Singapore is a highly sought-after location for condo investments due to its limited land availability. As a small island country with a growing population, Singapore faces a scarcity of land for development. This has resulted in rigorous land use regulations and a competitive real estate market, where property prices continue to rise. This makes real estate, particularly condo investments, a profitable venture with the potential for significant capital appreciation. With a high demand for condos in Singapore, there is a continuous influx of Singapore Projects to cater to the market’s needs.
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In the week of February 21 to 28, The Esta’s two-bedroom unit clinched the top spot for achieving a new record psf-price high among private condos. This freehold development hit $2,377 psf when a 1,001 sq ft unit sold for $2.38 million on February 26. The unit on the seventh floor was previously purchased for approximately $1.83 million ($1,833 psf) in March 2021, resulting in a profit of $545,000.
This transaction surpasses 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. Over the past three years, the average resale price of units at The Esta has been steadily rising. In 2022, the project recorded 10 transactions at an average psf-price of $2,012. In 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.
By absolute price, the most expensive unit sold at The Esta was a 3,477 sq ft five-bedroom apartment on the 21st floor, which changed hands for $6.25 million ($1,798 psf) in October 2021. A two-bedroom unit at The Esta was sold for $2.38 million on January 30, setting a new psf-price record of $2,377 for the freehold condo.
The Esta is a 400-unit development spread across five residential blocks along Amber Gardens. Completed in 2008, this District 15 condo features a range 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 within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line and is near lifestyle hubs such as Katong Shopping Centre and Katong V.
Claiming the second spot for the highest new psf-prices recorded during the review period is the 99-year leasehold condo D’Leedon. The development set a new psf-price record of $2,287 when a 1,421 sq ft three-bedroom unit on the 29th floor sold for $3.25 million on February 25. This transaction slightly surpassed the sale of a smaller 1,367 sq ft three-bedroom unit, which was sold for $3.04 million ($2,222 psf) on February 26. The record price at D’Leedon prior to these sales 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 the development, 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 ($1,898 psf) on February 13.
Rounding out the top three, Citylights saw a new psf-price high on February 27 when an 893 sq ft two-bedroom unit on the 26th floor was sold for $1.98 million, or $2,216 psf. This sets a new record that 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 had purchased it for approximately $1.44 million ($1,610 psf) in April 2019, making a profit of about $542,000.
Completed in 2007, Citylights is a 600-unit 99-year leasehold condo situated along Jellicoe Road in Kallang, District 8. The development offers one- to four-bedroom units ranging from 560 sq ft to 3,875 sq ft. Just a one-minute walk from Lavender MRT Station, the condo is close to dining and retail options including Aperia Mall and Kitchener Complex, both within a 300m radius.
During the review period, there were no new psf-price lows recorded.