Month: March 2025

Investing in condos presents a multitude of advantages, including the opportunity to leverage the property’s value for future investments. A popular approach among investors is using their condos as collateral to secure additional financing for new ventures, ultimately growing their real estate portfolio. This tactic can greatly boost returns, but it is crucial to have a solid financial plan in place and carefully consider the possible consequences of market changes. By strategically utilizing condo investments, individuals can potentially expand their financial opportunities while also being mindful of potential risks.

Casa Fidelio, a freehold landed development located on Fidelio Street in District 15, will be launched for collective sale by tender on March 20. According to PropNex Realty, the marketing agent for the site, the development has a reserve price of $24 million and a land rate of $1,388 psf. This marks the first attempt by Casa Fidelio owners to sell the property en bloc. Originally completed in 1990, the strata-titled landed development comprises seven cluster terraces and occupies a land area of about 17,293 sq ft. The land is zoned for residential use and designated for two-storey mixed-landed housing.

Located in a landed housing enclave off New Upper Changi Road, Casa Fidelio is just a short drive away from various amenities, including East Coast Park, the Katong and Joo Chiat precincts with their dining and lifestyle options, and malls such as Siglap Village, Siglap Centre and Bedok Mall. The development’s prime location also means that residents can expect more amenities upon the future completion of Kembangan Wave, an integrated public housing project next to Kembangan MRT Station, which will include a community club with an eating house, supermarket and outpatient healthcare facility.

Families with children can also take comfort in the fact that the development is close to several reputable schools, including Opera Estate Primary School, St Stephen’s School and Victoria School.

PropNex notes that the site has the potential to be redeveloped into various configurations, such as luxury cluster houses, landed terraces, or a standalone property. The regular shape and ample size of the land offer developers the flexibility to design a project that maximizes functionality and aesthetic appeal. With the increasing demand for landed homes in the East Coast area, the development is well-poised for transformation into a modern residential development.

A search through property transaction records shows that the last time a unit at Casa Fidelio was sold was in September 2021, when a house with a land area of 1,894 sq ft was transacted for $2.27 million ($1,198 psf). PropNex also highlights that in 2024, only two freehold landed homes on Fidelio Street were transacted: A terrace house occupying a land area of 3,423 sq ft that sold for $9 million ($2,629 psf on the land area) and a semi-detached house on 2,035 sq ft of land that fetched $5.38 million ($2,643 psf on the land area). Additionally, a recently-built corner terrace on Jalan Bangsawan, off Swan Lake Avenue, was transacted for $3,541 psf in December 2024, which is less than 400m away from Casa Fidelio.

The tender for Casa Fidelio will close on April 22 at 3pm. Interested buyers and developers can also search through the latest listings for Casa Fidelio properties on Ask Buddy to find out more about the development and its potential rental yields.…

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The tender for the first GLS site in the upcoming Bayshore precinct closed on March 18, receiving eight bids. Spanning 112,992 sq ft, the plot can yield about 515 units and is located on Bayshore Road, next to the Bayshore MRT Station.

SingHaiyi-Garnet, a joint venture between SingHaiyi Group and Haiyi Holdings, submitted the top bid of $658.89 million, translating to a land rate of $1,388 psf per plot ratio (ppr). This bid was only 0.82% higher than the second-highest bid of $653.53 million ($1,377 psf ppr) submitted by Sing Holdings. City Developments had the third-highest bid of $620.8 million ($1,308 psf ppr).

“The highest bid prices exceeded our expectations, which may signal strong confidence in the potential of the site,” said Justin Quek, CEO of OrangeTee & Tie. Mark Yip, CEO of Huttons Asia, noted that the number of bids received was the highest for a private housing GLS site since January 2022. He believes that developers may have avoided bidding for other GLS plots to focus on the Bayshore site, due to strong sales in recent months and the need to replenish their land bank.

