Mandarin Gardens, a condo development, made headlines during the week of February 7-14 for recording the most profitable resale transaction. On February 11, a four-bedroom unit spanning 3,800 sq ft was sold for $4.88 million, at a rate of $1,284 per sq ft. This was an impressive increase from the unit’s last transaction in June 2003, when it was sold for $1.05 million, or $276 per sq ft, according to URA records. This resulted in a whopping profit of $3.83 million for the seller, equivalent to a 364.8% increase from the original purchase price, and an annualised capital gain of 7.4% over a period of 21 and a half years.
Not only did this sale break records for the most profitable transaction at Mandarin Gardens, but it also surpassed the previous record holder – a four-bedroom unit of 3,068 sq ft on the 20th floor. This unit was purchased for $1.4 million ($456 per sq ft) in August 2001 and resold for $4.1 million in September 2021 ($1,336 per sq ft), resulting in a profit of $2.7 million (193%), or an annualised gain of 5.5% over 20 years.
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Despite the lucrative profit of $2.3 million, the average resale price of units at Mandarin Gardens has remained stagnant since September 2023, when it broke the $1,300 per sq ft mark. As of February 25, prices have reached a peak of $1,316 per sq ft in June 2024, before dropping slightly to $1,310 per sq ft.
The unit sold on February 11 is one of 18 four-bedroom units in Mandarin Gardens, with the last transaction for a similar unit of 3,800 sq ft taking place in June 2023 for $4.26 million, or $1,122 per sq ft.
Located in District 15, Mandarin Gardens is a 99-year leasehold development sited on a sprawling 1.07 million sq ft land along Siglap Road. The project spans 17 blocks, with heights ranging from nine to 23-storeys. It boasts a total of 1,006 residential units, comprising one- to two-bedroom units from 732 sq ft to 1,001 sq ft, and three- to four-bedroom units of 1,528 sq ft to 3,800 sq ft. It also has 11 commercial units.
The second most profitable transaction during the same period was recorded at Parvis, a coveted freehold condo along Holland Hill in District 10. On February 10, a three-bedroom unit of 2,260 sq ft on the second floor was sold for $4.78 million ($2,115 per sq ft). The unit was last sold for $2.78 million ($1,230 per sq ft) in December 2009, making a profit of $2 million (71.9%), or an annualised gain of 3.6% over a period of 15 years.
Parvis has 248 residential units spread over 12 storeys (Photo: Samuel Isaac Chua / EdgeProp Singapore)
This sale also ranks as the third most profitable transaction at Parvis. The current record holder is a four-bedroom unit of 2,605 sq ft, which changed hands for an impressive $5.4 million ($2,073 per sq ft) in November 2022. The owners had purchased the unit for $3.21 million ($1,230 per sq ft) in December 2009, which resulted in a profit of $2.19 million (68.2%), or an annualised gain of 4.1% over a space of 13 years.
This year alone, this seller has recorded the second profitable transaction at Parvis – a four-bedroom unit of 2,788 sq ft on the 12th floor, which sold for $6.1 million ($2,188 per sq ft) on January 6. The seller bought the unit for $4.25 million ($1,524 per sq ft) in 2011, leading to a profit of $1.85 million (43.5%) after 14 years. This sale now ranks as the fifth most profitable transaction at Parvis.
The condo comprises 248 residential units spread over 12 storeys. It boasts two-bedroom units of 990 sq ft to 1,442 sq ft, three- and four-bedders of 1,701 sq ft to 2,605 sq ft, and penthouses of three to four bedrooms in size, ranging from 2,293 sq ft to 3,229 sq ft.
Within a 2km radius, Parvis is serviced by a number of well-known schools, such as Henry Park Primary School along Holland Grove Road, Nanyang Primary School along Coronation Road, New Town Primary School along Tanglin Halt Road and Queenstown Primary School along Margaret Drive. It is also just a five-minute walk to Holland Village MRT Station on the Circle Line.
On the other hand, the least profitable transaction during this period was recorded at Scotts Square, where a two-bedroom unit of 947 sq ft on the 28th floor was sold for $3.08 million ($3,252 per sq ft) on February 13. The same unit was sold for about $3.83 million ($4,039 per sq ft) in December 2007, translating to a loss of $745,880 (19.5%) for the seller. This is equivalent to an annualised loss of 1.3% over 17 years.
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Scotts Square has recorded 69 unprofitable sales since its launch in 2007, out of which 18 (26%) resulted in a seven-figure loss. The most unprofitable transaction at the condo was recorded when a three-bedroom unit of 1,249 sq ft was sold for $3.65 million ($2,923 per sq ft) in February 2017. The sellers had initially bought the unit at launch in August 2007 for around $5.21 million ($4,171 per sq ft), resulting in a loss of about $1.56 million (30%) over 10 years.
After reaching a peak of $4,054 per sq ft in July 2007, the average resale price of units at Scotts Square has been on a downward trend, dropping to $3,330 per sq ft in August 2020. In January, the average resale price was $3,398 per sq ft.
Scotts Square is a freehold mixed-use development located on Scotts Road in the Orchard shopping belt. Completed in 2011, it has two towers of 43 and 34 storeys, with a total of 338 apartments along with a four-storey retail segment.
Residential units at the condo come in one- to three-bedroom apartments, ranging from 603 sq ft to 1,249 sq ft. Notable amenities at the condo include concierge services, a gym, a lap pool, and a sky pool on the 35th floor.