Two Bedder Esta Sets New High 2377 Psf
Yvonne Tan
The record-breaking sale of a 1,001 sq ft two-bedroom unit at The Esta has reinforced the popularity and appeal of the freehold condo among buyers and investors. Sold for $2.38 million on Feb 26, the unit achieved a new psf-price high of $2,377 psf, surpassing the project’s previous record of $2,317 psf set in January 2020.
The seventh-floor unit’s sellers had purchased it for around $1.83 million or $1,833 psf in March 2021, making a profit of about $545,000. With the average resale price of The Esta steadily rising over the past three years, the project recorded 10 transactions with an average psf-price of $2,012 in 2020. The following year, the average price increased to $2,156, and in 2021, it reached $2,248 psf – an impressive 11.7% increase in average resale prices since 2020.
By absolute price, the most expensive unit ever sold at The Esta was a 3,477 sq ft, five-bedroom apartment on the 21st floor, which changed hands for $6.25 million or $1,798 psf in October 2020.
Completed in 2008, The Esta is a 400-unit development spread across five residential blocks along Amber Gardens. It offers a variety of two- to four-bedroom apartments – ranging in size from 1,001 sq ft to 1,711 sq ft – as well as penthouses, spanning from 2,368 sq ft to 3,477 sq ft. The condo is within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line and is near popular lifestyle hubs such as Katong Shopping Centre and Katong V.
The Esta’s strong appeal and demand are further evidenced by its second spot on the list of highest new psf-prices recorded during the review period, only slightly surpassed by the 99-year leasehold condo D’Leedon.
On Feb 25, a 1,421 sq ft, three-bedroom unit on the 29th floor of D’Leedon sold for $3.25 million, setting a new psf-price record of $2,287. This transaction slightly edged out the record set the previous day, with the sale of a smaller 1,367 sq ft, three-bedroom unit for $3.04 million or $2,222 psf on Feb 26. Before these sales, the record price at D’Leedon stood at $2,180 psf, set by the sale of a 2,110 sq ft, four-bedroom unit for $4.6 million in October 2020.
Since the beginning of this year, 11 units have been sold at D’Leedon, with an average price of $2,065 psf. The lowest psf-price recorded this year was for a 743 sq ft, one-bedroom apartment on the 10th floor, which sold for $1.41 million or $1,898 psf on Feb 26.
Located along Leedon Heights in District 10, D’Leedon was completed in 2014 and has a total of 1,703 units – ranging from one- to four-bedrooms, with sizes from 592 sq ft to 6,534 sq ft. The condo is within walking distance of Farrer Road MRT Station on the Circle Line, and is also in close proximity to Empress Road Market and Food Centre.
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Rounding out the top three, Citylights recorded a new psf-price high on Feb 27, with an 893 sq ft, two-bedroom unit on the 26th floor selling 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 2020, with the sale of an 872 sq ft, two-bedroom unit on the 16th floor for $1.85 million. The sellers of the 26th-floor unit have made a profit of about $542,000, having purchased the unit for around $1.44 million or $1,610 psf in April 2019.
Completed in 2007, Citylights is a 600-unit, 99-year leasehold condo situated along Jellicoe Road in Kallang. It offers a variety of unit types, ranging from one- to four-bedrooms spanning 560 sq ft to 3,875 sq ft. Just a one-minute walk from Lavender MRT Station, the condo is close to various dining and retail options, including Aperia Mall and Kitchener Complex, both within a 300m radius.
During the period of review, there were no new psf-price lows recorded, highlighting the strong and resilient performance of these developments in the current market.