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Investing in a condo in Singapore offers numerous benefits, including the potential for capital appreciation. Due to its advantageous position as a global business hub and strong economic foundations, Singapore remains on high demand for real estate. The real estate market in the country has demonstrated consistent growth over the years, with condo prices in prime locations experiencing significant appreciation. By carefully timing their investments and holding onto their properties for an extended period, investors can expect substantial returns on their investments. Additionally, keeping an eye on new condo launches can provide opportunities for further profit and growth in the condo market in Singapore.
During the week of Feb 21 to 28, a two-bedroom unit at The Esta clinched the top spot for achieving a new record psf-price in the private condo market. The freehold development recorded a new peak price of $2,377 psf when a 1,001 sq ft unit was sold for $2.38 million on Feb 26. This unit, located on the seventh floor, was previously purchased for around $1.83 million, or $1,833 psf, in March 2021. This translates to a profit of about $545,000 for the sellers. The latest transaction surpasses the previous record psf-price of $2,317, set in January last year when a three-bedroom unit on the 13th floor was sold for around $3.2 million. The average resale price of units at The Esta has been increasing 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. In 2021, another nine units were resold at an average price of $2,248 psf, reflecting an 11.7% increase in average resale prices since 2022. The most expensive unit sold at The Esta based on absolute price 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 development, completed in 2008, is a 400-unit project spread across five blocks along Amber Gardens. It 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. Located within walking distance of Tanjong Katong MRT Station, The Esta is also close to lifestyle hubs such as Katong Shopping Centre and Katong V. The second spot for the highest new psf-price recorded during the review period was taken by the 99-year leasehold condo D’Leedon. It set a new record psf-price of $2,287 when a 1,421 sq ft, three-bedroom unit on the 29th floor was sold for $3.25 million on Feb 25. This slightly surpassed the sale of a smaller 1,367 sq ft, three-bedroom unit which changed hands for $3.04 million, or $2,222 psf, on Feb 26. The record price at D’Leedon before these sales was $2,180 psf, achieved by the sale of a 2,110 sq ft, 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 for 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. D’Leedon, completed in 2014, has 1,703 units ranging from one- to four-bedrooms and spanning 592 sq ft to 6,534 sq ft. It is located within walking distance of Farrer Road MRT Station and is also close to Empress Road Market and Food Centre. The third spot for the highest new psf-price was taken by Citylights, where a 893 sq ft, two-bedroom apartment on the 26th floor was sold for $1.98 million, or $2,216 psf, on Feb 27. This sets a new record psf-price, surpassing the previous peak of $2,122 psf achieved 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 purchased it for approximately $1.44 million, or $1,610 psf, in April 2019, making a profit of about $542,000. Citylights is a 600-unit, 99-year leasehold condo situated 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. It is located just a one-minute walk from Lavender MRT Station and is close to dining and retail options such as Aperia Mall and Kitchener Complex.