Other bidders for the Bayshore Road site included a Frasers Property-led consortium, Kingsford Development, and a joint venture between Hoi Hup Realty and Sunway Developments. The lowest bids came from a consortium comprising Hong Leong Holdings, TID, and CSC Land Group, followed by Sim Lian Group. The wide gap of 36% between the lowest and highest bids reflects mixed market sentiment among bidders, according to Marcus Chu, CEO of ERA Singapore. He also pointed out that SingHaiyi’s bid of $1,388 psf ppr sets a new benchmark for Outside Central Region (OCR) land prices, surpassing the previous threshold of $1,250 psf ppr paid by MCL Land and CSC Land Group in November 2023 for the site of Elta.

Wong Siew Ying, Head of Research and Content at PropNex, added that the benchmark for the new OCR was comparable to some GLS plots in the Central Region. For instance, last year, Zion Road Parcels A and B in the Rest of Central Region were awarded at $1,202 psf ppr and $1,304 psf ppr respectively, while the Holland Drive and River Valley Green (Parcel A) sites in the Core Central Region sold for $1,285 psf ppr and $1,325 psf ppr, respectively.

The future development at the Bayshore Road site will be the first private residential project in the new Bayshore precinct, a 60-ha estate between the ECP and Upper East Coast Road. Some 10,000 homes have been earmarked for Bayshore, with about 30% designated for private housing.

“The Bayshore Road GLS site is probably the best site in the Bayshore precinct as it offers a sea view and doorstep access to Bayshore MRT Station,” observes Huttons’ Yip. In addition to various new amenities that will be constructed in the neighborhood, the area also stands to benefit from long-term development plans, such as the Long Island coastal protection project that will add reservoirs and parks fronting the Bayshore area.

Opting to invest in a Singapore Condo can bring a host of advantages for eager investors. The demand for these properties is high, creating potential for substantial capital appreciation, making it a highly sought-after option in the real estate market. However, it is essential to consider several crucial factors such as location, financing options, government regulations, and market conditions before making any investment decisions. In order to make wise choices, thorough research and seeking guidance from professionals are crucial. With Singapore Condos, both local and foreign investors can take advantage of the prosperous real estate market and diversify their portfolios with a stable and profitable investment. Don’t miss out on the numerous benefits that come with investing in a Singapore Condo and secure your spot in this thriving market.

According to PropNex’s Wong, there have been no significant private condo launches in the Bayshore area for decades. Existing condos in the vicinity include The Bayshore and Costa Del Sol. Consequently, the area may have pent-up demand for new private housing, including demand from HDB upgraders in the nearby Marine Parade and Bedok estates.

Taking into account the top bid of $1,388 psf ppr, Wong predicts the future development at the Bayshore Road site could see an average selling price of over $2,600 psf. Meanwhile, Knight Frank’s Tay believes prices at the upcoming project could start from $2,700 psf and average above $2,800 psf.…

When considering the purchase of a condo, it is crucial to take into account the property’s maintenance and management. Condos usually entail maintenance fees that encompass the maintenance of shared spaces and amenities. While these fees may increase the total cost of ownership, they also guarantee the upkeep of the property and its value. To make condo ownership a more hands-off investment, investors can opt to hire a property management company to handle the daily management of their units. This is especially helpful for those investing in Singapore Projects.

In February, new private home sales continued their impressive growth, driven by the launch of new developments. According to data released by URA on March 17, developers sold 1,575 units (excluding executive condos) last month, a 45.4% increase from the 1,083 units sold in January. This also marks a significant contrast to the 153 units sold in February 2024. Tricia Song, CBRE’s head of research for Singapore and Southeast Asia, notes that this is the highest February developer sales figure in 13 years since 2,417 units were sold in February 2012. Including ECs, new home sales reached 1,604 units in February, a 45.3% rise from January. Developers have sold a total of 2,658 units (excluding ECs) since the start of the year, a figure that took eight months to reach last year, according to Leonard Tay, head of research at Knight Frank Singapore.

