SINGAPORE (EDGEPROP) – The top profitable resale transaction for the week of Feb 7 to Feb 14 was recorded at Mandarin Gardens, with a 3,800 sq ft, four-bedroom unit fetching $4.88 million, or $1,284 psf on Feb 11. This sale resulted in a hefty $3.83 million profit for the seller, translating to an annualised capital gain of 7.4% over 21½ years. According to URA records, the eighth-floor unit last changed hands for $1.05 million, or $276 psf, in June 2003. The deal also breaks a record for the most profitable transaction recorded at Mandarin Gardens, previously held by a 3,068 sq ft, four-bedroom unit that generated a profit of $2.7 million (193%), or an annualised gain of 5.5% over 20 years. The condo has been experiencing stagnant resale prices since September 2023, with the average resale price breaking the $1,300 psf mark before peaking at $1,316 psf in June 2024 before falling slightly to $1,310 psf as of Feb 25. It is currently one of the most profitable projects with a total of four profitable transactions within a 12-month period. The second most profitable resale transaction recorded for the period in review was at Parvis, a 12-storey condo development located along Holland Hill in prime District 10. On Feb 10, a 2,260 sq ft, three-bedroom unit on the second floor was sold for $4.78 million ($2,115 psf). The previous transaction for the unit was in December 2009, when the then-developer sold it for $2.78 million, or $1,230 psf. This meant a profit of $2 million (71.9%), or an annualised gain of 3.6% over 15 years. Half of Parvis’ ten most profitable transactions were closed after October 2017, which is when prices began to bottom out, hitting almost $1,500 psf. Feb 2023 saw a slightly higher peak transacted price of $1,590 psf before it declined to $1,512 psf as of Jan 2025. Meanwhile, the most unprofitable transaction recorded during the period in review was that of a two-bedroom unit at Scotts Square. On Feb 13, the 947 sq ft unit on the 28th floor sold for $3.08 million ($3,252 psf), which is a $745,880 (19.5%) loss for the seller. This translates to an annualised loss of 1.3% over 17 years. Of the 69 unprofitable transactions recorded at Scotts Square since its launch in 2007, over one-quarter of them have resulted in seven-figure losses. The most unprofitable dealt with a 1,249 sq ft, three-bedroom unit, which was sold in February 2017 for $3.65 million ($2,923 psf). The sellers purchased it during launch in August 2007, for $5.21 million ($4,171 psf), resulting in a loss of $1.56 million (30%) over 10 years. The unit prices at Scotts Square has been declining since the launch in 2007. The peak is set at $4,054 psf in July 2007 before bottoming in August 2020 at $3,330 psf. As of Feb 2025, the average resale price of units is $3,398 psf. Scotts Square has 338 residential units, 20 one-bedroom units from 624 sq ft to 742 sq ft, 276 two-bedroom units from 840 sq ft to 1,259 sq ft, 32 three-bedroom units from 1,249 sq ft to 1,615 sq ft and 10 four-bedroom units from 2,260 sq ft to 3,229 sq ft. There are also 10 penthouses from 2,411 sq ft to 6,899 sq ft. The condo also has concierge services, a gym, a lap pool and a sky pool on the 35th floor.Mandarin Gardens is a 99-year leasehold condo development built on a 1.07 million sq ft land along Siglap Road in District 15. The project spans 17 nine-storey to 23-storey blocks with 1,006 residential and 11 strata commercial units. Apartment types are a mix of one- and two-bedders from 732 sq ft to 1,001 sq ft, three-bedders from 1,528 sq ft to 1,722 sq ft and four-bedders from 3,800 sq ft to 3,800 sq ft. Mandarin Gardens is close to East Coast Park, Parkway Parade Mall, SingPost Centre and the upcoming Thomson-East Coast Line, which will have a Siglap MRT station nearby.Parvis is a 248-unit, 12-storey mixed-use condo project situated along Holland Hill in prime District 10. On the first to fourth floors, there are three retail units, and on the fifth to 12th floors, are 245 residential units. Residential units are a mix of two-bedders from 990 sq ft to 1,001 sq ft, three-bedders from 1,528 sq ft to 1,528 sq ft and four-bedders from 2,605 sq ft to 2,605 sq ft. The condo has a 2006 TOP. The condo is five minutes away from Holland Village MRT Station along the Circle Line. It is also close to Orchard Road and the Holland Village shopping and dining district. Published on : Monday, February 28, 2022
Investing in a condo in Singapore offers numerous benefits, with one of the most attractive being the potential for capital appreciation. This is due to Singapore’s ideal position as a leading business center, along with its robust economic foundation, resulting in a constant demand for real estate. In recent years, the property market in Singapore has consistently risen, with prime location condos experiencing significant appreciation. By strategically entering the market at the opportune time and holding onto their properties for an extended period, investors can reap substantial gains. Additionally, with the introduction of new Singapore projects, the potential for even greater capital appreciation is evident.
Mandarin Gardens, a 1,006-unit 99-year leasehold development located along Siglap Road in District 15, has recently recorded the most profitable condo resale transaction in the week from February 7 to February 14.
This transaction, which occurred on February 11, involved a 3,800 sq ft four-bedroom unit that was sold for $4.88 million, or $1,284 psf. The previous transaction for the same unit was back in June 2003, when it was sold for $1.05 million, or $276 psf, resulting in a profit of $3.83 million for the seller.
This translates to an annualized capital gain of 7.4% over 21.5 years. According to URA records, this is the highest profit recorded for a transaction at Mandarin Gardens so far.
The second most profitable transaction recorded during the period in review was at Parvis, a freehold condo located along Holland Hill in prime District 10. On February 10, a 2,260 sq ft, three-bedroom unit on the second floor was sold for $4.78 million, or $2,115 psf.
The previous transaction for this unit was in December 2009, when it was sold by the developer for $2.78 million, or $1,230 psf. This resulted in a profit of $2 million for the seller, translating to an annualized gain of 3.6% over 15 years.
As for the most unprofitable transaction recorded during the period in review, it involved a 947 sq ft two-bedroom unit at Scotts Square, a mixed-use freehold development located along Scotts Road. This unit was sold for $3.08 million, or $3252 psf, on February 13. The previous transaction for the same unit was back in December 2007, when it was sold for $3.83 million, or $4039 psf, resulting in a loss of $745,880 for the seller.
Looking at the past year, Parvis has been one of the most profitable projects, recording four profitable transactions in total. On the other hand, Scotts Square has recorded 69 unprofitable transactions since its launch in 2007, with more than one quarter of these transactions resulting in seven-figure losses for the seller.
The average resale price for units at Scotts Square has been on a declining trend since the project’s launch, with the peak being $4054 psf in July 2007. Similarly, the average resale price for units at Parvis peaked at $1590 psf in February 2013, before declining to $1512 psf as of January 2025.
Mandarin Gardens is close to East Coast Park, the Parkway Parade Mall, SingPost Centre, and the upcoming Thomson-East Coast Line, with the Siglap MRT Station close by.
Parvis is close to Holland Village MRT Station along the Circle Line, and is also close to Orchard Road and the Holland Village shopping and dining district.