Avalon hits new high of $2,436 psf

/ EdgeProp Singapore |

August 4, 2023 8:00 AM SGT

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SINGAPORE (EDGEPROP) - Avalon, a freehold development on Anderson Road, off Stevens Road in District 10, topped the list of condos that saw a new psf-price high between July 18 and 21. This was achieved with the sale 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 transaction marks the first time the development has crossed the $2,400 psf threshold, 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 on caveats lodged with URA, the unit sold on July 19 had been purchased 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 transaction.

The new psf-price high at Avalon was achieved with the sale of a 1,765 sq ft unit for $4.3 million on July 19 (Picture: Samuel Isaac Chua/The Edge Singapore)

Avalon is a development by CapitaLand that was completed in 1999. It has 82 residences housed in two 10-storey blocks. Typical units comprise two-, three- and four-bedders between 958 and 2,292 sq ft. There are also four penthouse units between 4,122 and 5,220 sq ft.

Read also: Ultra-luxury District 10 condos reap sky-high profits

The development has seen a relatively low level of resale transactions. The unit sold on July 19 is the first apartment to change hands at the development to date this year. In 2022, only three units were transacted, while four units were transacted the year before. Nonetheless, Avalon has seen a steady increase in transacted prices. Based on data compiled on the EdgeProp Singapore market trends research tool, yearly average prices transacted at the development have risen from $1,871 psf in 2020 to $2,436 psf as of 2023, a surge of 30%.

Parc Clematis also 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 transacted at prices above $2,000 psf. The seller of the unit had purchased it from the developer in October 2019 for $1.453 million ($1,646 psf), which means they made a gain of $397,000 or 27% on the sale.

The transaction beats the previous psf-price high logged just a week earlier 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 currently under construction and is located along Jalan Lempeng in the Clementi estate in District 5.

Parc Clematis saw a new psf-price high of $2,096 psf when an 883 sq ft unit was sold for $1.85 million on July 20 (Picture: Samuel Isaac Chua/The Edge Singapore)

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 and six units of two-storey strata bungalows. The development was launched for sale in August 2019. Based on caveats lodged as of Aug 1, the project is nearly fully sold with 1,445 residences (99.7%) taken up. The project is slated for completion by this year.

Another development that hit a new psf-price high is Dormer Park, a freehold condo on Jervois Road in prime District 10. A three-bedroom apartment on the fourth floor measuring 1,668 sq ft unit changed hands for $3.35 million, or $2,008 psf, on July 19. This is the first unit transacted at the development above the $2,000 psf benchmark, surpassing the previous record of $1,873 psf registered in May 2022 when a 1,668 sq ft unit was sold for $3.125 million.

Dormer Park was completed in 1993 by Hong Leong Holdings with 92 residential units. Apartments comprise two- to four-bedders between 1,227 and 2,540 sq ft. The development is one of several high-end condos that line 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. No new psf-price lows were recorded during the period in review.