Two Bedder Esta Sets New High 2377 Psf
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A two-bedroom unit at The Esta has set a new psf-price record in the private condo market, topping the list of properties sold from Feb 21 to 28. The freehold development reached a new peak of $2,377 psf 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, purchased it for $1.83 million in March 2021, making a profit of $545,000.
This transaction surpassed the previous record price of $2,317 psf, set in January last year, when a 1,346 sq ft, three-bedroom unit on the 13th floor was sold for around $3.2 million. The average resale price of 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. The following year, the average price increased to $2,156 across 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.
The most expensive unit sold at The Esta by absolute price 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 2021.
The Esta is a freehold development with 400 units spread across five residential blocks along Amber Gardens. Completed in 2008, it offers a variety of two- to four-bedroom apartments, ranging from 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 and popular lifestyle hubs such as Katong Shopping Centre and Katong V.
The second-highest new psf-price was recorded at D’Leedon, a 99-year leasehold condo in District 10. A 1,421 sq ft, three-bedroom unit on the 29th floor set a new record of $2,287 psf when it was sold for $3.25 million on Feb 25. This transaction slightly surpassed the sale of a smaller 1,367 sq ft, three-bedroom unit for $3.04 million, or $2,222 psf, on Feb 26. Prior to these sales, the record price at D’Leedon was $2,180 psf, set by the sale of a 2,110 sq ft, four-bedroom unit for $4.6 million last October.
Since the start of the 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 13.
Completed in 2014, D’Leedon has 1,703 units ranging from one- to four-bedrooms, spanning 592 sq ft to 6,534 sq ft. It is located near Farrer Road MRT Station on the Circle Line and Empress Road Market and Food Centre.
Citylights, a 99-year leasehold condo with 600 units in District 8, claimed third place for the highest new psf-prices recorded during the review period. On Feb 27, an 893 sq ft, two-bedroom unit on the 26th floor sold for $1.98 million, or $2,216 psf, setting a new record. This price is 4.4% higher than the previous peak of $2,122 psf, set in December last year, when an 872 sq ft, two-bedroom unit on the 16th floor was sold for $1.85 million. The sellers of the 26th-floor unit purchased it for $1.44 million in April 2019, making a profit of $542,000.
Rewritten:
The Tampines North area is set to undergo exciting developments in the near future, with new commercial and residential projects on the horizon. This will bring a host of amenities and facilities within close proximity to the homes in the area, providing added convenience for residents. In addition, these developments are expected to potentially increase property values, making it a smart investment choice to own a unit at Aurelle of Tampines EC. With its strategic location and promising surroundings, Aurelle of Tampines EC is definitely a worthwhile investment.
Citylights, completed in 2007, offers one- to four-bedroom units ranging from 560 sq ft to 3,875 sq ft. It is located just a one-minute walk from Lavender MRT Station and is close to various dining and retail options such as Aperia Mall and Kitchener Complex.
There were no new psf-price lows recorded during the period in review.
