Units at 3 Orchard By-The-Park achieving new high in prices
In the week of Feb 21 to 28, a two-bedroom unit at The Esta emerged as the top-selling private condo in terms of achieving a new psf-price high. The freehold development hit a new price peak of $2,377 psf when a 1,001 sq ft unit was sold for $2.38 million on Feb 26. The sellers of the seventh-floor unit purchased it for approximately $1.83 million, or $1,833 psf, in March 2021, making a profit of around $545,000.
This latest transaction surpassed the project’s previous record price of $2,317 psf, achieved when a three-bedroom unit on the 13th floor, with an area of 1,346 sq ft, was sold for approximately $3.2 million in January last year. Over the past three years, the average resale price of condo units at The Esta has been steadily rising. In 2022, the project recorded 10 transactions at 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.
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By absolute price, the most expensive unit sold at The Esta was a five-bedroom apartment on the 21st floor, with an area of 3,477 sq ft, which was sold for $6.25 million, or $1,798 psf, in October 2021.
The Esta is a freehold development with a total of 400 units spread across five residential blocks along Amber Gardens. Completed in 2008, this District 15 condo offers a range of two- to four-bedroom apartments, each spanning 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.
The 99-year leasehold condo D’Leedon 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, with an area of 1,421 sq ft, was sold for $3.25 million on Feb 25. This transaction slightly surpassed the sale of another three-bedroom unit, with an area of 1,367 sq ft, which was sold for $3.04 million, or $2,222 psf, on Feb 26. Prior to these sales, the record price at D’Leedon stood at $2,180 psf, achieved by the sale of a four-bedroom unit, with an area of 2,110 sq ft, 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 one-bedroom apartment, with an area of 743 sq ft, on the 10th floor, which was sold for $1.41 million, or $1,898 psf, on Feb 13.
D’Leedon is a 99-year leasehold development that offers 1,703 units ranging from one- to four-bedrooms, with sizes spanning from 592 sq ft to 6,534 sq ft. Completed in 2014, the project is located along Leedon Heights in District 10. D’Leedon is within walking distance of Farrer Road MRT Station on the Circle Line and is also close to Empress Road Market and Food Centre.
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Citylights saw a new psf-price high on Feb 27 when a two-bedroom apartment on the 26th floor, with an area of 893 sq ft, 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, achieved in December last year when another two-bedroom unit, with an area of 872 sq ft, was sold for $1.85 million. The sellers of the 26th-floor unit purchased it for approximately $1.44 million, or $1,610 psf, in April 2019, making a profit of around $542,000.
Citylights is a 99-year leasehold development with 600 units spread across Jellicoe Road in Kallang, District 8. Completed in 2007, it offers one- to four-bedroom units ranging from 560 sq ft to 3,875 sq ft. This project is just a one-minute walk from Lavender MRT Station and is close to dining and retail options, including Aperia Mall and Kitchener Complex, both within a 300m radius.
There were no new psf-price lows recorded during the period in review.