Arena Residences has reached a new record of $2213 psf
Arena Residences, Geylang District 14, has recently seen a transaction that marked a new high in terms of psf for the freehold condo. On Oct 10, a 603-square-foot two-bedroom unit changed hands for $1.33m, or $2.213 per square foot.
The highest price per square foot amongst all condos for the period from Oct 3 to 10
The boutique development has only sold one unit this year. The unit was purchased by the seller in January 2019 for $1.11m ($1,846 per sq ft). The seller made about $220,000 in profit.
In November of last year, a 2 bedroom apartment measuring 549 square feet was sold for $2 million (2186 psf).
Arena Residences is located along Guillemard Lane. It was developed this year by RH Guillemard.
In November 2018, 40 of the 98 units launched were sold. The condo was sold out by February 2021. The condo is a mix of units with two and three bedrooms, starting at 549 sq ft and 807 square feet respectively.
According to EdgeProp LandLens data, 89.2% are Singaporeans. 7.8% are permanent residents, and the rest 2.9% are foreigners. The condo is easily accessible to major transport hubs, including the Paya Lebar MRT Station, Mountbatten MRT Station, and Aljunied MRT Station.
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In the past 12 months, there have been a number of caveats filed that show an average price per square foot for units at Arena Residences is $2200. The rental rates are $6.20 to $7.30 per square foot (psf) per month, or averaging $6.70. This is equivalent to a rental return of approximately 3.6%.
Camelot by-the-Water also experienced a new high in psf prices during the review period when a 4,035 sq ft apartment with four bedrooms was sold on Oct 4 for $6.71m ($2,211psf). This price is higher than the previous record set in July by a four-bedroom apartment measuring 2,745 square feet and selling for $5 million. ($1,822 per sq ft).
According to URA caveats, this is the condo’s latest transaction, and the first time a condo unit has sold for more $2,000 per square foot. The unit was purchased by the seller for $4.78m ($1,575psf) back in October 2012. This means that they made about $1.93m profit.
Only two condos have sold this year
Camelot By-The-Water, a 99-year leasehold condominium located along Tanjong Rhu Road Kallang District 15, was completed in the year 2000.
Centrepoint Properties (now Frasers Property) developed the 99-unit condominium. The waterfront development consists of a mixture of three- and five-bedroom apartments with sizes ranging between 2,400 sq ft to 5,800 sq. ft.
Hazel Park Condominium also saw a new high psf price during the review period with the sale of 980 sq ft of two-bedders for $2 million or $2,042 per square foot on October 9. According to caveats, this is the first unit sold at a price above $2,000 per square foot.
The seller purchased the unit in October 2020 for $1.08m ($1,103 per sq ft), netting a $920,000 profit.
Hazel Park Condominium achieved its previous highest price per square foot in July with the sale of 1,324 sqft. The three-bedder sold for $2.32million, or $1.752 per square foot.