Avalon sets a new high of $2,436 per square foot

Avalon Avalon freehold development located on Anderson Road, off Stevens Road in District 10, topped the list of condos which saw an increase in the price of psf between July 18 to 21. The result was the purchase of a 1,765-square-foot three-bedroom apartment located on the third floor, for $4.3 million which is $2,436 per square foot, on the 19th of July.

This is the first time that the development has surpassed the $2,400 per sq ft threshold. This is higher than the previous record of $2,338 per square foot set in the month of November 2022. 1,668 sq ft property was sold in exchange for $3.9 million. Based on caveats filed with URA the unit that was that was sold on the 19th of July been bought from the vendor in April of 2016 at $2.46 million ($1,394 per sq ft). That’s gains that was $1.84 millions (75%) on the deal.

Lumina Grand goal is to make it simple for all inhabitants to access nearby MRT stations.

Avalon is a project by CapitaLand which is completed as of 1999. It houses 82 residents in two blocks of 10 stories. The typical units are two, three and four-bedders ranging from 958 to 2,292 sq feet. There are penthouses with four bedrooms between 4,122 and 5,220 square feet.

The development has had the development experience a low amount of resales. The unit that sold on 19 July was the first apartment that has changed owners at the development until the present date. In 2022, just three units were sold and four units were sold in the previous year. However, Avalon has seen a steady rise in prices for transactions. Based on the information compiled by the EdgeProp Singapore market trends research tool, annual average prices at the Avalon Avalon development have increased from $1871 per sq ft in 2020 to $2,436 per sq ft in 2023, an rise by 30%.

Parc Clematis also surpassed an all-time high in psf prices following the sale of an 883 square foot apartment for $1.85 million or $2,096 psf on the 20th of July. The three-bedroom unit located on 15th level was sold as a sub-sale and was the first property sold at a price that was higher than $2,000 per square foot. The buyer of the unit had bought it directly from developer developer in October of this year in exchange for $1.453 million ($1,646 per square foot) that means they earned $397,700 or 27% in the deal.

The deal beats the previous high psf-price that was recorded just one week earlier on the 13th of July the 13th, when 517 square feet of space in Parc Clematis fetched $1 million in the form of $1,935 per square foot. Parc Clematis is a mega-residence that is currently in construction. It is situated in Jalan Lempeng in the Clementi estate in District 5.

It was designed through SingHaiyi Group, the 99-year leasehold development comprises 1,450 units spread across nine 24-storey residential tower blocks with twelve units comprising two-storey terraced strata houses and six strata bungalows. The project was officially launched for sale in August of this year. Based on caveats that were lodged on August 1 The project is almost complete with 1,445 houses (99.7%) taken up. The project is scheduled for completion in the year to come.

Another property that hit the new high of psf can be found at Dormer Park which is a freehold condominium situated on Jervois Road in prime District 10. A three-bedroom unit at the top of the building of 1,668 square feet was sold owners to the tune of $3.35 million, which is $2,008 per square foot on the 19th of July. It was the first unit sold at the development that is above the benchmark of $2,000 psf beating previously set records by $1873 psf recorded in May 2022. the unit was 1,668 sq feet was purchased for $3.125 million.

Dormer Park was constructed on the 23rd of November 1993 Hong Leong Holdings with 92 housing units. Apartments are comprised of two- to four-bedders that range from 1,227 to 2,540 square feet. This is among many high-end condominiums along Jervois Road, including the 109-unit Mon Jervois and the 108-unit Jervois Lodge. It is also within the vicinity of the Bishopsgate-Chatsworth Good Class Bungalow enclave. The price of psf was not lowered. recorded during the period of the review.