The ESTA Condo Review – Maximising Space and Comfort

TL;DR The Esta is situated along Amber Gardens, remaining to be one of prized locality, given its upmarket status and close proximity to amenities and East Coast Park. It appears to be considerably undervalued compared to its freehold counterparts.

The Development

The Esta, in District 15, was completed in 2008 and is a freehold development with 400 units. It is a six-minute walk to the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line.

The total site area is about 21,241 sqft. The ESTA is a freehold condominium development located at 31 Amber Gardens in District 15. This project was completed in 2008 and it stands 21 storeys tall and comprises a total of 400 units. Condo facilities at The Esta include pool deck, fitness corner, swimming pool, bbq, parking, security. For young couples or families with children, The Esta is also close to schools like Tanjong Katong Primary School, Tanjong Katong Girls’ School. Residents can also head to nearby supermarkets like FairPrice Finest – Katong Village, Cold Storage – Parkway Parade for groceries and household products. In addition, The Esta is within driving distance to Orchard Road, Singapore’s popular shopping area, is a 15 mins drive away.The Estais also in close proximity to amenities that matter to most of us: top schools, mrt stations, popular gourmet restaurants and the idyllic East Coast Park.

Stepping into The Esta, a grand entrance with water cascading down the deck captures your attention. The recreational facilities in The Esta are also catered to suit all lifestyles: two tennis courts, and a private oasis of luxury, comprising the unique gym and clubhouse sitting just above the pool.

In the Esta, well-planned layouts are designed to maximise space & comfort, with large windows providing a visual connection between the indoors & outdoors. Thanks to the contemporary dining design layout, it allows the homeowners to have well-equipped wet & dry kitchens in the apartments of The Esta. Bathrooms are also stylishly designed with the decent sanitary fixtures and plush modern wardrobes in the bedrooms ensure that homeowners clean in their own spacious sanctuary.

The Esta is situated amidst a serene residential location, the soothing ambience is accentuated by the natural beauty of East Coast Park, while well-established amenities like the popular Parkway Parade provide a wonderful range of shops and restaurants. Reputable schools are also in close proximity.

Additionally, the Esta is well-linked by major expressways including the East Coast Park (ECP) and Pan Island Expressway (PIE). It takes around 15 minutes’ drive to Changi Airport and a mere 7 minutes to the Central Business District (CBD) via the East Coast Parkway (ECP) or Nicoll Highway.

Let us dive deeper into a full-review of the condo and see whether this is worth considering buying.

2020 – 2021 Transactions

 

Rental Trend

 

Over the previous 6 months (Oct 2020 – Apr 2021), the average sale PSF of a unit in The Esta has decreased by 0.11% to S$1,691. This is considerably lower as compared to other resale condos in the areas. Looking at the rental chart, monthly rent can also fetch $4,300 for a 2 bedroom on average. These recent rentals give us an indication of the good rental yields moving forward. Having said that, we will provide further details about the district and comparative analysis on pricing later. But first, let us have a look at the site analysis.

Location and Site Analysis

 

 

What we like about this property is that it is located in the area considered as the crème de la crème of East Coast in District 15 because it is situated close to the eastern shore.

As a result, it would possess an unobstructed sea view. Owning a unit at The Estanear the coastal park on this tiny island is considered rare here in Singapore.This area is also known for the concentration of freehold land.  Where condos are concerned, there is a high number of low-unit developments in both areas due to the smaller land parcels, which were historically distinguished for seaside landed properties in the British era. Over time, many of these land parcels were re-sold to the developers who built high-rise condos on the land with the approval of the Singapore government.This area is now one of the prime city fringe residential locations in Singapore.

From the site plan, we can see the stacks 9,12, 5,8 at the block 33, 35, those facing southwards towards East coast park and the sea will be highly valued. The External facing units of Block 37 will likely be least popular as they face northwest or west and is nearer to the side gate.

Most would like to avoid the bin centre, but if you are on a high floor, it will have minimal impact on your unit.The south-west facing high floor unit in block 35, 33 will offer the sea views that can be seen through condos in front. We also suggest that the best views above the 19th floor would provide the pockets of sea view for Stack 1, 4.

