In a remarkable turn of events, The Esta has set a new benchmark in the property market, as a two-bedroom unit measuring 1,001 square feet was recently sold for an astonishing $2.38 million, which translates to a record-breaking price of $2,377 per square foot. This impressive sale, which occurred on February 26, 2025, surpassed the previous high of $2,317 per square foot recorded in January 2024, showcasing an upward trajectory in the property market that has been building over time. Interestingly, sellers purchased the unit for $1.83 million, saw a profit of approximately $545,000, a considerable return on investment given the unit's rise in value. Over the past three years, the average resale price of properties in the area has consistently increased, reflecting broader trends in the market. For instance, in 2022, the average price was $2,012 per square foot, which climbed to $2,156 in 2023, and further to $2,248 in 2024. Notably, the average resale price rose significantly during this period, illustrating the strong demand within the East Coast residential market.
The Esta, a freehold development completed in 2008, boasts 400 units spread across five residential blocks and is situated along Amber Gardens in District 15. Its desirable location, within walking distance to the Tanjong Katong MRT Station and near lifestyle hubs and reputable schools, adds to its allure. Furthermore, its freehold tenure enhances long-term value, especially with the limited supply of new freehold developments in the vicinity.
Interestingly, the sale marked the second-highest new price per square foot among recent transactions, just behind D'Leedon's record of $2,287 per square foot. With ongoing gentrification and infrastructure improvements driving demand for properties in this established East Coast neighborhood, The Esta maintains strong appeal. This sale contradicts the anticipated modest price decline of 3% forecasted for Singapore's broader property market in 2024, highlighting the resilience of prime freehold properties.
Buyers seeking potential for future capital appreciation are sure to keep a keen eye on this evolving market trend. Essentially, The Esta has not only made headlines but also redefined expectations in the burgeoning property landscape.
