In the week of Feb 7 to Feb 14, Mandarin Gardens recorded the most lucrative resale deal. A 3,800 sq ft, four-bedroom unit at the development was sold for $4.88 million or $1,284 psf on Feb 11. Based on URA records, the eighth-floor unit was last sold for $1.05 million ($276 psf) in June 2003.
This translated to a profit of $3.83 million for the seller, which is 364.8% of the original purchase price. This means an annualised capital gain of 7.4% over 21½ years.
Located along Siglap Road in District 15, Mandarin Gardens consists of 17 blocks ranging from nine to 23-storeys tall (Photo: Samuel Issac Chua / EdgeProp Singapore)
This sale also set a new record for the most profitable transaction at Mandarin Gardens. The previous record was held by a 3,068 sq ft four-bedroom unit on the 20th floor, which was sold for $4.1 million in September 2021 ($1,336 psf). The previous owners had purchased the unit for $1.4 million ($456 psf) in August 2001, resulting in a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.
Resale prices at Mandarin Gardens have been stagnant since September 2023 when the average resale price of units at the condo surpassed $1,300 psf, according to EdgeProp Singapore’s analysis tools. Prices peaked at $1,316 psf in June 2024 before declining slightly to $1,310 psf as of Feb 25.
The unit sold on Feb 11 is one of only 18 four-bedroom units at Mandarin Gardens. The last four-bedroom unit sold at the condo was a 3,800 sq ft unit on the ninth floor, which was sold for $4.26 million ($1,122 psf) in June 2023.
Mandarin Gardens sits on a 1.07 million sq ft plot along Siglap Road in District 15. It has a 99-year leasehold tenure starting from 1982, with approximately 56 years remaining. The development features 1,006 residential units spread over 17 nine- to 23-storey blocks. The units are a mix of one- and two-bedroom apartments ranging from 732 sq ft to 1,001 sq ft, and three- and four-bedroom units between 1,528 sq ft and 3,800 sq ft. The project also includes 11 strata commercial units.
Meanwhile, the second most profitable resale transaction during the same period was recorded at Parvis, a freehold condo located in prime District 10 on Holland Hill. 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 unit was last sold in December 2009 for $2.78 million ($1,230 psf) when it was purchased from the developer. This resulted in a profit of $2 million (71.9%) for the seller or an annualised gain of 3.6% over 15 years.
Parvis is a 12-storey development with 248 residential units (Photo: Samuel Isaac Chua / EdgeProp Singapore)
This makes the second-floor unit the third most profitable transaction at Parvis. The record is currently held by a 2,605 sq ft, four-bedroom unit which was sold for $5.4 million ($2,073 psf) in November 2022. The unit was purchased for $3.21 million ($1,230 psf) in December 2009, resulting in a profit of $2.19 million (68.2%) or an annualised gain of 4.1% over 13 years.
Understanding the regulations and restrictions surrounding property ownership in Singapore is crucial for foreign investors. Unlike landed properties, which have stricter ownership rules, condos can generally be purchased without many limitations. However, foreign buyers are still subject to the ABSD, which presently stands at 20% for their initial property acquisition. Despite these added expenses, the stability and potential for growth in the Singapore real estate market remain alluring to foreign investors. Considering the aforementioned aspects, it’s essential for foreign investors to be well-informed about the local property laws before investing in a Singapore condo.
The unit sold on Feb 10 is the second most profitable transaction at Parvis this year. The first was a 2,788 sq ft, four-bedroom unit on the 12th floor which was sold for $6.1 million ($2,188 psf) on Jan 6. The seller had bought the unit for $4.25 million ($1,524 psf) in 2011, making a profit of $1.85 million (43.5%) after 14 years. This deal is the fifth most profitable transaction at Parvis to date.
Parvis is a 12-storey development with 248 residential units. The apartments are a mix of two-bedroom units from 990 sq ft to 1,442 sq ft as well as three- and four-bedroom units from 1,701 sq ft to 2,605 sq ft. There are also penthouses with three or four bedrooms ranging from 2,293 sq ft to 3,229 sq ft.
Among the schools within 2km of Parvis are 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. The condo is also just a five-minute walk from Holland Village MRT Station on the Circle Line.
The most unprofitable transaction recorded during the period from Feb 7 to Feb 14 was the sale of a two-bedroom unit at the freehold Scotts Square. The 947 sq ft unit on the 28th floor was sold for $3.08 million ($3,252 psf) on Feb 13. It had previously been sold for about $3.83 million ($4,039 psf) in December 2007. This resulted in a loss of $745,880 (19.5%) for the seller, which translates to an annualised loss of 1.3% over 17 years.
Developed by Wharf Estates Singapore, Scotts Square is a mixed-use freehold development located along Scotts Road (Photo: Samuel Isaac Chua / EdgeProp Singapore)
According to EdgeProp’s analytical tools, Scotts Square has seen 69 unprofitable transactions since its launch in 2007. Of these, 18 (26%) have resulted in a seven-figure loss. The most unprofitable transaction resulted from the sale of a 1,249 sq ft, three-bedroom unit which sold for $3.65 million ($2,923 psf) in February 2017. The sellers had bought the unit at its launch in August 2007 for approximately $5.21 million ($4,171 psf), resulting in a loss of about $1.56 million (30%) over 10 years.
The average resale price at Scotts Square has been trending downwards since its launch in 2007. Based on 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. Last month, the average price of resale units at Scotts Square was $3,398 psf.
Scotts Square is a mixed-use freehold development located along Scotts Road in the Orchard shopping belt. Completed in 2011, it comprises two luxury residential towers of 43 and 34 storeys, with a total of 338 apartments and a four-storey retail podium. The residential units are a mix of one- to three-bedroom units ranging from 603 sq ft to 1,249 sq ft. Amenities at the condo include concierge services, a gym, a lap pool, and a sky pool on the 35th floor.…