Espada
St. Thomas Walk · District 09 · Core Central Region (CCR) · Freehold
Espada is an apartment development in District 09 (CCR). Based on 45 URA-recorded transactions from 2021–2026, its median price is $1,150,000, with prices moving about 0.4%/yr and a gross rental yield near 4.1%.
The verdict · for an investor
Espada · Apartment · District 09 · Freehold
Espada is a mixed picture — a real case, with real caveats.
There's a genuine case here, but weigh the caveats below before you commit — the fundamentals and the record don't all point the same way.
Why it's pushing up
What matters most for you
- Convenient — MRT about 10 min on foot; 11 supermarkets, 14 food & retail spots nearby.
- Rentable — ~4.1% gross yield; transport and schools nearby keep tenants coming.
And what makes it better
- Every unit type has risen — 1-bed +3.9%, 2-bed +1.9% since 2021.
- A Primary-1 priority school within 1km — a real family draw.
- Steady ~4.1% gross rental yield.
What's holding it back
- The market's near the top of its cycle — mind your entry price.
- Larger units — entry starts around $1.55M, not an easy first step.
Should I buy?
There's a case — weigh the caveats first.
Rental yield
gross, on this project
Priced vs nearby
mid-priced for the immediate area.
Independent research, not advice. A fair price still isn’t automatically a good buy — the call is always yours.
Pick your exact unit — then check your price
Your unit’s exact size
Every real size that has sold here (URA caveats). Pick yours — or the closest.
What 355 sqft (1-bed) units go for here
The price they’re asking
Type the price they’re quoting — we’ll judge it against what this exact size really sold for. No opinion until you do.
Recent 355 sqft sales
What it rents for — and if that works
The rent you’d get
The price to fight for — and the endgame
No agent, no listing, no one paying us — so we’ll say it plainly, whichever side of the table you’re on, for the size you picked.
If you’re buying
≤ $0.92M
Aim at the middle or below. A patient buyer has been getting closer to $0.89M.
If you’re selling
~$0.96M
List at the top of fair; realistic close is $0.92M–$0.93M unless it’s a high floor.
Why no rush either way: Seller’s Stamp Duty means a buyer can’t sell penalty-free for ~4 years — so you’re holding regardless. That’s your leverage to negotiate down now, not overpay.
The reality check — does the gain even make sense?
Our blunt read: ~$38k over 10 years at this project’s own pace. It works — but forward from a cycle top, treat it as a maybe, not a promise. This is our own POV, not a forecast — the pace is the project’s own (~0.4%/yr), and past pace never promises the future.
Built from URA transactions for Espada — an opinion to decide and negotiate with, never a valuation and never financial advice.
If you’re buying — the outlook
Espada
Core Central Region (CCR) · District 09 · ~$2,410 psf · 4.1% yield
Prices are near the top of the cycle, and the government is still cooling it — but cheap loans, steady immigration and rising rents are holding them up. For Espada, its own prices are still climbing. Over a 4-year hold, expect modest growth — not a big jump.
On balance, the wind is leaning to your favour.
What it means for you: At ~$2,410 psf, Espada is priced below similar new projects nearby — good value against its peers. But its own prices have gone flat (~0.4%/yr over ~5 years). At this prime end foreign buyers are taxed out, so demand is thin — the seller may be more stuck than you are. So — push hard on price — this is a buyer's situation. If the seller won't move, walk; there's no rush.
The signals behind it
Dots show how much weight each one carries.
Holds prices back
Prices are near the top — up 33% in 5 years, well above the 4.6%/year long-run pace. Less room left to climb.
Supports prices
Espada's own prices are still climbing — about +3% in the latest year of sales.
Supports prices
The prime districts (CCR) lagged the others since 2004 — more room to catch up.
Holds prices back
The government is still cooling the market — the latest was SSD back to 4 years at 16/12/8/4% (2025). That caps how fast prices can run.
Supports prices
Loan rates are cheap right now (~1.08%) and falling. Easy to carry — which supports prices, but also means more buyers competing with you.
Supports prices
Against salaries, prices aren't expensive by past standards — people can still afford to buy.