The strong performance in February was boosted by two major launches in the Outside Central Region (OCR): The 1,193-unit ParkTown Residence in Tampines North and the 501-unit Elta on Clementi Avenue 1. ParkTown Residence sold 1,041 units in February at a median price of $2,363 psf, making it the best-selling project for the month. This translates to an 87% take-up rate at the integrated development, jointly developed by UOL Group and CapitaLand Development. Elta was the second top-performing project, with 65.1% (326 units) sold by developers MCL Land and CSC Land Group at a median price of $2,538 psf. CBRE’s Song points out that both ParkTown Residence and Elta are located in suburban neighbourhoods that have not seen supply in the last five years, contributing to their robust performances.

Including these two projects, developers launched a total of 1,694 units for sale in February, a significant increase of 89% from the 896 units launched the previous month. Developers’ sales in the OCR accounted for 92% (1,452 units) of the total new private homes sold in February. This reflects the best monthly showing for the OCR in over nine years, since 1,523 units were sold in July 2015, says Wong Siew Ying, PropNex Realty’s head of research and content. Sales in the Rest of Central Region (RCR) made up 6.2% (98 units) of units sold in February. The top-selling RCR project was the existing launch Pinetree Hill, which sold 22 units at a median price of $2,613 psf. In the Core Central Region (CCR), only 25 units were sold, accounting for 1.6% of developers’ sales last month. The best-selling CCR project was 19 Nassim, which sold five units at a median price of $3,372 psf, with four units sold at One Bernam at a median price of $2,651 psf. The 351-unit One Bernam, launched for sale in May 2021, is now fully sold.

In terms of buyer profile, Singapore citizens made up the bulk of new private home buyers at 92.4%, followed by permanent residents at 6.9%, notes Lee Sze Teck, senior director of data analytics at Huttons Asia. Foreigners accounted for 11 new home purchases, including two transactions – the sale of two units at 32 Gilstead for $14.47 million and $14.61 million – in February. A record number of suburban homes were sold for over $2 million – a total of 603 new private homes (including ECs) in the OCR. This makes it the highest number of new suburban homes sold at this price range in a single month since URA data became available in 1995. Christine Sun, chief researcher and strategist at OrangeTee Group, notes that this number surpasses the previous record of 512 new homes sold for at least $2 million in November 2024. Of the 603 OCR homes transacted for at least $2 million, 596 were non-landed homes, largely comprising units from ParkTown Residence (397 units), Elta (145 units) and Hillock Green (16 units).

Wong observes that the average unit prices of recent launches have “decoupled from the sub-market where these projects are located”. As an example, she points out that The Collective at One Sophia, a CCR project launched last November, sold 73 units at an average price of $2,743 psf, according to URA data up to the end of February. “This is lower than the average transacted price of units at Union Square Residences ($3,175 psf) in the RCR, and only slightly higher than that of The Orie ($2,734 psf), also in the RCR,” she continues. Meanwhile, recent OCR launches such as Chuan Park, Elta, and Bagnall Haus have registered average unit prices of $2,589 psf, $2,544 psf, and $2,489 psf, respectively, surpassing RCR project Nava Grove, which recorded an average unit price of $2,460 psf. Wong believes the narrowing price gaps between regions could be due to various factors, including site-specific attributes of projects, amenity-driven pricing, demand by HDB upgraders, and the location of certain projects on the cusp of the CCR. She predicts that prices could further converge in the coming months, as new RCR projects located just off the CCR come to market, such as One Marina Gardens in Marina South and future developments on Zion Road residential sites.