Stack 19, 20, 3, 4 will face the Shore Residences. So you might prefer to go for lower floor units at these blocks for poolside or greenery view. Furthermore, there are plenty of shopping malls and amenities around the area. If you are into the local ambience, you will also find a lot of good bars and restaurants situated along East Coast Road, Joo Chiat Road, and Tanjong Katong Road. They can be found operating on the heritage shophouses which are mostly inspired by the Peranakan culture.

The close proximity to some of the top primary schools has always been one of the top considerations for homebuyers who have school-going children when it comes to finding the right home for their family.

You will be pleased to know that The Esta is located within close proximity to some of the top primary schools in Singapore. Some of these primary schools include Tanjong Katong Primary School, Tao Nan School, CHIJ (Katong) Primary,  Haig Girls’ School and Kong Hwa School.

However, the downside is that only Tanjong Katong Primary School is within the 1 km radius from The Esta – which will offer you that upper hand in proximity advantage when it comes to school registration, while the rest are still within the 2 km radius.

Some of these schools include Dunman High School, Tanjong Katong Girls’ School, Chung Cheng High School (Main), Victoria School, Victoria Junior College, and Temasek Junior College.

In addition, there are also international schools near to the The Esta condominium – such as the Canadian International School along Tanjong Katong Road and Chatsworth International School.

District and Area Price Trend

In particular, freehold condos in the area have also seen their values rise significantly. Today, the average per square foot (psf) price of freehold properties within 1km (at $2,100psf) have risen beyond the average of their counterparts in its District 15 which is evidenced by the fact that this area is now attaining upmarket status.

Profitable Transactions

Unit Layout and Floor Plan Analysis

We think that in The Esta, there are many other good units other than the sea facing ones.

For example, the Northeast external facing units (Stacks 17, 18,19, 20) are good buys with units around $1600 psf (below the average selling price of $1800 as shown in the table). They enjoy vast greenery with pool views , and the opposite condos are fairly far.

The highest floor at Stacks 9, 12, 5, 8 might offer pockets of sea view.For the purpose of illustration, we shall compare the higher proportion units of 2 bedroom + study and 4 bedroom unit layout.

At the 1270 sqft , this 2 bedroom + study room is a decent size with a study room. The homeowner will get the luxury of having a bathroom exclusive to what is typically a master suite and an additional full bathroom for guests or tenants passing through.This layout might suit for those looking to rent one room out.For this layout, owners can choose to redesign the kitchen as the thin wall can be removed in future if they want a larger dining or living space. There is also an additional bathroom.

The 4 bedroom unit floor plan

This is an efficient layout at 1593 sqf. There is a Household shelter, next to the kitchen and the balcony is relatively smaller. The air-con ledge is in compact size so you’re not overpaying for the space that cannot be utilised for this layout. This might be suitable for a big family. What’s unique with this layout compared to other 4 -bedders types is the inclusion of the powder room. The bathroom is a sanctuary where you refresh yourself before and after a busy day. If your bathroom is filled with personal cosmetics or items, having a powder room keeps that private space well since this room will not be as prone to moisture like a regular bathroom. As you can see from the layout, the bathroom is separated from the powder room. Also, one of the rooms can be transformed to media, reading or play spaces.

The maintenance fee averages at $250 per month for a 1-bedder. Looking at the floor plan comparison that is sized to scale, the main difference is that the three-bedder for type B1b and B1 at The Esta offer a master bedroom balcony. The living and dining areas of a three-bedder are also larger in size and the home’s common areas look and feel more luxurious.

Comparative Analysis: The Esta vs Nearby Condo

 

 

 

Pricing Analysis: Nearby Freehold condos vs The Esta

Currently, the Amber Road and Amber Gardens area has a much higher density of development, which means two extreme development types: high unit-count projects on large land parcels and high-rise condominium projects on small land parcels.

The larger projects along the Amber Road and Amber Gardens are popular because freehold condo projects of this scale are unusual in the Rest of Central Region. These projects include One Amber which has a total of 562 residential units, The Seaview (546 units) and The Esta  (400 units). These developments house rather full-scaled facilities such as large swimming pools and gyms. As a result, the maintenance fees are typically lower, because there are more homeowners to share the cost.

