Avalon hits new high of $2,436 psf
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 one of numerous premium apartments that line Jervois Road, consisting of the 109-unit Mon Jervois and even 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 during the time frame in evaluation.
Avalon is a property development by CapitaLand that was finished in 1999. It has 82 residences housed in 2 10-storey blocks. Common units consist of 2-, 3- and four-bedders in between 958 and 2,292 sq ft. There are even four penthouse units in between 4,122 and 5,220 sq ft.
The transaction marks the first time the development has moved across the $2,400 psf limit, as well as defeats the former high of $2,338 psf set in November 2022 when a 1,668 sq ft unit switched 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 growth of $1.84 million (75%) on the transaction.
Parc Clematis additionally 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 is the initial unit transacted at costs above $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 got a gain of $397,000 or 27% on the sale.
The property development has seen a relatively lowered amount of resale purchases. The unit marketed on July 19 is the very first flat to switch 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 viewed a consistent increase in transacted costs. Based upon data compiled on the EdgeProp Singapore market trends research study tool, yearly average prices transacted at the property have actually climbed from $1,871 psf in 2020 to $2,436 psf since 2023, a rise of 30%.
Avalon, an estate project on Anderson Roadway, off Stevens Roadway in District 10, topped the list of condominiums that viewed a brand-new psf-price high within July 18 and 21. This was accomplished with the revenue of a 1,765 sq ft, three-bedroom unit on the 3rd floor for $4.3 million, or $2,436 psf, on July 19.
The purchase surpasses the former psf-price high logged just 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 residential mega-development at present under building and construction as well as is located around Jalan Lempeng in the Clementi estate in District 5.
A different development that struck a 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 measuring 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 property above 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 yielded $3.125 million.
Developed by SingHaiyi Group, the 99-year leasehold project makes up 1,450 units across nine 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 introduced for sale in August 2019. Based upon caveats lodged as of Aug 1, the property is about fully sold with 1,445 residences (99.7%) occupied. The project is slated for finalization by this year.