SINGAPORE (EDGEPROP) - A recent transaction at Arena Residences in Geylang, District 14, marked a new psf-price high for the freehold condo. The sale involved a 603 sq ft two-bedder which changed hands for about $1.33 million, or $2,213 psf, on Oct 10. This is 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. The seller had bought the unit at about $1.11 million ($1,846 psf) in January 2019. This means that they made a profit of about $220,000.

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.

Read also: Two-bedder at Zenith sold at new high of $2,383 psf

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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. The condo houses 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, about 89.2% of its 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. Meanwhile, 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, 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 tops 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.

This is the latest transaction that the condo has seen, and it marks 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, which means they made a profit of about $1.93 million.

So far this year, there have been only two resales at the condo.

Located along Tanjong Rhu Road in Kallang, District 15, Camelot By-The-Water is a 99-year leasehold condo that was completed in 2000. The 99-unit condo was developed by Centrepoint Properties, now known as Frasers Property. The waterfront development comprises a mix of three- to five-bedroom units with sizes ranging from about 2,400 to 5,800 sq ft.

Read also: Parc Esta achieves new high of $2,409 psf

Another development, Hazel Park Condominium, 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, reaping a profit of $920,000.

Hazel Park Condominium’s previous highest psf-price was clinched with the sale of a 1,324 sq ft unit in July. The three-bedder fetched a price of $2.32 million, or $1,752 psf.

This is the 10th sale of a unit at the 999-year leasehold condo. Prior to this transaction, a 1,550 sq ft four-bedder changed hands for $2.5 million ($1,613 psf) in August.

Hazel Park Condominium is located along Hazel Park Terrace in Bukit Panjang, District 23. Completed in 2000, the 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.

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

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