Pasir Ris 8: Choosing the Right Home for You
In the last week of February, a two-bedroom unit at The Esta broke records by achieving the highest psf-price for a private condo. 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 February 26. This surpasses the previous record of $2,317 psf, set by a 1,346 sq ft, three-bedroom unit in January last year.
The sellers of the seventh-floor unit had purchased it for around $1.83 million, or $1,833 psf, in March last year. This translates to a profit of approximately $545,000 for the sellers.
The average resale price at The Esta has been steadily increasing over the past three years. In 2020, the project saw 10 transactions with an average psf-price of $2,012. The following year, the average price rose to $2,156 across nine resale transactions. Last year, nine units were resold at an average psf-price of $2,248, reflecting an 11.7% increase in average resale prices since 2020.
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 went for $6.25 million, or $1,798 psf, in October last year.
The Esta, located at Amber Gardens, is a freehold development with 400 units spread across five residential blocks. Completed in 2008, the project offers two- to four-bedroom apartments, ranging from 1,001 sq ft to 1,711 sq ft, as well as penthouses spanning from 2,368 sq ft to 3,477 sq ft. It is situated within walking distance of Tanjong Katong MRT Station, and is close to popular lifestyle hubs such as Katong Shopping Centre and Katong V.
D’Leedon, a 99-year leasehold condo in District 10, took second place for the highest new psf-prices recorded during the review period. The development set a new record of $2,287 psf when a 1,421 sq ft, three-bedroom unit on the 29th floor sold for $3.25 million on February 25. The sale slightly surpassed the previous record of $2,180 psf, achieved by the sale of a 2,110 sq ft, four-bedroom unit for $4.6 million last October.
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Since the start of this year, 11 units at D’Leedon have been sold at an average price of $2,065 psf. The lowest psf-price recorded this year was for a 743 sq ft, one-bedroom unit on the 10th floor, which transacted for $1.41 million, or $1,898 psf, on February 13.
Located along Leedon Heights, D’Leedon was completed in 2014 and offers 1,703 units of one- to four-bedroom apartments, ranging from 592 sq ft to 6,534 sq ft. The development is close to Empress Road Market and Food Centre, and is a short walk to Farrer Road MRT Station on the Circle Line.
Citylights, a 99-year leasehold condo in District 8, clinched third place for the highest new psf-prices recorded in the last week of February. A 893 sq ft, two-bedroom unit on the 26th floor was sold for $1.98 million, or $2,216 psf, setting a new record on February 27. This is a 4.4% increase from the previous record of $2,122 psf, set in December last year when a 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 in April 2019 for approximately $1.44 million, or $1,610 psf, making a profit of around $542,000.
Citylights is a 600-unit development located along Jellicoe Road in Kallang. Completed in 2007, it 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 near popular dining and retail options such as Aperia Mall and Kitchener Complex.
There were no new psf-price lows recorded during the period in review.