The strong momentum in developers’ sales is expected to be sustained in March, supported by recent launches such as the 477-unit Lentor Central Residences, the 188-unit Aurea, and the 760-unit Aurelle of Tampines EC. “As of mid-March, these projects have collectively sold over 1,150 units, promising a strong closing to the quarter,” comments Marchus Chu, CEO of ERA Singapore. In light of the robust first-quarter sales, ERA has revised its new private home sales projection for the whole of 2025 to between 8,500 and 9,000 units, up from its previous range of 7,000 to 8,000. Huttons’ Lee estimates developers sales (excluding ECs) to exceed 3,200 units in the first quarter of the year, making it the highest first-quarter sales since 2021. Going into the second quarter, new launches lined up potentially include the 358-unit Bloomsbury Residences, the 937-unit One Marina Gardens, the 638-unit W Residences Singapore – Marina View and the 107-unit Arina East Residences. However, despite the strong momentum established at the start of the year, not all projects launched in the coming months may perform equally well, notes Knight Frank’s Tay. “Homebuyer demand will largely be dependent on the specific location and property attributes of each specific new project launch, with some projects doing better than others,” he says.…

SLA has launched a tender for a cluster of twenty heritage bungalows in Sembawang. These bungalows, dating back to the 1920s and 1930s, are available for a five-year lease with an option to extend for four more years.

Located along Admiralty Road East, Falkland Road, Auckland Road West, and Fiji Road, the bungalows have a total area of 245,300 sq ft and an estimated GFA of 94,945 sq ft. Interested parties can use the properties as serviced apartments, including multi-generational and senior co-living concepts, or for F&B and retail use with a maximum GFA of 9,580 sq ft. The minimum stay for a serviced apartment is one week.

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Investing in real estate is a strategic decision and in Singapore, location plays a significant role. It is a well-known fact that condos located in central areas or in close proximity to necessary amenities like schools, shopping malls, and public transportation hubs tend to have a higher appreciation in value. This is especially evident in prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown growth. To further enhance the investment potential, good schools and educational institutions in these areas make condos highly desirable for families. This is why when considering real estate investments in Singapore, it is important to keep these prime locations and their benefits in mind. With Singapore Projects, the value of the property is further enhanced, making it a lucrative investment option for individuals looking to invest in the real estate market.

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The tender for the bungalows will close on June 11 at 11am and will be evaluated based on a price-quality basis. The award of the site is expected in October. Tenderers are encouraged to be creative with their proposals, as SLA envisions the properties being used for co-living, pop-up event venues, and social impact hubs.

SLA is constantly exploring new ways to repurpose state properties, and this tender is just one of many examples. Recently, they announced plans to replace the traditional paper-based property conveyancing process with a digital portal by 2026. SLA’s CEO, Colin Low, is also leading the charge in transforming state properties into public service spaces.…

CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board with the appointment of Tan Choon Siang as CEO and current CEO Tony Tan as CCO of CapitaLand Development. The appointment of Tan Choon Siang, who is currently the deputy CEO of the company, will take effect on May 1, 2025. He will also join the executive committee (EC) as an executive non-independent director.

Meanwhile, current CEO Tony Tan will step down as an executive non-independent director and member of the EC. He will instead take on the role of chief corporate officer at CapitaLand Development. Tan has been serving as CEO and executive director of CICT since 2017.

Tan is credited with leading the successful merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020, resulting in the creation of CICT, which is currently the largest listed REIT in Singapore with a market capitalization of $15.5 billion.

Assessing rental yield is a crucial factor to consider when investing in a Singapore condo. This refers to the annual rental income as a percentage of the property’s purchase price. The rental yield for condos in Singapore can vary greatly depending on multiple factors such as location, property condition, and market demand. Generally, areas near business districts or educational institutions tend to offer higher rental yields due to their high rental demand. It is essential to conduct thorough market research and seek advice from real estate agents to gain valuable insights into the potential rental yield of a particular condo investment.

As for the incoming CEO, Tan Choon Siang has been the manager of CapitaLand Malaysia Trust since 2022, and was previously the chief financial officer of the manager of CapitaLand India Trust. He also held the position of Head of Corporate Finance & Treasury at Ascendas-Singbridge, which was merged with CapitaLand in 2019.

