Arena Residences scores new high at $2,213 psf
Camelot, a 99-year-leasehold condo in the city of Singapore, has also seen a new psf high during this period. On Oct 4, a four-bedroom apartment measuring 3,035 sq. ft. was sold for a price of $6.71 (or $2,211 per square foot). The previous record was set when a 4,035 sq ft unit, occupying 2,745 sf, sold for $5.71 million ($2,211 psf) on July 4.
This is the condo’s most recent transaction and marks the first sale of a unit for more that $2,000 psf based on URA caveats. The unit was bought by the seller in October of 2012 for $4.78m (or 1,575psf), resulting in a $1.93m gain.
In the first half of this year, only two condominiums were resold.
Camelot By-The-Water condo is located along Tanjong Rhu Road at Kallang, district 15. The 99-year leasehold was completed by 2000.
Centrepoint Properties is now Frasers Property and developed this 99-unit condo.
The waterfront complex consists a mix between three and five bedroom units, with sizes ranging anywhere from 2,400 – 5,800 square feet.
Hazel Park Condominium was another project that experienced a new record psf with the purchase of a 980 sf two-bedder on Oct 9, for $2M, or 2,042 psf. It is the very first time a condo unit has been sold above $2,000/sqft, based on caveats.
The seller acquired the unit in 2020 for $1.08mn ($1,103psf), earning a $920,000 gain.
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Hazel Park Condominium has achieved its highest ever psf rate with the purchase of a 1,324 ft2 unit in July. The price for the three-bedroom unit was $2.32m or $1.752psf.
Arena Residences at Geylang in District 14 recently achieved a new price per square foot for a freehold apartment. The sale was a 603 sq. ft. two-bedroom condo that changed hands on 10 Oct. for around $1.33M, or $2.213 psf.
This is the best psf rate among all condos in the Oct. 3-10 period.
This transaction, which is a record-breaking sale, is the only sale in the boutique development so far this year. The seller purchased the apartment in January 2019, for approximately $1.11m ($1,846psf). This means they made around $220,000.
The previous price high for psf at Arena Residences occurred in November 2011 when a five-bedroom two-bedder was sold at $2 million.
Arena Residences are located along Guillemard Lane. They were developed by RH Guillemard a Roxy-Pacific Holdings subsidiary and were completed this year.
It was sold out in just 40 minutes of its November launch. It was sold to its full capacity by February 2020. The condo contains a mix two-bedroom and a three-bedroom unit, starting sizes at 549 sf and 807 sf respectively.
EdgeProp LandLens reports that, according to data from EdgeProp, 89.2% percent of its buyers were Singaporeans. Meanwhile, 7.8% percent were permanent residents.
And the remaining 2,9% came from foreigners. The condo’s location is convenient to transportation hubs including Paya Lebar MRT Stations as well as Mountbatten, Aljunied and Mountbatten MRT Stations.
According to the caveats that were lodged over the past twelve months, Arena Residences units typically sell for an average of $2200 per square feet.
While its rental prices are in the range of $6.20 – $7.30/sqf/month, or on average $6.70/sqf/pm. This yields a rental rate of about 3.6%.