2h agoA two-bedroom unit at The Esta, a freehold development in District 15, has achieved a new psf-price record of $2,377 when it was sold for $2.38 million on Feb 26. This surpassed the previous record of $2,317 psf set in January last year.The sellers of the seventh-floor unit, who purchased it for $1,833 psf in March last year, made a profit of about $545,000.The average resale price of condo units at The Esta has been steadily on the rise 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 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.AdvertisementBy 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.D’Leedon, a 99-year leasehold condo in District 10, came in second with a new psf-price high of $2,287 achieved on Feb 25 when a 1,421 sq ft, three-bedroom unit on the 29th floor sold for $3.25 million. This surpassed the previous record of $2,180 psf set in October last year.Over at Citylights, a 99-year leasehold condo in Kallang, a 893 sq ft, two-bedroom unit on the 26th floor was sold for $1.98 million, or $2,216 psf, on Feb 27, setting a new psf-price record. The latest record is 4.4% higher than the previous peak of $2,122 psf set in December last year. The sellers purchased the unit for $1.44 million in April 2019, making a profit of about $542,000.Citylights, completed in 2007, 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, including Aperia Mall and Kitchener Complex, both within a 300m radius.
Investors must take into account the maintenance and management aspects of a condo when making an investment decision. Condominiums often require a maintenance fee to cover the expenses of maintaining shared spaces and amenities. While this may increase the overall cost of owning a condo, it also guarantees that the property will remain in excellent condition and hold its value. To make condo ownership a more hands-off experience, investors can enlist the services of a property management company. Singapore Projects can assist investors in managing the day-to-day operations of their condos, making it a less active investment opportunity.