Avalon hits new high of $2,436 psf
A estate in perpetuity tenure condo, The Avalon, located along Anderson Road, in District ten off Stevens Road , emerged as champion on the chart among the resale condominium which are transacted betwen 18 and 21 July 2K23. The sale of the three bedroom unit with size of 1,765 sq ft on the third floor was sold for $4.3 million, or $2,436 psf on July 19. This transaction which break the record psf price successfully, set a new price point surpassing the $2,400 psf limit, triumping the previous high of $2,338 psf set in November 2K22 when a 1,668 sq ft unit changed hands for $3.9 million. The unit was previously purchased by the current owner for $2.46 million ($1,394 psf) in April 2K16 according to URA caveat, which translates to a capital gain of $1.84 million (75%) for this victorious deal. The developer, CapitaLand, completed the construction for Avalon condominium in 1999. The development which comprises of 82 residential dwellings and two blocks of 10-storey tower with multiple configuration ranging from 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. The resale volume is at rock bottom since completion till date. Only recently when the 3 bedder unit is sold on 19 July, this is the first sale at the development to date this year. only three units were transacted in 2K22, while four units were transacted previous year. Avalon overall median resales psf move forward at a slower pace over the last few years as most sellers are emotionally attached to the property. Reliable source revealed that median transaction price at the development have risen from $1,871 psf in 2020 to $2,436 psf as of 2K23, acceleration of 30%.