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

These include the development of the West Miller Football Pitch and the nearby weekly Tekka Market, which has been operating for more than three decades. Lumina Grand EC has been well-received by those looking to reap the rewards of condominium living, backed by the security and convenience of a mature estate. Apartments, with multi-generational living arrangements in mind, are outfitted with smart home features – from keyless entry and app-controlled lighting to automated home entertainment systems. The development itself provides a wide selection of communal facilities, including the usual suspects of a communal jacuzzi, swimming pool and barbecue pits, as well as a jogging track and a function room with kitchenette.

A new psf-price high for a freehold condo was recorded recently at Arena Residences in Geylang, District 14. On October 10, a sale involving a 603 sq ft two-bedder happened at the condominium and the unit was reported to have fetched about $1.33 million, or $2,213 psf. This is the highest psf-price among all condos that achieved a new psf-price high for the period of October 3 to 10.

The seller of the unit had bought the apartment for about $1.11 million ($1,846 psf) in January 2019. This means that they made a profit of about $220,000. This is the only sale at the boutique development to date this year. The previous psf-price high at Arena Residences was achieved when a 549 sq ft two-bedder was sold for about $2 million ($2,186 psf) in November last year.

Owned by Roxy-Pacific Holdings’ subsidiary RH Guillemard, Arena Residences 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 comprises two- and three-bedroom units, with sizes starting from 549 and 807 sq ft respectively. According to data from EdgeProp’s LandLens, 89.2% of the buyers are Singaporeans, 7.8% are permanent residents, and 2.9% are foreigners. The condo offers convenience and accessibility, being located near transport nodes such as the Paya Lebar, Mountbatten and Aljunied MRT Stations.

Caveats lodged in the past 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 with the sale of a 3,035 sq ft, four-bedroom apartment for $6.71 million ($2,211 psf) on October 4. This figure surpasses the previous high of $1,822 psf set by the sale of another four-bedroom unit occupying 2,745 sq ft for $5 million in July.

This is the first time a unit at the condo has been sold for more than $2,000 psf. The seller had purchased the unit for $4.78 million ($1,575 psf) in October 2012, and made a profit of about $1.93 million. This year, there have only been two resales at the condo.

Located along Tanjong Rhu Road in Kallang, District 15, Camelot By-The-Water was developed by Centrepoint Properties and was completed in 2000. The 99-unit condo houses a mix of three- to five-bedroom units with sizes ranging from about 2,400 to 5,800 sq ft.

Meanwhile, Hazel Park Condominium, located along Hazel Park Terrace in Bukit Panjang, District 23, saw a new psf-price high with the sale of a 980 sq ft two-bedder for $2 million, or $2,042 psf, on October 9. This is the first time the condo has sold a unit above $2,000 psf, based on caveats lodged. The seller of the unit had purchased it at $1.08 million ($1,103 psf). The 999-year leasehold condo witnessed a total of 10 sales.

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