These changes in the board are in line with the company’s strategy to continuously strengthen its management team and maintain its position as a leading real estate investment trust in Singapore. CICT also recently sold its property at 21 Collyer Quay for $688 million, demonstrating its commitment to unlock value for shareholders. With a strong and experienced leadership team, CICT is well positioned to continue delivering value for its stakeholders.…

Securing financing is a crucial factor to consider when investing in a Singapore Condo. The country provides a variety of mortgage choices, but it’s imperative to understand the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can take, taking into account their current income and debt responsibilities. Being well-informed about the TDSR and seeking guidance from financial advisors or mortgage brokers can assist investors in making sound decisions about their financing options and avoid taking on excessive debt. Singapore Condo is a worthwhile investment, but it’s crucial to approach financing with caution and prudence.…

A 99-year leasehold semi-detached house has caught the attention of potential buyers as it hits the market at SRI’s upcoming auction on March 15. The property, located at Kew Heights in District 16, boasts a spacious corner plot of 3,034 sq ft and is listed at a guide price of $3.65 million. With a land rate of $1,203 psf, the property is attracting interest from buyers looking for a good investment opportunity.

This is the first time the property will be offered for sale at an auction as it is currently under a mortgagee sale. The house will be sold with vacant possession, making it an attractive option for buyers looking to move in immediately.

Condo investment has numerous advantages, one of which is the opportunity to leverage the value of the property for potential further investments. Numerous investors utilize their condos as collateral in order to secure additional financing for new investments, thus diversifying and expanding their real estate portfolio. While this can potentially increase returns, it is important to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. By incorporating this condo investment strategy, investors can potentially see amplified returns and grow their real estate holdings, but it should be approached with caution.

Spread over three floors, the house has a total floor area of 4,436 sq ft. The ground level features a large living hall with a double-volume ceiling, an adjoining dining area, a kitchen, and a helper’s room. The upper two levels consist of six bedrooms, a family area, and a storeroom. There is also a car porch and a backyard area.

According to Mok Sze Sze, managing partner of auctions and sales at SRI, the property offers potential for buyers to convert some of the open spaces into additional bedrooms, making it an ideal choice for extended or multi-generational families. She also points out that the guide price of $1,203 psf is one of the lowest in the area, making it an excellent deal for interested buyers.

Recent transactions in the Kew Vale estate have shown an increase in prices of 99-year leasehold landed properties. Last year, a three-storey semi-detached house along Kew Heights was sold for $3.35 million, at a land rate of $1,398 psf. Another three-storey terraced house along Kew Drive was also sold for $3.26 million, at a land rate of $1,417 psf. This shows an upward trend in property prices in the area, with seven semi-detached houses being sold in 2023 and 2024 at an average land rate of $1,213 psf.

The location of the property is a major draw for potential buyers as it is situated near major motorways such as the East Coast Parkway (ECP) and will also be served by the upcoming Bedok South MRT Station along the Thompson-East Coast Line, set to open in 2026. The area also has numerous schools in its vicinity, including Temasek Primary and Secondary Schools, Bedok South Secondary, and Bedok View Secondary.

Looking at the property listings for Kew Vale, you can easily compare sale transactions and see the prices for condos and executive condominiums in District 16. You can also check out the price trend for new sale condos and executive condominiums, as well as see which condo projects have the most expensive average PSF in the district. Moreover, you can also find information on any unprofitable transactions in the area. With its great location, convenient amenities, and potential for growth, this 99-year leasehold semi-detached house at Kew Heights is a property worth considering for those looking for a new home or investment opportunity.…

A 5,737 sq ft penthouse at The Trizon, a luxurious 289-unit condo located on Ridgewood Close, was recently sold for $9.76 million ($1,701 psf) on Feb 27, making it the most profitable resale transaction of the week between Feb 25 to March 4. The unit, situated on the 23rd floor, was originally purchased for $6.55 million ($1,142 psf) in March 2016, earning the seller a profit of $3.2 million (49%). This translates to an annualized gain of 4.5% over a period of nine years.

