Avalon hits new high of $2,436 psf
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 also 2,540 sq ft. The project is one of a number of premium condominiums that line Jervois Roadway, including the 109-unit Mon Jervois and even the 108-unit Jervois Lodge. It is in addition within the vicinity of the Bishopsgate-Chatsworth Good Class Bungalow surround. No new psf-price lows were recorded throughout the period in review.
Another development that hit a brand-new psf-price high is Dormer Park, a property apartment on Jervois Road in prime District 10. A three-bedroom apartment on the fourth floor evaluating 1,668 sq ft unit changed hands for $3.35 million, or $2,008 psf, on July 19. This is the very first unit negotiated at the property over the $2,000 psf benchmark, surpassing the previous record of $1,873 psf listed in May 2022 when a 1,668 sq ft unit was realized $3.125 million.
Created 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 residences and six units of two-storey strata bungalows. The property development was launched for sale in August 2019. Based upon caveats lodged since Aug 1, the property is about completely marketed with 1,445 residences (99.7%) occupied. The project is slated for completion by this year.
The development has actually seen a reasonably lowered quantity of resale deals. The unit marketed on July 19 is the very first apartment to switch hands at the project to date this year. In 2022, only three units were negotiated, while four units were settled the year before. However, Avalon has seen a consistent rise in negotiated prices. Based upon information put together on the EdgeProp Singapore market trends research study tool, yearly average prices transacted at the development have actually climbed from $1,871 psf in 2020 to $2,436 psf as of 2023, a rise of 30%.
The deal marks the first time the project has actually moved across the $2,400 psf limit, and also defeats the former high of $2,338 psf started November 2022 the moment a 1,668 sq ft unit changed controls for $3.9 million. Based upon signs lodged with URA, the unit sold on July 19 had been bought by the seller in April 2016 for $2.46 million ($1,394 psf). This means they made a gain of $1.84 million (75%) on the deal.
Avalon, an estate property development on Anderson Roadway, off Stevens Roadway in District 10, topped the lineup of condos that viewed a brand-new psf-price high around July 18 and 21. This was accomplished with the profit of a 1,765 sq ft, three-bedroom unit on the 3rd level for $4.3 million, or $2,436 psf, on July 19.
Avalon is a project by CapitaLand that was finished in 1999. It has actually 82 dwellings housed in 2 10-storey blocks. Regular units consist of two-, 3- and also four-bedders in between 958 and also 2,292 sq ft. There are even four penthouse units between 4,122 along with 5,220 sq ft.
The purchase beats 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 at present under building and construction and also is located along Jalan Lempeng in the Clementi estate in District 5.
Parc Clematis additionally 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 first unit transacted at prices 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 means they made a profit of $397,000 or 27% on the sale.
