Freehold condo Arena Residences scores new high of $2,213 psf

A new psf-price high for a freehold condo was achieved recently at Arena Residences in Geylang, District 14, with the sale of a 603 sq ft two-bedder for about $1.33 million, or $2,213 psf, on Oct 10. This marked the highest psf price among all condos that achieved a psf-price high for the period of Oct 3 to 10.

This record-breaking transaction is the only sale at the boutique development to date this year, with the seller making a profit of about $220,000 since they bought the unit at about $1.11 million ($1,846 psf) in January 2019.

The previous psf-price high at Arena Residences was achieved with the sale of a 549 sq ft two-bedder at about $2 million ($2,186 psf) in November last year.

Located along Guillemard Lane, Arena Residences was developed by RH Guillemard, a subsidiary of Roxy-Pacific Holdings, and was completed this year. During its launch in November 2018, 40 out of its 98 units were taken up. It was fully sold by February 2021. It comprises a mix of two- and three-bedroom units, with sizes starting from 549 and 807 sq ft respectively.

Based on data from EdgeProp’s LandLens, 89.2% of buyers are Singaporeans, while 7.8% are permanent residents and the remaining 2.9% are foreigners. The condo enjoys good accessibility to transport nodes, such as the Paya Lebar, Mountbatten and Aljunied MRT Stations.

Caveats lodged in the last 12 months show units at Arena Residences typically fetch an average of $2,200 psf, and rental prices are between $6.20 and $7.30 psf per month (pm), with an average of about $6.70 psf pm. This translates to a rental yield of about 3.6%.

Camelot By-The-Water, the 99-year leasehold condo also saw a new psf-price high during the period in review when a 3,035 sq ft, four-bedroom apartment was sold for $6.71 million ($2,211 psf) on Oct 4. This figure topped the previous high that was set by the sale of another four-bedroom unit occupying 2,745 sq ft, for $5 million ($1,822 psf) in July.

Located along Tanjong Rhu Road in Kallang, District 15, Camelot By-The-Water was completed in 2000. This was the first time that a unit at the condo has been sold for more than $2,000 psf, based on submitted URA caveats. The seller of the unit had bought it for $4.78 million ($1,575 psf) in October 2012, making a profit of about $1.93 million.

Hazel Park Condominium also saw a new psf-price high in the period of review with the sale of a 980 sq ft two-bedder for $2 million, or $2,042 psf, on Oct 9. This is the first time that the condo has sold a unit above $2,000 psf, based on caveats lodged. The seller bought the unit for $1.08 million ($1,103 psf) in October 2020, leaving them a profit of $920,000.

Hazel Park Condominium is a 999-year leasehold condo located along Hazel Park Terrace in Bukit Panjang, District 23. Completed in 2000, this 696-key development comprises a mix of two- to five-bedroom units occupying between 980 and 2,874 sq ft. The project is a five-minute walk to Cashew MRT Station on the Downtown Line.

This Senja Close EC Bukit Panjang is situated in the Bukit Panjang neighbourhood, which is known for its safe and idyllic living environment. There are a number of amenities located nearby, such as a shopping mall, leisure park, and a sports complex. Residents can also enjoy the convenience of an extensive public transport system.

No record psf-lows were recorded during the period in review.

At Arena Residences, the sale of a 603 sq ft two-bedder for about $1.33 million, or $2,213 psf, on Oct 10 marked a new psf-price high for the freehold condo. With the seller making a profit of about $220,000 since they bought the unit at about $1.11 million ($1,846 psf) in January 2019, this was the only sale at the development to date this year. The previous psf-price high at Arena Residences was achieved by the sale of a 549 sq ft two-bedder at about $2 million ($2,186 psf) in November last year.

Located in Geylang, District 14, Arena Residences has buyers of 89.2% Singaporeans, 7.8% permanent residents, and the remaining 2.9% foreigners. It enjoys good accessibility to transport nodes, such as the Paya Lebar, Mountbatten and Aljunied MRT Stations. Caveats lodged in the last 12 months show units at Arena Residences typically fetch an average of $2,200 psf, and its rental prices are between $6.20 and $7.30 psf per month (pm), or an average of about $6.70 psf pm. This translates to a rental yield of about 3.6%.

Over at Camelot By-The-Water, a 3,035 sq ft, four-bedroom apartment was sold for $6.71 million ($2,211 psf) on Oct 4, a new psf-price high which marked the first time that a unit at the condo has been sold for more than $2,000 psf, based on submitted URA caveats. The previous highest psf-price was set by the sale of another four-bedroom unit occupying 2,745 sq ft, for $5 million ($1,822 psf) in July.

Hazel Park Condominium saw a new psf-price high when a 980 sq ft two-bedder changed hands for $2 million ($2,042 psf) on Oct 9; the first time that the condo has sold a unit above $2,000 psf, based on caveats lodged. This was their 10th sale this year, having sold a 1,550 sq ft four-bedder for $2.5 million ($1,613 psf) in August.

No record psf-lows were recorded during the period in review.