This sale also marks the second most profitable resale transaction at The Trizon to date. The current record was set two years ago when a 7,083 sq ft penthouse was sold for $11 million ($1,553 psf) in August 2023. The same unit was bought for $7.1 million ($1,002 psf) in November 2019, earning the seller a record profit of $3.9 million (55%), equivalent to an annualized gain of 12% over a period of close to four years.

Strategically located in prime District 10, The Trizon is a freehold development located close to the Mount Sinai landed enclave, as well as the Pandan Valley and Pine Grove private residential estates. Nearby private residential projects include Pandan Valley, Pinetree Hill (a 520-unit 99-year leasehold development), and Nava Grove (a 552-unit 99-year leasehold development).

The Trizon offers a mix of two- to five-bedroom units, with typical units ranging from 1,012 sq ft to 5,102 sq ft, and penthouses ranging from 5,328 sq ft to 7,083 sq ft. Based on resale caveats by EdgeProp Singapore, the average resale price at The Trizon is around $2,017 psf. In comparison, nearby Pandan Valley (a sprawling 605-unit development) has an average price of $1,449 psf, while Ridgewood condo (a 999-year leasehold development with 425 condo units and 38 landed units) commands an average price of $1,728 psf.

Pinetree Hill, which was launched for sale in July 2023, has seen units sold this year at an average price of $2,550 psf, compared to an average of $2,458 psf from its launch to end 2024, based on caveats lodged. The project is currently 78% sold. On the other hand, Nava Grove, which was launched in November last year, is about 75% sold, with an average selling price of $2,460 psf.

The second most profitable resale transaction of the week was a 1,442 sq ft unit at Haig Court which sold for $2.84 million ($1,968 psf) on Feb 27. The three-bedroom unit on the third floor was previously bought for just $798,868 ($554 psf) back in 2005. This sale thus earned the seller a profit of $2.04 million ($255%), equivalent to an annualized gain of 6.8% over a period of 19 years.

Haig Court, a freehold development with 360 units, is situated on Haig Road in District 15. Completed in 2004, the condo is located in the central area of Marine Parade and is close to popular shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. It is also in close proximity to renowned schools in the area such as Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, and the Tanjong Katong campus of the Canadian International School.

When it comes to investing in a condominium, financing is a crucial factor to consider. In Singapore, there are various mortgage options available, but it is crucial for investors to be familiar with the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the amount of loan that a borrower can take based on their income and current debt obligations. Hence, it is imperative for investors to understand the TDSR and seek guidance from financial advisors or mortgage brokers to make well-informed financing decisions and avoid over-leveraging. Additionally, check out New Condo Launches for the latest updates on new condo developments.

Haig Court is next to two new 99-year leasehold private residential projects — Emerald of Katong (846 units) and Tembusu Grand (638 units). Other new projects in the vicinity include The Continuum (816 units), a freehold development on Thiam Siew Avenue, and Grand Dunman (1,008 units), a 99-year leasehold project on Dunman Road.

Last year, Haig Court recorded eight resale transactions, with prices ranging from $1.85 million ($1,719 psf) for a 1,076 sq ft two-bedder on Jan 16, to $3.45 million ($2,226 psf) for a 1,550 sq ft four-bedroom unit on Dec 19. Profits from resale transactions last year ranged from $450,000 to $2.06 million.

So far this year, there have been two resale transactions at Haig Court, with the other sale being a 1,453 sq ft unit that was sold for $3.02 million ($2,078 psf) on Jan 17. The seller earned a profit of $2.13 million.

