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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