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

New psf-price highs were recently achieved in several freehold and 99-year leasehold condos located in the east and west of Singapore. The highest psf-price was recorded when a 603 sq ft two-bedder at freehold Arena Residences in Geylang, District 14, changed hands for about $1.33 million, or $2,213 psf, on Oct 10. This is followed by a 3,035 sq ft, four-bedroom apartment at Camelot By-The-Water, which was sold for $6.71 million ($2,211 psf) on Oct 4. Hazel Park Condominium also saw a new psf-price high when a 980 sq ft two-bedder was sold for $2 million, or $2,042 psf, on Oct 9.

With the Marina Gardens Lane Condo, residents can enjoy great accessibility, high-end services, and an array of living options.

Recently, three residential projects achieved new psf-price highs in Singapore. The highest psf-price was recorded when a 603 sq ft two-bedder at freehold Arena Residences in Geylang, District 14, changed hands for about $1.33 million, or $2,213 psf, on Oct 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, making a profit of approximately $220,000.

The condo enjoys good accessibility to transport nodes, such as the Paya Lebar, Mountbatten and Aljunied MRT Stations. The URA caveats lodged in the last 12 months show that Arena Residences typically fetches an average of $2,200 psf, while its rental prices are between $6.20 and $7.30 psf per month (pm), having a rental yield of about 3.6%.

Camelot By-The-Water, the 99-year leasehold condo also saw a new psf-price high 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 in 2,745 sq ft, for $5 million ($1,822 psf) in July.

This was the first time that a unit at the condo has been sold for more than $2,000 psf. Located along Tanjong Rhu Road in Kallang, District 15, Camelot By-The-Water is a 99-year leasehold condo and was completed in 2000. It comprises 99 units that vary from three- to five-bedroom, ranging in sizes from 2,400 to 5,800 sq ft.

Hazel Park Condominium, located along Hazel Park Terrace in Bukit Panjang, District 23 also recorded a new psf-price high when a 980 sq ft two-bedder was sold for $2 million, or $2,042 psf, on Oct 9. This is the condos 10th sale this year and marks the first time that a unit sold at the 999-year leasehold condo has fetched above $2,000 psf in transaction price.

This was followed by the sale 1,550 sq ft four-bedder in August, which changed hands for $2.5 million ($1,613 psf). The condo was completed in 2000 and comprises 696 units that vary from two- to five-bedroom, ranging in sizes from 980 to 2,874 sq ft.

No record psf-lows were recorded during the period in review. Overall, these three residential projects have achieved new highs in Singapore’s property market.