Last month, a three-bedroom unit in Parvis was sold for $4.78 million ($2,115 psf), earning the seller a profit of $2 million. The seller had purchased the 2,260-sq ft unit from the developer in December 2009 for $2.78 million ($1,230 psf).
We used our analytics tool, Is it a Good Deal?, to assess whether the buyer of the freehold unit in prime District 10 secured a good deal.
Freehold condo in prime District 10
Parvis is a condo along Holland Hill in prime District 10. The freehold condo is only 13 years old, having obtained its temporary occupation permit (TOP) in 2012. The 248-unit development features two-bedroom to four-bedroom units ranging from 990 sq ft to 3,229 sq ft.
Amenities within walking distance include Holland Village MRT Station, One Holland Village, Holland Village, and Commonwealth Crescent Market (see Map 1).
Source: EdgeProp LandLens (as at 6 March 2025)
Primary schools within a 2km radius include Fairfield Methodist School (Primary), Henry Park Primary School, Nanyang Primary School, New Town Primary School, and Queenstown Primary School (see Screenshot 1). Queensway Secondary School, St. Margaret’s Secondary School, Hwa Chong Institution (Secondary and Junior College), and Anglo-Chinese Junior College are also within the same distance.
Source: EdgeProp Is it a Good Deal (as at 19 February 2025)
Despite earning the seller a profit of $2 million, the transacted price for the aforementioned unit is lower than the average prices of five nearby condos and the district (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 6 March 2025)
Three transactions that yielded profits of at least $2 million
Since its launch in 2009, Parvis has recorded 102 profitable and four unprofitable transactions. Profits range from approximately $7,200 to $2.195 million, while losses range from approximately $10,000 to $320,000. Of the 102 profitable transactions, two took place this year, while the most recent unprofitable transaction was in 2022.
The profit of $2 million from the aforementioned sale is a record high for Parvis this year. The seller bought the second-storey unit from the developer in December 2009 for $2.78 million ($1,230 psf) and sold it last month for $4.78 million ($2,115 psf).
The 2,260-sq ft unit features an en-suite master bedroom, two additional bedrooms, and a common bathroom. It also includes a private enclosed space (PES) of 786 sq ft (see Floor Plan 1).
Source: EdgeProp Research
The second profitable transaction this year involved a four-bedroom duplex penthouse on the 12th storey. The seller bought the unit from the developer in January 2011 for $4.25 million ($1,524 psf) and sold it in January for $6.1 million ($2,188 psf), resulting in a profit of $1.85 million.
The lower level of the 2,788-sq ft penthouse features a private lift, wet and dry kitchens, a living and dining area, two bedrooms, and a common bathroom. The upper level of the duplex includes the master bedroom, a second bedroom, and two bathrooms. Both levels of the duplex have spacious outdoor terrace spaces (see Floor Plan 2).
Source: EdgeProp Research
Thus far, Parvis has recorded three profitable transactions that earned their sellers at least $2 million in profit (see Table 1). The record-high profit of approximately $2.195 million involved a unit on the second storey. The seller bought the unit from the developer in December 2009 for $3.205 million ($1,230 psf) and sold it in November 2022 for $5.4 million ($2,073 psf).
Source: EdgeProp Buddy (as at 6 March 2025)
The four-bedroom unit involved in the record-high profit measures 2,605 sq ft and features an en-suite master bedroom and another en-suite bedroom. The other two bedrooms share a common bathroom. Additionally, the unit has a PES of 753 sq ft (see Floor Plan 3).
Source: EdgeProp Research
All four losses were under $350,000
Thus far, there have been only four unprofitable transactions at Parvis, with losses ranging from approximately $10,000 to $320,000.
The most recent unprofitable transaction took place in October 2022 and resulted in a loss of $110,000. The seller bought the two-bedroom unit in January 2013 for $2.39 million ($2,000 psf) and sold it for $2.28 million ($1,908 psf).
Notably, the same unit was involved in a previous transaction that resulted in a profit of approximately $706,000. In December 2009, the previous owner bought the 1,195-sq ft unit from the developer for $1.684 million ($1,410 psf) before selling it for $2.39 million ($2,000 psf) in January 2013 (see Table 2).
Source: EdgeProp Buddy (as at 6 March 2025)
In addition to a private lift and an en-suite master bedroom, the second-storey unit also features a PES of 334 sq ft. The 1,195-sq ft unit includes a second bedroom and a common bathroom (see Floor Plan 4).
Source: EdgeProp Research
The transaction that yielded the record-high loss of $320,000 took place in May 2017 when the seller sold the three-bedroom unit for $2.88 million ($1,693 psf). The seller had bought the unit on the seventh storey in October 2012 for $3.2 million ($1,882 psf).
Similar to the second-storey unit involved in the most recent unprofitable transaction, the seventh-storey unit that yielded the highest loss was also involved in an earlier transaction that resulted in a profit. The previous seller bought the unit from the developer in February 2010 for $2.576 million ($1,515 psf) and sold it in October 2012 for $3.2 million ($1,882 psf), resulting in a profit of $624,000 (see Table 3).
Source: EdgeProp Buddy (as at 6 March 2025)
The three-bedroom unit measures 1,701 sq ft and features an en-suite master bedroom, as well as two additional bedrooms and a common bathroom. The unit also has a long balcony that spans the entire width of the unit, from the living/dining area to the master bedroom (see Floor Plan 5).
