The record for the most profitable condominium resale transaction in the week of Feb 7 to Feb 14 was set by Mandarin Gardens, with a 3,800 sq ft unit fetching $4.88 million, or $1,284 psf. This is a significant increase from when it last changed hands in 2003 for $1.05 million, or $276 psf, resulting in a profit of $3.83 million, or 364.8% of the original purchase price. This represents an annualised capital gain of 7.4% over 21½ years.There are a total of 18 four-bedroom units at Mandarin Gardens, with the last one being sold in 2023 for $4.26 million, or $1,122 psf. The project has seen a peak in prices in 2024 at $1,316 psf before dipping slightly to $1,310 psf as of Feb 25.Mandarin Gardens is a 99-year leasehold development with about 56 years remaining, located along Siglap Road in District 15. It comprises 1,006 units across 17 blocks from nine to 23 storeys. Units are a mix of one- to two-bedroom apartments from 732 sq ft to 1,001 sq ft, and three- to four-bedroom units from 1,528 sq ft to 3,800 sq ft. It also contains 11 strata commercial units.The second most profitable resale transaction in the week of Feb 7 to Feb 14 was recorded at Parvis, where a 2,260 sq ft, three-bedroom unit on the second floor sold for $4.78 million, or $2,115 psf, on Feb 10. The owners of this unit previously bought it at a price of $2.78 million, or $1,230 psf, in 2009, making a profit of $2 million (71.9%), or an annualised gain of 3.6% over 15 years.Parvis is a freehold condo located along Holland Hill in prime District 10, with a 12-storey development comprising 248 residential units. Apartments are a mix of three- and four-bedroom units from 1,701 sq ft to 2,605 sq ft, and three- and four-bedroom penthouses from 2,293 sq ft to 3,229 sq ft. It sits close to schools such as Henry Park Primary School, New Town Primary School, and Nanyang Primary School, and is a five-minute walk to Holland Village MRT Station on the Circle Line.The most unprofitable transaction recorded between Feb 7 and Feb 14 was at Scotts Square, where a 947 sq ft, two-bedroom unit on the 28th floor was sold for $3.08 million, or $3,252 psf, on Feb 13. It was previously bought for $3.83 million, or $4,039 psf, in 2007, resulting in a loss of $745,880 (19.5%) for the seller, or an annualised loss of 1.3% over 17 years.Scotts Square is a freehold mixed-use development located along Scotts Road in the Orchard shopping belt. Completed in 2011, it has two luxury residential towers of 43 and 34 storeys with a total of 338 apartments, and a four-storey retail podium. Unit sizes range from one- to three-bedrooms from 603 sq ft to 1,249 sq ft. It also contains amenities such as concierge services, a gym, a lap pool and a sky pool on the 35th floor.
Mandarin Gardens emerged as the top performer in the resale condo market during the week of Feb 7 to Feb 14, recording the most profitable transaction. A four-bedroom unit spanning 3,800 sq ft at the development was sold for $4.88 million, translating to $1,284 psf, on Feb 11. Records from the Urban Redevelopment Authority (URA) show that the eighth-floor unit was last sold for $1.05 million ($276 psf) in June 2003.
The sale of this unit resulted in a whopping profit of $3.83 million for the seller, equivalent to 364.8% of their original purchase price. This translates to an impressive annualised capital gain of 7.4% over a span of 21½ years. This transaction also breaks the record for the most profitable sale at Mandarin Gardens, beating the previous record held by a 3,068 sq ft four-bedroom unit on the 20th floor. The unit, which was bought for $1.4 million ($456 psf) in August 2001, was sold for $4.1 million in September 2021 ($1,336 psf), generating a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.
Since reaching a peak of $1,300 psf in September 2023, resale prices at Mandarin Gardens have remained stagnant, according to EdgeProp Singapore’s analysis tools. The average resale price hit a high of $1,316 psf in June 2024, before dipping slightly to $1,310 psf as of Feb 25.
The sold unit on Feb 11 is one of 18 four-bedroom units at Mandarin Gardens. The previous four-bedroom unit sold at the development was a similar-sized 3,800 sq ft unit on the ninth floor, which fetched $4.26 million ($1,122 psf) in June 2023.
Located along Siglap Road in District 15, Mandarin Gardens sits on a 1.07 million sq ft site and comprises 1,006 residential units spread across 17 blocks ranging from nine to 23 storeys. Units at the condo are a mix of one- to two-bedroom apartments from 732 sq ft to 1,001 sq ft, and three- to four-bedroom units from 1,528 sq ft to 3,800 sq ft. The project also houses 11 strata commercial units.
The second most profitable transaction during the period was recorded at Parvis, a freehold condo along Holland Hill in prime District 10. On Feb 10, a three-bedroom unit spanning 2,260 sq ft on the second floor was sold for $4.78 million ($2,115 psf).
The sellers had previously bought the unit from the developers for $2.78 million ($1,230 psf) in December 2009, making a profit of $2 million (71.9%) from the recent sale. This translates to an annualised gain of 3.6% over 15 years. This unit now holds the third position for the most profitable transaction at Parvis, with the record currently held by a four-bedroom unit of 2,605 sq ft that sold for $5.4 million ($2,073 psf) in November 2022. The unit was bought for $3.21 million ($1,230 psf) in December 2009, generating a profit of $2.19 million (68.2%) or an annualised gain of 4.1% over 13 years.
Parvis is comprised of a 12-storey development with 248 residential units. Apartments at the condo are a mix of two-bedroom units from 990 sq ft to 1,442 sq ft, and three- to four-bedroom units from 1,701 sq ft to 2,605 sq ft. The project also has three- and four-bedroom penthouses from 2,293 sq ft to 3,229 sq ft. The condo is located near popular schools such as Henry Park Primary School, Nanyang Primary School, New Town Primary School, and Queenstown Primary School. It is also a short five-minute walk to Holland Village MRT Station on the Circle Line.
The most unprofitable transaction during the period was recorded at Scotts Square, a freehold mixed-use development along Scotts Road in the prime Orchard shopping district. On Feb 13, a two-bedroom unit on the 28th floor sold for $3.08 million ($3,252 psf), after being bought for $3.83 million ($4,039 psf) in 2007. This resulted in a loss of $745,880 (19.5%) for the seller, or an annualised loss of 1.3% over 17 years.
According to EdgeProp’s analytical tools, Scotts Square has recorded 69 unprofitable transactions since its launch in 2007, with 18 of them (26%) resulting in a seven-figure loss. The most unprofitable transaction was for a three-bedroom unit of 1,249 sq ft, which was sold for $3.65 million ($2,923 psf) in February 2017. The previous owners had bought the unit at launch in August 2007 for around $5.21 million ($4,171 psf), resulting in a loss of about $1.56 million (30%) over 10 years.
The average resale price of units at Scotts Square has been on a gradual decline since its launch in 2007. According to a 12-month rolling average, prices peaked at $4,054 psf in July 2007 before reaching a low of $3,330 psf in August 2020. As of last month, the average price of resale units at Scotts Square stood at $3,398 psf.
Scotts Square comprises two luxury residential towers of 43 and 34 storeys,
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