Mandarin Gardens, a 1,006-unit condo located along Siglap Road in District 15, recorded the most profitable resale transaction for the week of Feb 7 to Feb 14. The transaction involved a spacious, four-bedroom unit that was sold for $4.88 million, or $1,284 psf, on Feb 11. According to URA records, the unit was last sold for only $1.05 million ($276 psf) in June 2003 – a difference of $3.83 million or 364.8% profit for the seller. This translates to an annualised capital gain of 7.4% over 21 and a half years. The sale also marked a record-breaking transaction for the most profitable deal at Mandarin Gardens, surpassing a 3,068 sq ft, four-bedroom unit sold in 2021 for $4.1 million, or $1,336 psf, in September 2021 – a profit of $2.7 million (193%) for the previous owner.
Mandarin Gardens in District 15 has recorded the most profitable condo resale transaction for the week of Feb 7 to Feb 14. The transaction involved a 3,800 sq ft, four-bedroom unit that was sold for $4.88 million, or $1,284 psf, on Feb 11. According to URA records, the same unit was bought for only $1.05 million ($276 psf) in June 2003. This resulted in a profit of $3.83 million for the seller, or 364.8% of their original purchase price. This translates to an annualised capital gain of 7.4% over 21 and a half years. The sale also sets a new record for the most profitable resale transaction at Mandarin Gardens, surpassing a 3,068 sq ft, four-bedroom unit that was sold for $4.1 million, or $1,336 psf, in September 2021. That sale resulted in a profit of $2.7 million (193%) for the previous owner.
This makes Mandarin Gardens the top performing condo in terms of resale gains. The previous record was held by a 3,800 sq ft unit on the 9th floor that was sold for $4.26 million ($1,122 psf) in June 2023.
Mandarin Gardens is a 1,006-unit condo located along Siglap Road in District 15. It was developed in 1982 and has a 99-year leasehold tenure with around 56 years remaining. The development spans 17 blocks of nine to 23-storey buildings. Units at Mandarin Gardens range from one to two-bedroom apartments of 732 sq ft to 1,001 sq ft, and three to four-bedroom units of 1,528 sq ft to 3,800 sq ft. The condo also has 11 strata commercial units.
Meanwhile, the second most profitable transaction was recorded at Parvis, a freehold condo located along Holland Hill in District 10. On Feb 10, a 2,260 sq ft, three-bedroom unit was sold for $4.78 million, or $2,115 psf. According to URA records, the same unit was bought from the developers for $2.78 million ($1,230 psf) in December 2009. This means the seller made a profit of $2 million (71.9%), or an annualised gain of 3.6% over 15 years.
This transaction also sets a new record for the third most profitable resale deal at Parvis. The top record is still held by a 2,605 sq ft, four-bedroom unit that was sold for $5.4 million ($2,073 psf) in November 2022. The unit was last bought for $3.21 million ($1,230 psf) in December 2009, resulting in a $2.19 million (68.2%) profit for the previous owner.
Parvis is a 12-storey development with 248 residential units and is located in prime District 10. Apartments at the condo range from two-bedroom units of 990 sq ft to 1,442 sq ft and three to four-bedroom units of 1,701 sq ft to 2,605 sq ft. There are also three and four-bedroom penthouses of 2,293 sq ft to 3,299 sq ft. Schools within 2km of Parvis include Henry Park Primary School, Nanyang Primary School, New Town Primary School, and Queenstown Primary School. The condo is also conveniently located near Holland Village MRT Station.
The most unprofitable transaction during the period was the sale of a two-bedroom unit at Scotts Square. The unit, located on the 28th floor, was sold for $3.08 million ($3,252 psf) on Feb 13. According to URA records, the same unit was last bought for about $3.83 million ($4,039 psf) in December 2007. This resulted in a $745,880 (19.5%) loss for the seller, or an annualised loss of 1.3% over 17 years.
Developed by Wharf Estates Singapore, Scotts Square has recorded 69 unprofitable transactions since its launch in 2007. Of these, 18 (26%) have resulted in a seven-figure loss. The most unprofitable transaction was for a 1,249 sq ft, three-bedroom unit that was sold for $3.65 million ($2,923 psf) in February 2017. The previous owner had bought the unit at launch in August 2007 for about $5.21 million ($4,171 psf). This resulted in a loss of approximately $1.56 million (30%) over 10 years.
The average resale price at Scotts Square has been declining since its launch in 2007. It peaked at $4,054 psf in July 2007 and hit a low of $3,330 psf in August 2020. In January 2021, the average resale price was $3,398 psf.
Owning a condo in Singapore offers numerous benefits, most notably the opportunity for capital growth. As a thriving global business hub, Singapore boasts a strong economy that continually drives demand for real estate. Consequently, property prices in the country have consistently risen, especially for condos situated in prime locations. For investors who enter the market at the right time and maintain their properties for a prolonged period, the potential for significant capital gains is substantial. The constant release of new condos by companies such as New Condo Launches has made investing in this market increasingly profitable. New Condo Launches provides an excellent opportunity for investors to tap into this lucrative market.
Scotts Square is a mixed-use freehold development with two luxury residential towers of 43 and 34 storeys, with a total of 338 apartments. It also features a four-storey retail podium with a wide array of amenities such as a concierge service, gym, lap pool, and sky pool on the 35th floor.