Sale of four-bedder takes Geylang condo Parc Esta to new high of $2,679 psf
The new peak signals resilient resale demand for well-connected city-fringe condominiums and may support pricing expectations for comparable units at Parc Esta and nearby projects.
A 1,227 sq ft four-bedroom Parc Esta unit sold for $3.29 million on Aug 17, setting the development’s record at $2,679 psf.
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Parc Esta — a 99-year leasehold development in District 14 — topped the list of private non-landed residential developments to hit a new psf-price peak in the week of Aug 11 to 18. It scored a fresh high of $2,679 psf when a 1,227 sq ft four-bedder on the 13th floor changed hands for $3.29 million on Aug 17.
The price is slightly above Parc Esta’s previous record of $2,635 psf, set on March 3 by the sale of a 1,119 sq ft, three-bedroom apartment for $2.95 million.
Situated along Sims Avenue, Parc Esta was completed in 2022 and comprises 1,399 apartments housed across nine 18-storey blocks. Two- and three-bedroom layouts make up the majority of the development’s unit mix, ranging from 581 to 1,335 sq ft.
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Parc Esta is within a four-minute walk of Eunos MRT Station, while nearby dining and lifestyle amenities at City Plaza, Kinex Mall, Paya Lebar Quarter and Paya Lebar Square are about a six-minute drive away.
In terms of absolute price, the development’s most expensive transaction was recorded twice, with two 1,399 sq ft apartments each selling for $3.6 million ($2,573 psf), on Feb 12 and March 18, respectively.
Ranking second for the week was a transaction at Gilstead Two in District 11. On Aug 13, a 904 sq ft, two-bedroom apartment on the 31st floor fetched $2.33 million, setting a new record of $2,577 psf.
The sale edges out Gilstead Two’s previous price peak of $2,508 psf, when another 904 sq ft two-bedder sold for $2.27 million almost three years earlier in November 2023.
Gilstead Two has seen a steady increase in resale psf prices over the years, according to a tabulation of caveats by EdgeProp Singapore. Its one-year average resale price has risen from $2,018 psf in August 2019 to about $2,310 psf as of August this year.
Located on Gilstead Road, just off Dunearn Road, Gilstead Two is a freehold development completed in 2014. It consists of a single 34-storey tower with 110 apartments, mostly comprising two-bedders ranging from 775 to 1,572 sq ft. It also has two four-bedroom duplex penthouses, each measuring 2,874 sq ft.
Read also: Four-bedder at Grange Residences hits new record high of $3,786 psf
Newton MRT Interchange Station is a six-minute walk away. Several schools are also within a 1km radius of Gilstead Two, including Anglo-Chinese School (Junior), Anglo-Chinese School (Primary) and St Joseph’s Institution Junior.
As for new psf-price lows, only one project made the list during the week in review.
A 1,679 sq ft, four-bedroom apartment at Arina East Residences was purchased from the developers for $4.3 million on Aug 15, establishing a new psf-price low of $2,558 psf at the freehold development.
That is the second time an apartment at the project has transacted below the $2,600 psf threshold. The sale of a 495 sq ft one-bedder on the second floor for $1.27 million ($2,561 psf) in October last year marked the development’s previous record low.
Located on Tanjong Rhu Road in District 15, Arina East Residences has 107 apartments, with one- to four-bedroom layouts measuring between 495 and 1,679 sq ft.
At its launch in June last year, the developers moved 10 apartments through a private placement exercise, at an average price of $3,008 psf. Based on caveats lodged as of Aug 25, 14 apartments remain unsold.
Arina East Residences is slated to receive its temporary occupation permit in 2027.
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