Four-bedroom unit at Mandarin Gardens reaps $3.83 mil profit

Mandarin Gardens recorded the most profitable condo resale transaction during the week of Feb 7 to Feb 14. A 3,800 sq ft, four-bedroom unit at the development fetched $4.88 million, or $1,284 psf, on Feb 11. According to URA records, the eighth-floor unit last changed hands for $1.05 million ($276 psf) in June 2003.

The sale 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 21½ years.

Mandarin Gardens spans 17 blocks, ranging from nine to 23-storeys tall along Siglap Road in District 15 (Photo: Samuel Issac Chua / EdgeProp Singapore)

The deal also breaks the record for the most profitable transaction recorded at Mandarin Gardens. The record was previously held by a 3,068 sq ft four-bedroom unit on the 20th floor. Its previous owners had bought the unit for $1.4 million ($456 psf) in August 2001 and subsequently sold it for $4.1 million in September 2021 ($1,336 psf). This allowed them to reap a profit of $2.7 million (193%), or an annualised gain of 5.5% over 20 years.

Resale prices at the condo have stagnated since September 2023 when the average resale price of units at the condo broke the $1,300 psf mark, according to EdgeProp Singapore’s analysis tools. Since then, prices have peaked at $1,316 psf in June 2024, before falling slightly to $1,310 psf as of Feb 25.

The unit sold on Feb 11 is one of 18 four-bedroom units at Mandarin Gardens. The last four-bedroom unit sold at Mandarin Gardens was a similarly sized 3,800 sq ft unit on the ninth floor that fetched $4.26 million ($1,122 psf) in June 2023.

Mandarin Gardens sits on a 1.07 million sq ft site along Siglap Road in District 15. It has a 99-year leasehold tenure starting from 1982, with about 56 years remaining. The 1,006-unit condo spans 17 nine- to 23-storey blocks. Residential 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.

Meanwhile, the second most profitable resale transaction during the period in review was recorded at Parvis, a freehold condo located along Holland Hill in prime District 10. On Feb 10, a 2,260 sq ft, three-bedroom unit on the second floor of the development was sold for $4.78 million ($2,115 psf).

The unit had last changed hands in December 2009 when it was bought from the developers for $2.78 million ($1,230 psf). Therefore, the sellers made a profit of $2 million (71.9%) from the deal or an annualised gain of 3.6% over 15 years.

Parvis is 12-storey development comprised of 248 residential units (Photo: Samuel Isaac Chua / EdgeProp Singapore)

This makes the second-floor unit the third-most profitable transaction at Parvis. The record for most profitable sale is currently held by a 2,605 sq ft, four-bedroom unit that fetched $5.4 million ($2,073 psf) in November 2022. The unit was previously 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.

The Feb 10 unit is the second profitable transaction to take place at Parvis this year. The first profitable transaction took place on Jan 6, when a 2,788 sq ft, four-bedroom unit on the 12th floor was sold for $6.1 million ($2,188 psf). The seller had bought the unit for $4.25 million ($1,524 psf) in 2011, thus raking in a profit of $1.85 million (43.5%) after 14 years. It is the fifth-most profitable transaction at Parvis to date.

Parvis is a 12-storey development comprising 248 residential units. Apartments are a mix of two-bedroom units of 990 sq ft to 1,442 sq ft along with three- and four-bedders from 1,701 sq ft to 2,605 sq ft. There are also three- and four-bedroom penthouses between 2,293 sq ft and 3,229 sq ft.

Schools within 2km of Parvis include 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 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 the sale of a two-bedroom unit at freehold condo 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 last changed hands for about $3.83 million ($4,039 psf) in December 2007. Therefore, its most recent sale resulted in a $745,880 (19.5%) loss for the seller. This 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 recorded 69 unprofitable transactions since launching in 2007. Of them, 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 that changed hands for $3.65 million ($2,923 psf) in February 2017. The sellers had bought the unit at launch in August 2007 for about $5.21 million ($4,171 psf). This resulted in a loss of about $1.56 million (30%) over 10 years.

The average resale price of units at Scotts Square has been trending downwards since its 2007 launch. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 before reaching a floor 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 has two luxury residential towers of 43 and 34 storeys with a total of 338 apartments and a four-storey retail podium.

Residential units at the condo contain a mix of one- to three-bedroom units 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.