The Esta may be facing the busy Mountbatten Road but demand continues to be strong at the 400-unit freehold condominium, owing to its easy access to the city and a wide range of amenities at Katong.
A unit at The Esta was sold for $1,325 psf this month, the first time it has breached the $1,300 psf level since last December. The peak was recorded previously in October, when a 1,399 sq ft three bedroom unit on the 20th floor was sold for $1.9 million, or $1,355 psf.
The freehold condo, developed by MCL Land and completed in 2009, is a few streets away from Far East Organization’s The Cape, which was launched this year. The most recent transaction at the 76- unit The Cape was that of a 570 sq ft unit on the eighth floor for $1.1 million ($1,971 psf) on March 29, according to caveats lodged with URA Realis. The Cape is located on Amber Road and expected to be completed in 2015. As at April 18, 25 units have been sold.
Abel Cheng, an agent with Knight Frank, says the premium pricing at The Cape is because the project comprises mostly small units and is marketed as a high-end condo.
One-bedroom apartments at The Cape range from 580 to 666 sq ft, and four-bedroom apartments are from 1,360 to 1,611 sq ft.
At The Esta, the smallest units start from 1,001 sq ft for a two-bedroom apartment. Most of the units are three-bedroom apartments and three-bedroom plus study units measuring 1,313 to 1,475 sq ft.
Cheng says The Esta would be more comparable to 562-unit One Amber, which is adjacent to the condo. One Amber was jointly developed by UIC, UOL Group and Singapore Land, and completed last year. Last December, prices hit a high of $1,928 psf when a 570 sq ft unit on the 19th floor was sold for $1.1 million. More recently, a 2,992 sq ft unit on the first floor sold for $2.95 million ($986 psf) on March 18.
The Esta is also adjacent to the 408-unit The Shore Residences by Far East Organization, which has emerged as a major player in the East Coast enclave. The project is scheduled for completion in 2015. The most recent transaction at The Shore Residences was that of a 592 sq ft unit
On the fifth floor that changed hands for $800,000 ($1,351 psf) on March 18. As at April 18, 363 units have been sold.
Homes in the Amber Road area are popular because of their proximity to the CBD, recreational facilities at East Coast Park, amenities at Parkway Parade shopping mall, a library at the Marine Parade Community Centre, and the upcoming 112 Katong (the redevelopment of the former Katong Mall). The area is also surrounded by good schools such as CHIJ Katong, Tao Nan Primary School, Victoria School and Dunman High School. The Katong and Joo Chiat areas are also famous for their numerous eateries.
With new projects in the Marine Parade-Amber neighbourhood fetching prices close to $2,000 psf, The Esta is seeing a resurgence of interest. There were three transactions at The Esta from March 29 to April 1, with prices ranging from $1,235 to $1,325 psf.
A 1,345 sq ft three-bedroom unit on the 13th floor was sold for $1.71 million ($1,271 psf), representing a 37% gain over the last transacted price of $1.25 million ($929 psf) in 2008. Before this, the unit changed hands for $1 million ($750 psf) in 2006.
On the seventh floor, a 1,593 sq ft unit sold for $1.97 million ($1,235 psf). This is a 73% gain for the previous owner, who purchased the unit for $1.14 million ($715 psf) in 2006.
A 1,560 sq ft unit on the third floor sold for $2.07 million ($1,325 psf), translating into a 91% gain for the seller, who bought the unit for $1.08 million ($692 psf) in 2006.
Source : The Edge – 27 Apr 2011