The Esta, a freehold development, continues to make headlines as one of its two-bedroom units topped the list of private condos with a new psf-price high from Feb 21 to 28. The unit, measuring 1,001 sq ft, was sold for $2.38 million on Feb 26, setting a new record of $2,377 psf.
This sale surpassed the previous record at the development, which was 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, or $2,317 psf. The sellers of the seventh-floor unit had bought it in March 2021 for about $1.83 million, or $1,833 psf, making a profit of around $545,000.
The average resale price of units at The Esta has been steadily increasing 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 climbed 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 was sold for $6.25 million, or $1,798 psf, in October 2021.
Situated along Amber Gardens, The Esta is a freehold development comprising 400 units spread across five residential blocks. Completed in 2008, it offers a range of two- to four-bedroom apartments, ranging from 1,001 sq ft to 1,711 sq ft, as well as penthouses measuring 2,368 sq ft to 3,477 sq ft. Its convenient location within walking distance to Tanjong Katong MRT Station on the Thomson-East Coast Line and proximity to lifestyle hubs such as Katong Shopping Centre and Katong V make it a popular choice among buyers.
In second place for new psf-price highs during the review period is the 99-year leasehold condo D’Leedon, which set a new record of $2,287 psf on Feb 25 when a 1,421 sq ft, three-bedroom unit on the 29th floor was sold for $3.25 million. This sale slightly surpassed the previous record of $2,180 psf set by the sale of a 2,110 sq ft, four-bedroom unit for $4.6 million in October last year. 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.
Located along Leedon Heights, the District 10 development was completed in 2014 and comprises 1,703 units ranging from one- to four-bedrooms, measuring 592 sq ft to 6,534 sq ft. It is conveniently located within walking distance to Farrer Road MRT Station on the Circle Line, and close to Empress Road Market and Food Centre.
Rounding out the top three is Citylights, which saw a new psf-price high on Feb 27 when an 893 sq ft, two-bedroom unit on the 26th floor was sold for $1.98 million, or $2,216 psf. This surpassed the previous record 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 had purchased it for about $1.44 million, or $1,610 psf, in April 2019, making a profit of around $542,000.
Citylights, a 600-unit, 99-year leasehold development situated along Jellicoe Road in Kallang, District 8, was completed in 2007. It offers a range of one- to four-bedroom units measuring 560 sq ft to 3,875 sq ft. Its convenient location just a one-minute walk from Lavender MRT Station, and close to dining and retail options such as Aperia Mall and Kitchener Complex, have made it a popular choice among buyers.
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During the review period, there were no new psf-price lows recorded.