Source: EdgeProp Research
A low purchase price is important
Interestingly, both sellers bought their unprofitable units from the resale market in 2012 or 2013, when the average price of Parvis peaked at $1,912 psf and $1,927 psf, respectively (see Chart 1).
The seller of the second-storey unit involved in the most recent unprofitable transaction paid $2,000 psf for the unit in 2013, when the average price for Parvis was lower at $1,927 psf. The seller also sold the unit at a lower-than-average price of $1,908 psf in 2022, when the average price of Parvis was $2,195 psf.
The seller of the seventh-storey unit that yielded the record-high loss of $320,000 secured a good deal when they bought the unit for $1,882 psf in 2012, lower than the prevailing average price of $1,912 psf for Parvis. However, the seller sold the unit for $1,693 psf in 2017, significantly lower than the prevailing average price of $1,752 psf.
Source: EdgeProp Market Trends (as at 6 March 2025)
In contrast, the seller of the unit that generated a profit of $2 million bought the unit at a lower-than-average price of $1,230 psf in 2009, when the average price for Parvis was $1,508 psf. However, the seller sold the unit last month for $2,115 psf, marginally lower than the prevailing average price of $2,152 psf.
Numerous freehold neighbours
There are 29 condos within walking distance of Parvis. All but two of them are freehold developments. Among the nearby freehold condos, only Leedon Green (638 units), Leedon Residence (381 units), and Hyll on Holland (319 units) have at least 200 units. Along with Parvis (248 units), they are the largest developments in the vicinity.
Hyll on Holland is located adjacent to Parvis. Leedon Residence and Leedon Green are adjacent to each other but are located across the road from Parvis and Hyll on Holland (see Map 2).
Source: EdgeProp LandLens (as at 19 February 2025)
Among the three neighbouring condos, Leedon Residence (TOP in 2015) is the closest in age to Parvis (TOP in 2012). Leedon Green and Hyll on Holland obtained their TOPs in 2023 and last year, respectively (see Screenshot 3).
Source: EdgeProp Is it a Good Deal (as at 6 March 2025)
Average resale price lower than neighbours
Despite their locational proximity and similar age, the average resale price for Leedon Residence ($2,769 psf) has consistently trended above that of Parvis ($2,152 psf) (see Chart 2). Moreover, the average resale price for Parvis has grown at a slower pace (13.6%) since 2020 compared to Leedon Residence (23.3%).
The average resale price of Parvis rose above that of freehold condos in District 10 last year before falling below this year. However, the average resale price for freehold condos in District 10 ($2,381 psf) is still below that of Leedon Residence, which could be attributed to its weaker price growth of 20.2% since 2020.
Source: EdgeProp Market Trends (as at 6 March 2025)
Leedon Residence achieved only 62 profitable transactions, fewer than the 102 achieved by Parvis. The 62 transactions for Leedon Residence yielded profits ranging from approximately $10,000 to $3 million. However, Leedon Residence has recorded eight transactions with profits of at least $2 million, compared to the three recorded for Parvis (see Table 4).
Source: EdgeProp Buddy (as at 6 March 2025)
The transaction that yielded the highest profit of $3 million for Leedon Residence involved a five-bedroom duplex on the fifth storey. The seller bought the 4,704-sq ft unit from the developer in June 2016 for $10 million ($2,126 psf) and sold it in November last year for $13 million ($2,764 psf).
In addition to a kitchen and living and dining areas, the lower level of the duplex also comprises a private lift, a powder room, and two en-suite bedrooms. The en-suite master bedroom and another en-suite bedroom are on the upper level of the duplex (see Floor Plan 6).
Source: EdgeProp Research
Leedon Residence also chalked up seven unprofitable transactions, more than the four recorded for Parvis. Losses for Leedon Residence range from approximately $15,000 to $1.291 million.
The unit from Leedon Residence that is involved in the most unprofitable transaction is a three-storey penthouse that measures 7,007 sq ft. The seller bought the unit from the developer in September 2012 for $14.416 million ($2,057 psf) and sold it in September 2017 for $13.125 million ($1,873 psf), resulting in a loss of $1.291 million.
However, the same unit earned a profit of $1.875 million for its second owner when they sold it in June 2021 for $15 million ($2,141 psf) (see Table 5).
Source: EdgeProp Buddy (as at 6 March 2025)
The huge three-storey unit features five bedrooms, with two bedrooms on the first level and three bedrooms (including an en-suite master bedroom) on the second level. The top level is a private roof garden (see Floor Plan 7).
Source: EdgeProp Research
Conclusion
District 10 is a renowned prime district in Singapore, where residential properties, especially those with freehold tenure, are highly sought after by owner-occupiers and investors. Resale freehold condos in District 10 are currently fetching an average of $2,381 psf, higher than their counterparts in the Central Region ($2,185 psf) and islandwide ($1,934 psf) (see Chart 3).
Source: EdgeProp Market Trends (as at 6 March 2025)
Parvis could present an opportunity for buyers to live in a prime district at a more affordable price because the average resale price of Parvis ($2,152 psf) is lower than that for freehold condos in District 10 and nearby Leedon Residence ($2,769 psf).
To learn more about this transaction, and whether it is a good deal, click here.