Meanwhile, the most unprofitable resale transaction of the week took place at Orchard Scotts, where a 2,228 sq ft unit was sold for $3.78 million ($1,696 psf) on Feb 25. However, the unit was previously purchased at $4.35 million ($1,955 psf) in 2010, resulting in a loss of $576,000 (13%) for the seller. This translates to an annualized loss of 1% over a period of almost 15 years.

According to a compilation of resale caveats, the resale prices at Orchard Scotts have been decreasing in recent years. In March 2010, units were typically sold at around $2,061 psf, which has since declined to $1,747 psf by March 2020. Average resale prices have marginally picked up in recent months, reaching around $1,760 psf last month.

Orchard Scotts is a 99-year leasehold condo located on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the development comprises 387 units, with a mix of two- to five-bedroom units ranging from 936 sq ft to 4,435 sq ft.…

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It is crucial for international investors to have a clear understanding of the regulations and limitations pertaining to property ownership in Singapore. As compared to landed properties, foreign buyers have more leniency in purchasing condos as there are fewer restrictions. However, they are still required to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property acquisition. Despite this additional expense, the reliable stability and promising growth prospects of the Singapore real estate market remain alluring to foreign investments. Moreover, the market is constantly expanding with new condo launches, providing even more opportunities for interested buyers.

In the last week of February, a two-bedroom unit at The Esta set a new record for private condos with a price of $2,377 psf. This freehold development achieved its new high when a 1,001 sq ft unit sold for $2.38 million on Feb 26. The sellers of the seventh-floor unit originally bought it in March 2021 for about $1.83 million, or $1,833 psf, making a hefty profit of around $545,000.

This transaction surpasses the previous record set at The Esta in January last year, when a three-bedroom unit on the 13th floor sold for approximately $3.2 million, or $2,317 psf. The average resale price at The Esta has also been steadily increasing over the past three years, with 10 transactions in 2022 at an average psf-price of $2,012. The following year, the average price rose to $2,156 across nine resale deals, and last year, nine units were resold at an average 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 five-bedroom apartment on the 21st floor, which changed hands for $6.25 million, or $1,798 psf, in October 2021.

The Esta is a 400-unit development spread across five residential blocks along Amber Gardens. Completed in 2008, this District 15 condo offers a range of two- to four-bedroom apartments, as well as penthouses. It is within walking distance of Tanjong Katong MRT Station and is near popular amenities like Katong Shopping Centre and Katong V.

The second-highest new psf-prices achieved during the review period were at the 99-year leasehold condo D’Leedon, where a 1,421 sq ft, three-bedroom unit on the 29th floor sold for $3.25 million on Feb 25, setting a new psf-price record of $2,287. The following day, a smaller three-bedroom unit also changed hands for $3.04 million, or $2,222 psf, slightly surpassing the previous record of $2,180 psf set in October 2021.

Since the start of the year, 11 units have been sold at D’Leedon, with an average price of $2,065 psf. 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, or $1,898 psf, on Feb 13.

Located in District 10 along Leedon Heights, D’Leedon is a 1,703-unit development offering a mix of one- to four-bedroom units and penthouses. Completed in 2014, it is near amenities such as Farrer Road MRT Station, Empress Road Market and Food Centre.

Rounding out the top three, Citylights achieved a new psf-price high on Feb 27 when an 893 sq ft, two-bedroom unit on the 26th floor sold for $1.98 million, or $2,216 psf. This surpassed the previous record of $2,122 psf set in December last year, when another two-bedroom unit on the 16th floor sold for $1.85 million. The sellers of the 26th-floor unit originally purchased it for $1.44 million, or $1,610 psf, in April 2019, earning a profit of around $542,000.

Completed in 2007, Citylights is a 600-unit, 99-year leasehold condo located in Kallang, District 8. It features one- to four-bedroom units and is just a one-minute walk from Lavender MRT Station, with easy access to dining and retail options.

There were no new psf-price lows recorded during the period in review.…