Espa
Located in District 23 (Choa Chu Kang, Dairy Farm, Hillview, Bukit Panjang), Espa is a 999-year leasehold condominium in the Outside Central Region (OCR). The development was completed in 2008 and comprises 78 units, on a lease that commenced in 1882. Sale and rental figures on this page are compiled from URA transaction records.
Overview & Key Facts
ESPA is a 999 yrs lease commencing from 1882 condominium at CASHEW ROAD in District 23 (OCR), developed by SB DEVELOPMENT PTE LTD, comprising 78 units, completed in 2008.
Location & Connectivity
ESPA is approximately 120m from Cashew MRT station, with 9 stations within 1.5 km.
| Station | Line | Distance |
|---|---|---|
| Cashew | Downtown Line | 120m |
| Hillview | Downtown Line | 760m |
| Pending | Bukit Panjang LRT | 1 km |
| Petir | Bukit Panjang LRT | 1 km |
| Bukit Panjang | Downtown Line | 1.1 km |
| Bukit Panjang | Bukit Panjang LRT | 1.1 km |
Schools & Education
10 schools within 2 km (1 within 1 km priority zone).
| School | Type | Distance |
|---|---|---|
| Pei Hwa Presbyterian Primary School | Primary | 820m |
| Springdale Primary School | Primary | 1.4 km |
| Fajar Secondary School | Secondary | 1.5 km |
| Bukit Panjang Government High School | Secondary | 1.5 km |
| Bukit Panjang Primary School | Primary | 1.6 km |
| Xishan Primary School | Primary | 1.7 km |
| Greenridge Secondary School | Secondary | 1.7 km |
| West Spring Secondary School | Secondary | 1.9 km |
Unit Mix & Pricing
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 2 | $1,471 psf | $1,330,000 |
| 3 BR | 5 | $1,548 psf | $1,654,000 |
| 4 BR | 2 | $1,365 psf | $2,139,000 |
Market Position
ESPA has recorded 9 sales at an average price of $1,689,778.
Rental Yield by Bedroom Type
Blended yield hides the spread between unit sizes — smaller units at ESPA typically rent harder per dollar of purchase price. The final column shows monthly rent per $100,000 invested, so unit sizes compare on equal capital:
| Type | Avg Rent | Avg Price | Gross Yield | Rent per $100k |
|---|---|---|---|---|
| 2 BR | $2,947/mo | $1,330,000 | 2.66% | $222/mo |
| 3 BR | $3,756/mo | $1,654,000 | 2.73% | $227/mo |
| 4 BR | $3,949/mo | $2,139,000 | 2.22% | $185/mo |
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Price Appreciation
| Year | Sales | Avg PSF | Change |
|---|---|---|---|
| 2021 | 2 | $1,399 psf | — |
| 2022 | 4 | $1,452 psf | ↑ 3.7% |
| 2024 | 1 | $1,689 psf | ↑ 16.4% |
| 2025 | 1 | $1,441 psf | ↓ 14.7% |
| 2026 | 1 | $1,674 psf | ↑ 16.2% |
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The series remains near its 2024 high — ESPA prices sit 19.6% above where they began in 2021.
Price Index Check
The ShiokNest Price Index for District 23 reads 125.7 as of June 2026 — up 2.1% year-on-year. The index tracks repeat-sales price movement, so it is less distorted by shifts in what happens to be transacting than a raw average PSF.
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Neighbourhood Comparison
| Condo | Tenure | Avg PSF | Sales |
|---|---|---|---|
| SOL ACRES | 99 yrs lease commencing from 2014 | $1,390 psf | 572 |
| MIDWOOD | 99 yrs lease commencing from 2018 | $1,737 psf | 546 |
| LUMINA GRAND | 99 yrs lease commencing from 2022 | $1,515 psf | 512 |
| DAIRY FARM RESIDENCES | 99 yrs lease commencing from 2018 | $1,661 psf | 459 |
| THE MYST | 99 yrs lease commencing from 2023 | $2,093 psf | 390 |
What Could Work Against You
- With just 1 sale in the trailing year, pricing signals are indicative rather than definitive; expect wider bid-ask spreads when you negotiate.
- The 78-unit size cuts both ways: exclusivity, but thinner resale liquidity and higher per-unit maintenance contributions than larger estates.
Best suited for
Who This Actually Suits
This is a strong match for mrt-walkable commuters, nature / park-fronting, yield-focused investors and long-term hold (10+ yr). MRT proximity is the standout commute feature for daily transit users.
heavy renovation / value seekers should treat this as a shortlist candidate, not a default choice.
It is a weaker fit for short-term flippers (<5 yr) and resort facilities — other options likely serve them better. TOP 2008 keeps the SSD window in mind for buyers exploring the 3-5 year resale-arbitrage strategy.
Verdict
ESPA is a 999 yrs lease commencing from 1882 development in District 23 (OCR), with 78 units, offering a gross yield of 2.6%.
At ~$1,558 psf, it represents a competitive entry point in the OCR segment.
Explore the full ESPA dashboard for interactive analytics.
HDB Alternatives Nearby
Weighing ESPA against staying public? These HDB towns sit within walking or short-drive distance:
- Bukit Panjang — 4-room average $581,903 (640m away), an upgrader gap of about $1,100,000
- Choa Chu Kang — 4-room average $559,427 (1.4 km away), an upgrader gap of about $1,150,000
- Bukit Batok — 4-room average $626,224 (1.4 km away), an upgrader gap of about $1,050,000
FAQ
What is the average PSF for ESPA?
Is ESPA freehold?
What is the rental yield for ESPA?
Which MRT is nearest to ESPA?
Sources & Next Steps
- ESPA Dashboard — Live charts and analytics
- URA — Official transaction data
- District 23 (Choa Chu Kang, Dairy Farm, Hillview, Bukit Panjang) — District 23 neighbourhood guide
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 9 transactions
- Rental data: 110 leases
- Source: URA
Median values used to minimise outlier impact. PSF = price per square foot.
Latest recorded data point: May 2026 · 9 records analysed · Source: URA private-sale caveats