More demand for older condos at higher prices COMMENTARYRewriting:”A recent sale at The Esta, a private condo, has set a new record for price per square foot from Feb 21 to 28. The two-bedroom, freehold unit sold for $2.38 million, or $2,377 psf, on Feb 26. This surpasses the project’s previous record of $2,317 psf, set in January last year when a 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 increasing over the past three years. In 2022, there were 10 transactions with an average psf-price of $2,012. This climbed to $2,156 in 2023, with nine resale transactions. Last year, there were another nine units sold at an average price of $2,248 psf, reflecting an 11.7% increase in average resale prices since 2022.Read also: A four-bedroom unit at Gallop Gables sets new record of $2,299 psfAdvertisementBy absolute price, the most expensive unit sold at The Esta was a five-bedroom, 3,477 sq ft apartment on the 21st floor, which was sold for $6.25 million, or $1,798 psf, in October 2021.A two-bedroom unit at The Esta was sold for $2.38 million on Jan 30, setting a new psf-price record of $2,377 for the freehold condo (Picture: Samuel Isaac Chua/)The Esta is a freehold development with 400 units spread across five residential blocks along Amber Gardens. 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 ranging from 2,368 sq ft to 3,477 sq ft. It is situated 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.Capturing second place for the highest new psf-prices during the review period was the 99-year leasehold condo D’Leedon. This development set a new record of $2,287 psf when a three-bedroom unit on the 29th floor was sold for $3.25 million on Feb 25. It was closely followed by the sale of a smaller three-bedroom unit of 1,367 sq ft, which was sold for $3.04 million, or $2,222 psf, on Feb 26. The previous record price at D’Leedon was $2,180 psf, set by the sale of a four-bedroom unit of 2,110 sq ft for $4.6 million in October last year.Since the start of this year, 11 units have been sold at D’Leedon, with an average psf-price of $2,065. The lowest price recorded so far this year was for a one-bedroom unit of 743 sq ft on the 10th floor, which was sold for $1.41 million, or $1,898 psf, on Feb 13.On Feb 25, a three-bedroom unit on the 29th floor of D’Leedon was sold for $3.25 million, setting a new psf-price record of $2,287 (Picture: Samuel Isaac Chua/)Located in District 10 along Leedon Heights, D’Leedon was completed in 2014 and has 1,703 units, ranging from one- to four-bedrooms and spanning 592 sq ft to 6,534 sq ft. It is within walking distance of Farrer Road MRT Station on the Circle Line and is also close to Empress Road Market and Food Centre.Read also: Boutique condo Hill House reaches new high of $3,267 psf AdvertisementRounding out the top three was Citylights, which saw a new psf-price high of $2,216 when a two-bedroom unit on the 26th floor was sold for $1.98 million on Feb 27. This surpasses the previous record of $2,122 psf, set in December last year when a two-bedroom unit on the 16th floor 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 about $542,000.Completed in 2007, Citylights is a 99-year leasehold condo with 600 units situated along Jellicoe Road in Kallang (Picture: Samuel Isaac Chua/)Citylights, completed in 2007, is a 99-year leasehold condo with 600 units located along Jellicoe Road in Kallang, District 8. It offers units ranging from one- to four-bedrooms, with sizes ranging from 560 sq ft to 3,875 sq ft. It is 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, both within a 300m radius.There were no new psf-price lows recorded during the period in review. Check out the latest listings for The Esta propertiesAsk BuddyTotal number of units in The EstaShow me condo listings in District 10Condo transactions with the highest profits in the past yearCompare price trend of New sale condo vs Resale condoGenerate price trend graph for resale condo in District 8Total number of units in The EstaShow me condo listings in District 10Condo transactions with the highest profits in the past yearCompare price trend of New sale condo vs Resale condoGenerate price trend graph for resale condo in District 8RELATED NEWSFreehold unit at The Esta scores new high of $2,317 psfMeyerHouse hits new high of $3,124 psfUnit at The Nassim reaps $2.6 mil profitMore demand for older condos at higher prices COMMENTARYThis week, a new record has been set in The Esta, a private condo, as a two-bedroom unit was sold for $2.38 million, or $2,377 psf, from Feb 21 to 28. The previous record was $2,317 psf for a three-bedroom unit in January last year. In the past three years, Av. resale prices have risen steadily. In 2022, the average psf-price was $2,012 across 10 transactions. In 2023, it went up to $2,156 (nine transactions). Last year, the average price was $2,248 psf (nine transactions), indicating an increase of 11.7% since 2022.A two-bedroom unit was sold for $2.38 million on Feb 26, setting a new psf-price record of $2,377 for the freehold condo (Picture: Samuel Isaac Chua/)The Esta is a freehold development comprising 400 units in five residential blocks along Amber Gardens. Constructed in 2008, it offers two- to four-bedroom apartments (1,001-1,711 sq ft) and penthouses (2,368-3,477 sq ft). This is in walking distance to Tanjong Katong MRT Station (Thomson-East Coast Line) and is close to lifestyle hubs like Katong Shopping Centre and Katong V.D’Leedon, a 99-year leasehold condo, placed second for the highest new psf-price category. This development’s new record was set on Feb 25 when a 1,421 sq ft, three-bedroom unit on the 29th floor sold for $3.25 million, or $2,287 psf.The highest achieved psf-price was $2,180 psf when a four-bedroom unit of 2,110 sq ft was sold for $4.6 million in October last year. 11 units have been sold here this year, averaging $2,065 psf. The cheapest price this year was $1.41 million ($1,898 psf) for a 743 sq ft unit (Feb 13).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 (Picture: Samuel Isaac Chua/)D’Leedon has 1,703 units, from one to four bedrooms (592-6,534 sq ft) and was completed in 2014. Farrer Road MRT Station (Circle Line) is in walking distance, and Empress Road Market and Food Centre are nearby.Citylights was in third place for highest achieved psf-price, with a 26th floor, two-bedroom unit sold for $1.98 million, or $2,216 psf (Feb 27). The prior record was $2,122 psf on 16th floor, two-bedroom unit sold for $1.85 million (Dec 2021). The sellers made a $542,000 profit when they bought the $1.44 million unit (Apr 2019).Citylights, a 99-year leasehold condo, completed in 2007, reached these records. It has 600 units ranging from one to four bedrooms (560-3,875 sq ft) and is situated in Kallang (District 8). Lavender MRT Station (one minute walk) is close by, as are dining and shopping,
Securing financing is a crucial element of investing in a condominium. In Singapore, there are various mortgage choices available, but it is vital to keep in mind the Total Debt Servicing Ratio (TDSR) framework. This framework sets a cap on the loan amount that a borrower can take, based on their income and current debt commitments. To ensure wise decisions when it comes to financing options and to prevent over-borrowing, it is crucial to understand the TDSR and seek guidance from financial advisors or mortgage brokers. Additionally, keeping an eye on New Condo Launches can also aid in finding the best financing options available.
The vibrant cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Among these, the popularity of condominiums stands out, particularly in sought-after locations. These modern residential complexes offer a perfect fusion of opulence and convenience, making them a desirable choice for both locals and expatriates. With an array of amenities like swimming pools, fitness centers, and top-notch security, these condos improve the standard of living and entice prospective tenants and buyers. For investors, these added benefits translate into higher rental returns and appreciating property values in the long run. For those interested in investing in Singapore’s real estate market, considering a Singapore Condo could prove to be a wise decision.