On the other hand, there are the condominiums that comprise of small-sized condo developments projects, such as The Cape, The Aristo @ Amber, 16 @ Amber. All these small-sized condos can fetch an average price of $1,800psf that is close to the average price of the larger condo in the area. It might be due to the developer’s higher pricing (psf) for the small-sized units and positioning more like luxury projects.

The Esta condominiums are catered for more family-oriented and have larger average unit sizes. At The Esta, all 400 units has the layout design for 3-bedrooms and 4-bedrooms with 3 bathrooms ranging from 1399 sqft to 1474 sqft.At The Cape, however, there is only 76 luxurious units comprising of1-bedder units (570-675 sqft)and2-bedders units (850 sqft).

Looking at the small-sized projects, the 40 units at 16@ Amber have 1 and 2-bedroom units. Meanwhile, the 56 units at The Aristo @ Amber(average $1836psf) have a good mix of unit types from 1 to 3-bedrooms units ranging from 600-1900 sqft.

 

 

In this case, we shall make a comparison of similar sized projects in the area. The freehold 562-units One Amber Condo is a 23-storey high apartment that has 4 types of unit sizes ranging between 570 square feet to 3,165 square feet(1 to 4 bedrooms types). The average selling price is considerably lower at $1,670psf as compared to the Esta’s average price of $1,810.

As seen from the chart above, we examine the price performance of these new freehold condos in the area. Pricing-wise, the majority of new freehold condos fall within a $2,299 to $2,500 price range.

The 562-units Amber park (completion year at 2023) offer unit types ranging from 1-bedroom+study (463 sqft) to 5-bedroom+study (2,336 sqft). There are four exclusive six-bedroom penthouses (4392 – 5005 sqft) available. Selling for a staggering average of $2,452, the price difference amounts to a good $642psf. In comparison, if we were to look at The Esta’s freehold status, we consider it to be competitively priced.

Profitable transactions

 

 

According to URA and Edgeprop, the top gain made over the recent week from June 22-27, this year, making a 113% profit of $1.44 million, was at The Esta, located along Amber Gardens. The 1,464 sq ft unit on the 15th floor was purchased for $1.28 million at $874 psf in February 2009.It was sold for $2.72 million at $1,858 psf on June 24, translating to an annualised profit of 6% over 12 years. This would prove to be a form of good investment for buyers looking to invest in this area.

Future Development and Upside Potential

With the opening of the Thomson-East Coast MRT Line in 2023, the residents will find themselves with a fast alternative to travel to Katong and Marine Parade. The residents can take the new line directly to the central business district and the airport, and we expected that the proximity to the new MRT stations could improve the potential rental yield of condo units in this location. Currently, residents have to rely on buses or drive to get to the central business district. The new extension of the Thomson-East Coast MRT Line will be advantageous to the homebuyers and investors alike as we can expect the property value to appreciate further.

Our Take

Based on the price trends, we can see that the average psf prices between The Esta and other freehold properties in the area are comparable, although the uncompleted freehold counterparts have commanded a higher psf than The Esta. Aside from the pricing analysed and discussed earlier, we summarised the characteristics of The Esta as follows:

1. High traffic along the main road, especially in peak periods

2. Generally less quiet

3. Fewer units available with unblocked view

4. Tanjong Katong Primary School within 1km

5. Within walking distance to Katong and Parkway Parade

All its best features come at a tradeoff of greater traffic noise levels. When The Amber Park and Amber 45 are completed, we expect jams at the Amber areas during peak hours to worsen further. Something to take note is that there is only one entrance to the ECP for the Esta residents via Tanjong Katong Road exit.

That being said, if you prefer to stay close to Katong and Marine Parade, there are some quiet facing units to choose from. Of course, other resale condos in the area will also give you more options for pockets of seaview.

It is noteworthy that the Esta is also within 1km of Tao Nan School, one of the most popular primary schools in Singapore. This is some good selection of preschools in the area. As discussed, the lower floor units facing greenery can be considered for The Esta as I would rather save money. An outdoor patio area for ground floor units that comes with the greenery view will also provide you a landed homes vibe. Targeting at the niche market, this might be the best opportunity to own a property in this prime area (Rest of the Central Region) before these properties become significantly overvalued. We hope you find this article useful. Stay tuned for the next PLB insights article! For those who are interested in finding out more or would like to start planning for your property portfolio, you may contact our PropertyLimBrothers team!