A condominium unit with two bedrooms at The Esta has recently achieved the highest psf-price in the private condos market, from Feb 21 to 28. The freehold development saw a new record psf-price of $2,377 when a 1,001 sq ft unit was sold for $2.38 million on Feb 26. The sellers of the unit, located on the seventh floor, had purchased it for $1.83 million, or $1,833 psf, in March 2021, making a profit of approximately $545,000.
This latest transaction surpasses the development’s previous record of $2,317 psf, when a three-bedroom unit measuring 1,346 sq ft was sold for around $3.2 million in January last year. The average resale price of condo units at The Esta has been steadily rising over the past three years. In 2022, the project recorded 10 transactions with an average psf-price of $2,012. This increased to $2,156 in 2023 for nine resale transactions. Last year, another nine units were resold at an average price of $2,248 psf, reflecting an 11.7% increase in average resale prices since 2022.
By absolute price, the most expensive unit sold at The Esta was a five-bedroom apartment measuring 3,477 sq ft on the 21st floor, which changed hands for $6.25 million, or $1,798 psf, in October 2021.
The Esta, a 400-unit development spread across five residential blocks along Amber Gardens, completed in 2008, features a range of two- to four-bedroom apartments measuring between 1,001 sq ft to 1,711 sq ft, as well as penthouses ranging from 2,368 sq ft to 3,477 sq ft. It is conveniently located near Tanjong Katong MRT Station on the Thomson-East Coast Line and is in close proximity to lifestyle hubs such as Katong Shopping Centre and Katong V.
For international investors looking to invest in Singapore, it is crucial to have a thorough understanding of the regulations and limitations surrounding property ownership. Fortunately, the process of purchasing a condo in Singapore is relatively unrestricted for foreign buyers, unlike owning landed properties which have stricter rules. However, foreign buyers are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite this additional cost, the stable and promising growth of the Singapore real estate market continues to attract foreign investment towards condo investments.
In second place for the highest new psf-prices recorded in the review period is the 99-year leasehold condo D’Leedon. It set a new psf-price record of $2,287 when a three-bedroom unit measuring 1,421 sq ft on the 29th floor sold for $3.25 million on Feb 25. This transaction surpassed the sale of a smaller three-bedroom unit measuring 1,367 sq ft, which sold for $3.04 million, or $2,222 psf, on Feb 26. Prior to these sales, the record price at D’Leedon stood at $2,180 psf, set by the sale of a four-bedroom unit measuring 2,110 sq ft for $4.6 million in October last year.
Since the start of the year, 11 units have been sold at the development, with an average price of $2,065 psf. The lowest psf-price recorded this year was for a one-bedroom unit measuring 743 sq ft on the 10th floor, which sold for $1.41 million, or $1,898 psf, on Feb 13.
Citylights rounds out the top three, with a new psf-price high on Feb 27 when a two-bedroom unit measuring 893 sq ft on the 26th floor was sold for $1.98 million, or $2,216 psf. This new record is 4.4% higher than the previous peak of $2,122 psf, set in December last year when a two-bedroom unit measuring 872 sq ft on the 16th floor was sold for $1.85 million. The sellers of the 26th-floor unit had purchased it for approximately $1.44 million, or $1,610 psf, in April 2019, making a profit of around $542,000.
Citylights, completed in 2007, is a 600-unit, 99-year leasehold condo located along Jellicoe Road in Kallang, District 8. It offers a variety of units ranging from one- to four-bedrooms, measuring between 560 sq ft to 3,875 sq ft. Just a minute’s walk from Lavender MRT Station, the development is close to dining and retail options, including Aperia Mall and Kitchener Complex, both within a 300m radius.
There were no new psf-price lows recorded during the review period.