Supports prices
Lots of new people keep moving to Singapore (non-residents up ~16% over 5 years) — steady demand for homes and rentals.
About neutral
A moderate amount of new supply is coming to this district (~1,998 units).
Supports prices
New launches in this district are selling well — 8 recent ones are around 100% sold, so buyer demand here is healthy right now.
Holds prices back · small effect
The government keeps releasing a lot of new land (~9,200 units this half-year) — more future supply that can weigh on prices years down the road.
Holds prices back
Foreign buying has collapsed since the 60% tax — only ~1.4% of buyers now. For the prime market you're looking at, that's a real missing piece of demand.
Supports prices
Rents at Espada are up ~11% over the last couple of years — good if you're renting it out.
Supports prices · small effect
There's more CPF money sitting ready to put toward a home than a few years back — a small support in the background.
Supports prices · small effect
The economy is growing (5% last year) and jobs are steady (1.9% unemployment) — no alarm bells.
Supports prices · small effect
Building costs are high (up ~39% since 2010) and still creeping up — developers can't build cheap, which puts a floor under new-launch prices.
Built from real public data (URA price index back to 1975, plus rates, immigration, rents, the economy). It prepares you — it never promises a price.
How far could it go — and when?
Is the price high? ~$2,410 psf is ~29% below similar nearby projects (~$3,396). good value
(The whole prime average is ~$2,284 psf — but that lumps in older stock, so we compare like with like, not against that.)
What’s realistic here? Its own record and its real neighbours — not the market.
Espada has grown ~0.4%/yr over ~5 years. Similar nearby: River Green 13.7%, The Avenir 2%, Irwell Hill Residences 1.7%, Kopar At Newton 3.1%, The Robertson Opus 5.6% — a 1.7–13.7%/yr spread (most around 3.1%).
You can’t sell for ~4 years without a penalty. Seller’s Stamp Duty is 16/12/8/4% in years 1–4, then 0% — so the honest question is what happens from year 4 on.
What price per sqft are you hoping to sell at one day?
Our own read, not financial advice. We don’t predict a price — we show what your target would need, and when, against what this project and its real neighbours have actually done.
Median price
$1,150,000
2021–2026 (URA)
Appreciation
0.4%/yr
median trend
Gross yield
4.1%
~$8.32/psf rent
Lease
Freehold
Espada median price per sqft, by year
Median PSF of actual URA transactions each year, with year-on-year change.
Does Espada fit your budget?
GrowKaki models the real take-home — net of stamp duty, agent fee, mortgage interest and CPF — for the exact unit your budget reaches, then hands you to an agent when you’re ready.
Plan your purchase →Units for sale at Espada
Questions people ask about Espada
Is Espada freehold or leasehold?
Espada is a freehold development in District 09 (Core Central Region (CCR)). Freehold means there is no lease running down.
How much does Espada cost per square foot?
Recent transactions at Espada are around $2,410 psf. Across its record, transacted prices range from $860,000 to $1,680,000.
Which primary schools are near Espada?
Within 1 km (top Primary 1 priority): River Valley Primary School (0.36 km). Within 1–2 km: St. Margaret's School (primary), Anglo-chinese School (junior), Alexandra Primary School. Distances are straight-line — the basis MOE uses for P1 priority.
Which MRT station is nearest Espada?
The nearest MRT is Somerset MRT, about 410 m away (straight-line).
Has Espada gone up in value?
Across 45 URA-recorded transactions (2021–2026), prices at Espada have moved about 0.4% a year on average, with a gross rental yield near 4.1%. That is a past record, not a forecast.
What condos are comparable to Espada?
Within a short walk: The Avenir, Hill House, Oue Twin Peaks, Martin Modern, Aspen Heights. These are the honest yardstick for its price and growth — closer and more alike than any whole-market average.
Is Espada a good buy?
Espada sits in Core Central Region (CCR). Whether it is right for you depends on your budget, purpose and holding period — GrowKaki models the net take-home after stamp duty, agent fee and CPF. This is independent research, not advice, and a fair price is not automatically a good buy.