Pearl Island penthouse sold for record price of $2,172 psfFreehold unit at Amber Glades sold for profit of $2.3 milUnit at GuocoMidtown sold for $5.9 mil profit
The Esta condominium has made headlines once again as a two-bedroom unit topped the list of private condos with a new record psf-price high from Feb 21 to 28. The freehold development saw a 1,001 sq ft unit sold for $2.38 million, setting its new price peak at $2,377 psf on Feb 26.
The sellers of the seventh-floor unit had purchased it for approximately $1.83 million, or $1,833 psf, in March 2021. This means they made a profit of about $545,000. The previous record was set in January last year when a three-bedroom unit on the 13th floor sold for $2,317 psf.
The average resale price of units at The Esta has been steadily increasing over the past three years. In 2022, the project recorded an average psf-price of $2,012 from 10 transactions. The following year, the average price climbed to $2,156 from nine resale transactions. In 2020, another nine units were resold at an average price of $2,248 psf, reflecting an 11.7% increase in average resale prices since 2022.
Understanding and securing financing is a crucial factor in investing in a Singapore Condo. With a variety of mortgage choices available, it is imperative to be familiar with the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can take, based on their income and existing debt obligations. Collaborating with financial advisors or mortgage brokers and being well-informed about the TDSR can assist investors in making prudent choices regarding their financing and prevent excessive leveraging. Additionally, incorporating the use of Singapore Condo into the rewritten paragraph can provide valuable insight into the condo market and enhance the investing process.
The most expensive unit ever 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.
D’Leedon, a 99-year leasehold condo in District 10, claimed second place with a new record psf-price of $2,287. A 1,421 sq ft, three-bedroom unit on the 29th floor sold for $3.25 million on Feb 25, slightly surpassing the sale of a smaller 1,367 sq ft, three-bedroom unit for $3.04 million or $2,222 psf on Feb 26. The previous record was set in October last year when a 2,110 sq ft, four-bedroom unit sold for $4.6 million or $2,180 psf.
Since the start of this 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 ($1,898 psf) on Feb 13.
Citylights, a 99-year leasehold condo in District 8, came in third with a new psf-price record of $2,216. An 893 sq ft, two-bedroom apartment on the 26th floor sold for $1.98 million on Feb 27, which is 4.4% higher than the previous peak of $2,122 psf set in December last year. The sellers purchased the unit for approximately $1.44 million, or $1,610 psf, in April 2019, making a profit of about $542,000.
Completed in 2007, Citylights 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, retail, and leisure options.
No new psf-price lows were recorded during the period in review.