In Singapore, condo investment holds significant importance, but there are other factors that investors must consider, such as the government’s property cooling measures. In recent years, the Singaporean government has implemented various measures to prevent speculative buying and maintain a steady real estate market. These include the imposition of Additional Buyer’s Stamp Duty (ABSD), which results in higher taxes for foreign buyers and those purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure investment environment. As the market continues to evolve, it is crucial to keep up with new developments, such as the new launches of condos, to make informed investment decisions.
Mandarin Gardens, located along Siglap Road in District 15, recorded the most profitable condo resale transaction during the week of Feb 7 to Feb 14. The deal involved a 3,800 sq ft, four-bedroom unit that fetched $4.88 million, or $1,284 psf, on Feb 11. The eighth-floor unit had last changed hands for $1.05 million ($276 psf) in June 2003, resulting 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. It is a 1,006-unit, 99-year leasehold development with about 56 years remaining on the lease. Condo units 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. It also has 11 strata commercial units.The Feb 11 transaction also set a new record for the most profitable sale at Mandarin Gardens. The previous record was held by a 3,068 sq ft, four-bedroom unit on the 20th floor that had fetched $4.1 million ($1,336 psf) in September 2021. This represented a profit of $2.7 million (193%) for the previous owners who had bought the unit for $1.4 million ($456 psf) in August 2001, translating to an annualised gain of 5.5% over 20 years.Prices at Mandarin Gardens have remained stagnant since September 2023 when the average resale price broke the $1,300 psf mark, according to EdgeProp Singapore’s analysis tools. The prices peaked at $1,316 psf in June 2024 before falling slightly to $1,310 psf as of Feb 25.The most recent unit sold on Feb 11 is one of 18 four-bedroom units at Mandarin Gardens. The last four-bedroom unit that changed hands at the condo 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 is situated on a 1.07 million sq ft site along Siglap Road in District 15. It is also close to several reputable schools, such as Victoria School, Ngee Ann Primary School, and St Patrick’s School.The second most profitable resale transaction recorded during the period in review was at Parvis, a freehold condo located along Holland Hill in prime District 10. The transaction involved a 2,260 sq ft, three-bedroom unit on the second floor that was sold for $4.78 million ($2,115 psf) on Feb 10.This unit had last changed hands in December 2009, at a slightly lower price of $2.78 million ($1,230 psf). Hence, the sellers made a profit of $2 million (71.9%) or an annualised gain of 3.6% over 15 years.Parvis is a 12-storey development comprising 248 residential units. Apartments are a mix of two-bedroom units ranging from 990 sq ft to 1,442 sq ft and three- and four-bedders measuring from 1,701 sq ft to 2,605 sq ft. Three- and four-bedroom penthouses have sizes ranging from 2,293 sq ft to 3,229 sq ft.According to EdgeProp’s analytical tools, the atmosphere in Parvis has been a mixture of profit and loss since its launch in 2007. While the second-floor unit was the second most profitable transaction in Parvis so far this year, the latest sale is not the first profitable transaction in 2020. On Jan 6, 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, making a profit of $1.85 million (43.5%) after 14 years, which is the fifth-most profitable transaction at Parvis to date.Parvis is also close to many good schools, such as Nanyang Primary School and Henry Park Primary School. It is a five-minute walk away from Holland Village MRT Station and a short distance away from Holland Village, where many restaurants and cafes are located.Meanwhile, the most unprofitable transaction between Feb 7 and Feb 14 was at Scotts Square, where a two-bedroom unit on the 28th floor was sold for $3.08 million ($3,252 psf) on Feb 13. The unit had last changed hands for about $3.83 million ($4,039 psf) in December 2007, resulting in a loss of $745,880 (19.5%) for the seller. This translates to an annualised loss of 1.3% over 17 years.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.Prices at Scotts Square have been declining since its launch in 2007. Using 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.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), resulting in a loss of about $1.56 million (30%) over 10 years.The buyer profile for Parvis and Scotts Square is mainly made up of Singaporeans who are married, aged between 40 and 59 years old, and professionals or managers in the finance, insurance, and real estate sectors. Interested buyers for Mandarin Gardens are typically singles aged between 30 and 39 years old, and working in the real estate services or finance, insurance, and business services industries.
Mandarin Gardens has yet again set a record for the most profitable condo resale transaction during the week of Feb 7 to Feb 14. The development saw a 3,800 sq ft, four-bedroom unit being sold for $4.88 million, or $1,284 psf, on Feb 11. According to URA records, the eighth-floor unit was last sold for $1.05 million ($276 psf) in June 2003.
The sale resulted in a profit of $3.83 million for the seller, which is equivalent to 364.8% of their original purchase price. This translates to an annualised capital gain of 7.4% over 21.5 years. The condo has a total of 18 four-bedroom units, and the last one to be sold was a 3,800 sq ft unit on the ninth floor for $4.26 million ($1,122 psf) in June 2023.
Mandarin Gardens is a 1,006-unit, 99-year leasehold development located along Siglap Road in District 15. The project is spread across 17 blocks, ranging from nine to 23-storeys tall. Units are a mix of one- and 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. It also houses 11 strata commercial units.
The previous record for the most profitable sale at Mandarin Gardens was held by a 3,068 sq ft, four-bedroom unit on the 20th floor. It was sold for $4.1 million ($1,336 psf) in September 2021, resulting in a profit of $2.7 million (193%) for the previous owners. The unit was bought for $1.4 million ($456 psf) in August 2001, resulting in an annualised gain of 5.5% over 20 years.
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Prices at Mandarin Gardens have been stagnant since September 2023, when the average resale price broke the $1,300 psf mark, according to EdgeProp Singapore’s analysis tools. The prices peaked at $1,316 psf in June 2024, before falling slightly to $1,310 psf as of Feb 25.
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 was previously bought