The real estate market in Singapore is known for its intense competition due to the limited availability of land. This can be attributed to the country’s rapid population growth and strict regulations on land use. Consequently, investing in real estate, particularly in condos, has become an attractive option, offering the potential for significant capital gains. With the regular introduction of new condo launches in the market, the demand for condos in Singapore remains strong. New Condo Launches are constantly being added, maintaining the high demand for condos in the country.
See more stories about:The Esta, the average resale price of condo units, Tanjong Katong MRT StationNo project highlights piqued buyers’ interests more than The Esta, where a two-bedroom unit topped the list of private condos that achieved a new psf-price high from Feb 21 to 28. According to recent data, the freehold development at Amber Gardens hit its new price peak of $2,377 psf when a 1,001 sq ft unit changed hands for $2.38 million on Feb 26. What makes this sale remarkable is that the unit’s sellers purchased it in March 2021 for about $1.83 million, or $1,833 psf, making a profit of about $545,000.Read also: Four-bedder at freehold Gallop Gables reaches $2,299 psfAdvertisementThis transaction surpasses the project’s 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 changed hands for around $3.2 million. The average resale price of The Esta’s condo units has been rising steadily over the past three years. In 2022, the project recorded 10 transactions with an average psf-price of $2,012. The following year, the average price climbed to $2,156 across nine resale transactions. Last year, nine more 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, or $1,798 psf, in October 2021. The sheer number of transactions at The Esta further proves its popularity among buyers.Read also: Boutique condo Hill House reaches new high of $3,267 psf AdvertisementThe 400-unit development, which consists of five residential blocks along Amber Gardens, offers a range of two- to four-bedroom apartments, 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. Its location, within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line and near lifestyle hubs such as Katong Shopping Centre and Katong V, makes it a favourite among buyers and investors alike.On the other hand, the 99-year leasehold condo D’Leedon took second place for the highest new psf-prices recorded during the review period. In fact, the development recently 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 Feb 25. The transaction slightly surpassed the sale of a smaller 1,367 sq ft, three-bedroom unit, which sold for $3.04 million or $2,222 psf on Feb 26.Read also: Four-bedder at freehold Gallop Gables reaches $2,299 psfThe record price at D’Leedon before 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. As of the start of the year, 11 units have been sold at the development, with an average price of $2,065 psf. Even 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 Feb 13. Comparable to The Esta, D’Leedon’s popularity is evident in the number of transactions and its average resale prices. Completed in 2014, the development was a hot favourite among buyers with its 1,703 units, ranging from one- to four-bedrooms and spanning 592 sq ft to 6,534 sq ft. It is also within walking distance of Farrer Road MRT Station on the Circle Line and is close to Empress Road Market and Food Centre.Read also: Boutique condo Hill House reaches new high of $3,267 psf AdvertisementLastly, Citylights came in third for the highest new psf-prices recorded during the review period. On Feb 27, the development saw a new psf-price high when an 893 sq ft, two-bedroom apartment on the 26th floor was sold for $1.98 million, or $2,216 psf. The new record 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 purchased it in April 2019 for about $1.44 million, or $1,610 psf, making a profit of about $542,000. This record transaction proves the sustained interest and demand for Citylights units. Completed in 2007, the 600-unit, 99-year leasehold development is situated along Jellicoe Road in Kallang (Picture: Samuel Isaac Chua/). Boasting a range of one- to four-bedroom units ranging from 560 sq ft to 3,875 sq ft, Citylights is only a one-minute walk from Lavender MRT Station and has dining and retail options, including Aperia Mall and Kitchener Complex, within a 300m radius.Furthermore, no new psf-price lows were recorded during the review period. Overall, these record-breaking sales and sustained high demand demonstrate the strength and resilience of the private condo market in Singapore.