CapitaLand Residential has sold 20 units or approximately 25 per cent of its luxury condominium Avalon along Stevens Road to IP Property Fund Asia Limited for S$43.8 million. The units sold are two- and three-bedroom unit types with sizes ranging from 1,163 square feet to 2,239 sq ft. The average enbloc price works out to about $1,280 psf.With this transaction, the Avalon is approximately 85% sold with 12 remaining units. Choice units are still available comprising mainly three bedroom unit types ranging from 1,582 sq ft to 1,862 sq ft in size. Avalon, an exclusive freehold development in the prime neighbourhood of Stevens Road, has two 10-storey blocks with 82 units. The condominium, designed around a series of intimate courtyards, is enhanced by soothing landscaping and picture-perfect water features. Graceful sculptures by internationally acclaimed British artist James Butler add an element of surprise.The Avalons modern interiors are finished with quality materials from marble counter tops for bathrooms to teak floorings for the living room and bedrooms. French windows framed by copper-coloured mullions and mini-trellised French balconies let in generous amounts of light to make the homes bright and airy. Private lift lobbies provide direct access to most units. There is also a 24-hour security service and audio-video intercom to ensure security at all times.Avalon offers comprehensive condominium facilities including swimming and wading pools, sauna, tennis court, childrens playground, function room, gymnasium and barbecue area.The luxurious condominium is minutes away from the amenities of Orchard Road, leading educational institutions like Raffles Girls School, country clubs including Pinetree Town & Country Club and The Tanglin Club, and deluxe hotels. Perspectives of Senior Management:"Avalon is a prime development that exudes understated elegance. Its convenient yet exclusive location, just minutes away from the prime Orchard area, makes it an attractive investment property. On average, a partially furnished three-bedroom apartment in the vicinity can be rented out at about $7,000 per month."-- Mr Steve McMillan, Chief Operating Officer, CapitaLand ResidentialPerspective of IP Property Fund Asia Limited:"The IP Property Fund Asia Limited is very pleased with the acquisition of the condominium units in Avalon. We believe that the Avalon is a top quality residential development that will always be popular with tenants and owner occupiers and that promises good capital appreciation in the future."-- Dr Robert Lie, Managing Director, IP Real Estate Asset Management About CapitaLand Residential:CapitaLand Residential Limited is committed to developing premier, high quality homes in its target markets. Its portfolio includes quality developments such as Avalon, Aspen Heights, The Loft and SunHaven in Singapore, Woodcroft and Balmain Shores in Australia, and Chrysanthemum Park in Shanghai, China.It aims to build its premium position with emphasis on product leadership and the continuous introduction of innovation including enhanced living environments and intelligent e-lifestyle residences.CapitaLand Residential is the residential property business unit of CapitaLand Limited, Southeast Asias largest listed property company with total assets of more than S$19 billion. About IP Property Fund Asia (IPPFA) LimitedIPPFA is a private property fund with commitments from Dutch, Singaporean and Australian investors. The fund will invest in a diversified real estate portfolio comprising office, retail, residential and industrial properties. The funds geographic focus is in Hong Kong and Southeast Asian countries namely, Singapore, Thailand, Indonesia, Malaysia and The Philippines. Recent investments include a prime office building in the heart of Singapores financial district and serviced residences and rental apartments in Bangkok. IPPFA is managed by I.P. Real Estate Asset Management ("IPREAM"). IPREAM is a joint venture led by two established real estate companies, ING Real Estate and CapitaLand.