When The Esparis was launched in 2002, it was about six years after the executive condominium (EC) scheme was introduced and this housing concept was still relatively new to homeowners back then.
At the time, ECs were seen as a form of ‘sandwich’ housing to bridge the gap between HDB flats and private residential developments. Over time, it was the exceptional performance of these initial batch of ECs that tilted public opinion and resulted in their perceived as more investment-leaning housing assets.
For The Esparis, a 274-unit EC at Pasir Ris Drive 4, the initial buyer expectations centred it as a development for owner-occupiers. The size of its three- and four-bedroom units would be considered large compared to the unit sizes in new condos.
But now, fully privatised and over two decades into its 99-year lease, the owners of The Esparis face a different property market from when it first launched for sale. Pasir Ris has seen waves of new condo developments, new transport infrastructure projects such as the Cross Island Line (CRL), and landmark projects like the integrated Pasir Ris 8.
So where does that leave an older EC like The Esparis in a much changed and matured market like Pasir Ris? Is it simply an ageing project that has already seen its best days, or does it still offer a unique positioning that some newer condos lack?
Let’s find out with a deep dive into its performance to date.
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Where does The Esparis stand today?
The unit mix of The Esparis consists of unit sizes that are relatively larger compared to newer condos on the market today, and it features only 274 units – a very low unit count compared to recent EC projects.
| Lease start year | 2002 |
| Completion year | 2005 |
| Land size (sqm) | 13,983 |
| No. of units | 274 |
| Unit types available | 2, 3, 4 |
Average transacted prices for The Esparis in 2025
| Unit type | Average $PSF | Average price | Transaction volume |
| 3-bedroom | $1,109 | $1,355,250 | 8 |
| 4-bedroom | $970 | $2,350,000 | 1 |
Based on our compilation of resale transactions, only a single four-bedder was sold in 2025. Thus, the price reflects that specific unit and should not be representative of the entire project. Still, an average $PSF of below $1,000 is a rare find given prevailing market conditions and price benchmarks.
Overall, the three-bedroom units at The Esparis appear to be very affordable family-sized units, given the average price of below $1.4 million.
Which buyers would find The Esparis most appealing?
| Likely buyer profiles | Less suitable for |
| Families prioritising space. Larger-than-average 3- and 4-bedroom layouts make it appealing for those who value liveability | Buyers seeking newer developments – Older age and facilities may not appeal to those prioritising newer layouts and facilities |
| HDB upgraders in the $1M–$2M range – Entry prices align closely with affordability in D18 | Buyers chasing strong capital appreciation |
| Value-driven buyers – Lower $PSF relative to nearby projects offers a more affordable entry into the area | Investors focused on rentability/yield from smaller units. |
| Longer-term owner-occupiers. | Short-term flippers. Most of Esparis’ strongest gains were for its first batch of buyers, not for subsequent resales. |
Next, let’s look at the overall property market performance of District 18 (D18), where The Esparis is located.
This will help frame our expectations of the overall price and sales performance for the area.
All tenures
| Year | D18 | All non-landed private properties |
| 2015 | $897 | $1,180 |
| 2016 | $976 | $1,232 |
| 2017 | $952 | $1,304 |
| 2018 | $1,122 | $1,435 |
| 2019 | $1,197 | $1,560 |
| 2020 | $1,172 | $1,513 |
| 2021 | $1,192 | $1,600 |
| 2022 | $1,223 | $1,712 |
| 2023 | $1,344 | $1,869 |
| 2024 | $1,416 | $1,886 |
| 2025 | $1,866 | $2,092 |
| Annualised | 7.60% | 5.90% |
99-year leasehold
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