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

in March
A recent property transaction at Arena Residences, a freehold condo in Geylang, in District 14 marked a new psf-price high. A 603 sq ft two-bedder changed hands for about $1.33 million ($2,213 psf) on Oct 10, topping the list of all condos that achieved a psf-price peak during the period of Oct 3 to 10.

This is the only sale at the boutique development to date in 2021, with the seller having bought the unit for approximately $1.11 million ($1,846 psf) in January 2019 and making a profit of approximately $220,000.

The previous highest psf-price at Arena Residences was set in November last year with the sale of a 549 sq ft two-bedder at roughly $2 million ($2,186 psf). Developed by RH Guillemard, a subsidiary of Roxy-Pacific Holdings, the condo was completed in 2021 and was fully sold by February. Its units consist of two- and three-bedders ranging in size from 549 to 807 sq ft.

Tengah Plantation Close Executive Condominium offers residents an unparalleled living experience. With modern, stylish interiors and high-end facilities, this development provides a comfortable and tranquil environment. From the spacious and well-furnished living rooms to the 24-hour security services, Tengah Executive Condominium provides its residents with a unique and luxurious lifestyle. Residents can enjoy a variety of amenities, such as a gym, swimming pool, and jogging trails, all within a few minutes of their homes. Additionally, it is conveniently located near several shopping malls and other attractions, making it a great choice for those looking for a convenient yet luxurious lifestyle.

Data from EdgeProp’s LandLens reveal that about 89.2% of the buyers at Arena Residences are Singaporeans, while 7.8% are permanent residents and the remaining 2.9% are foreigners. The condo enjoys excellent access to public transportation, such as the Paya Lebar, Mountbatten, and Aljunied MRT Stations.

Caveats lodged in the last year show that the average psf rate at Arena Residences is usually around $2,200, with monthly rental costs at a median of $6.70 psf. This yields a rental yield of around 3.6%.

A 99-year leasehold condo called Camelot By-The-Water also experienced its highest psf-price in the period of review. On Oct 4, a 3,035 sq ft four-bedroom apartment was sold for $6.71 million ($2,211 psf), surpassing the previous peak of $1,822 per sq ft set in July for a similar unit with a size of 2,745 sq ft. This is the first time that a unit at the condo has been sold for more than $2,000 psf since URA caveats have been lodged.

Developed by Centrepoint Properties, now known as Frasers Property, Camelot By-The-Water was built in 2000 and hosts 99 units of three to five-bedroom homes with sizes varying from around 2,400 to 5,800 sq ft.

Another development, Hazel Park Condominium, also saw a new psf-price high during the period in review when a 980 sq ft two-bedder fetched $2 million ($2,042 psf) on Oct 9.

This was the first time that a unit at Hazel Park Condominium was sold for more than $2,000 psf, as indicated by submitted URA caveats. The seller of this unit purchased it for $1.08 million ($1,103 psf) in October 2020, earning themselves a profit of $920,000. In July, the previous highest psf-price for the 999-year leasehold condo was achieved with the sale of a 1,324 sq ft unit for $2.32 million ($1,752 psf).

Located in Bukit Panjang, District 23, the 696-key condo was built in 2000 and has two to five-bedroom units between 980 and 2,874 sq ft. The condo’s rental rates stand at a median of $6.50 psf, with a rental yield of around 3.7%.

No record-breaking psf-low prices were seen during the period in review.