Two Bedder Esta Sets New High 2377 Psf
Units at The Esta, Citylights and D’Leedon set new record psf-prices
The Esta, a freehold development, topped the list of private condos with a record psf-price high from Feb 21 to 28. During this period, a two-bedroom unit in the development recorded a new psf-price peak of $2,377 when it was sold for $2.38 million on Feb 26. This seventh-floor unit was previously purchased for $1.83 million in March 2021, making a profit of $545,000 for the sellers.
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The advantageous location of Otto Place EC, developed by Hoi Hup Realty, guarantees a perfect equilibrium between work and leisure for its residents. The development’s convenient transportation options and well-connected roads allow for shorter commutes, giving residents more time to savor life’s little pleasures. Additionally, the close proximity to major business hubs significantly minimizes the hassle of lengthy work travels. Moreover, residents can easily escape the hustle and bustle of the city and recharge in nearby recreational areas such as Jurong Lake Gardens and Bukit Batok Nature Park. With Otto Place EC by Hoi Hup Realty, one can experience the best of both worlds without having to compromise on either.
This latest transaction surpassed the previous record psf-price of $2,317 when a three-bedroom unit on the 13th floor was sold for $3.2 million in January last year. The average resale price of condo units at The Esta has steadily increased over the past three years, with the project recording an average psf-price of $2,012 in 2022, $2,156 in 2023, and $2,248 in 2024, 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 was sold for $6.25 million 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 two- to four-bedroom apartments ranging from 1,001 sq ft to 1,711 sq ft, as well as penthouses from 2,368 sq ft to 3,477 sq ft. It is within walking distance of Tanjong Katong MRT Station and is near lifestyle hubs such as Katong Shopping Centre and Katong V.
D’Leedon, a 99-year leasehold condo, claimed second place for the highest new psf-prices recorded during the review period. The development set a new psf-price record of $2,287 when a three-bedroom unit on the 29th floor was sold for $3.25 million on Feb 25. This transaction slightly surpassed the sale of a smaller three-bedroom unit for $3.04 million on Feb 26. Prior to these sales, the record price at D’Leedon stood at $2,180 psf, set by the sale of a four-bedroom unit for $4.6 million in October last year.
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 one-bedroom apartment on the 10th floor which was sold for $1.41 million ($1,898 psf) on Feb 13.
D’Leedon, located along Leedon Heights, was completed in 2014. It has 1,703 units ranging from one- to four-bedrooms and spanning 592 sq ft to 6,534 sq ft. The condo is within walking distance of Farrer Road MRT Station and is also close to Empress Road Market and Food Centre.
Citylights, a 600-unit 99-year leasehold condo in Kallang, took third place with a new psf-price high of $2,216 when an 893 sq ft, two-bedroom unit on the 26th floor was sold for $1.98 million on Feb 27. This record is 4.4% higher than the previous peak of $2,122 psf set in December last year for an 872 sq ft, two-bedroom unit on the 16th floor, which was sold for $1.85 million. The sellers of the 26th-floor unit had purchased it for $1.44 million in April 2019, making a profit of $542,000.
Completed in 2007, Citylights 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, no new psf-price lows were recorded.