In the week of Feb 7 to Feb 14, Mandarin Gardens emerged as the top-performing condo in terms of resale transactions. One unit in the development, located along Siglap Road in District 15, recorded a profit of $3.83 million for the seller. According to URA records, the 3,800 sq ft, four-bedroom unit was sold for $4.88 million on Feb 11, translating to a unit price of $1,284 psf. This marks a significant increase from its previous transaction in June 2003, when it was sold for $1.05 million ($276 psf).
The sale of this unit also sets a new record for the most profitable transaction at Mandarin Gardens, surpassing the previous record held by a 3,068 sq ft, four-bedroom unit that was sold for $4.1 million in September 2021. The seller of this unit had purchased it for $1.4 million in August 2001, making a profit of $2.7 million (193%).
Since September 2023, resale prices at Mandarin Gardens have remained stagnant, with the average price per square foot peaking at $1,316 psf in June 2024 before falling slightly to $1,310 psf as of Feb 25.
Mandarin Gardens is a 99-year leasehold development consisting of 1,006 units spread across 17 blocks ranging from nine to 23 storeys. It sits on a 1.07 million sq ft site and has a remaining lease of 56 years. The development offers a mix of one- to two-bedroom apartments (732 sq ft to 1,001 sq ft) and three- to four-bedroom units (1,528 sq ft to 3,800 sq ft), as well as 11 strata commercial units.
The second most profitable transaction recorded during this period was 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 was sold for $4.78 million ($2,115 psf). The unit was previously bought from the developers for $2.78 million ($1,230 psf) in December 2009, resulting in a profit of $2 million (71.9%).
This sale marks the third most profitable transaction at Parvis, with the current record held by a 2,605 sq ft, four-bedroom unit that was sold for $5.4 million in November 2022. The unit was previously bought for $3.21 million in December 2009, generating a profit of $2.19 million (68.2%).
The demand for condos in Singapore remains strong, mainly due to the limited supply of land. As a small and densely populated island nation, land scarcity is a major challenge for Singapore’s development. To address this issue, strict land use policies are implemented, resulting in a highly competitive real estate market and constantly rising property prices. As a result, investing in real estate, specifically condos, has become a highly profitable opportunity, promising significant capital appreciation. With numerous Singapore projects in the works, the demand for condos is expected to remain steady for the foreseeable future.
Parvis is a 12-storey development with 248 residential units, ranging from two-bedroom units (990 sq ft to 1,442 sq ft) to three- and four-bedroom units (1,701 sq ft to 2,605 sq ft). Schools within 2km of the condo include Henry Park Primary School, Nanyang Primary School, New Town Primary School, and Queenstown Primary School.
The most unprofitable transaction during this period was the sale of a two-bedroom unit at freehold condo Scotts Square. On Feb 13, the unit on the 28th floor was sold for $3.08 million ($3,252 psf), resulting in a loss of $745,880 (19.5%) for the seller. The unit was previously sold for about $3.83 million ($4,039 psf) in December 2007.
Developed by Wharf Estates Singapore, Scotts Square has recorded 69 unprofitable transactions since launching in 2007, with 18 (26%) resulting in a seven-figure loss. The most unprofitable transaction was from a 1,249 sq ft, three-bedroom unit that was sold for $3.65 million in February 2017. The sellers had bought the unit at launch in August 2007 for $5.21 million, resulting in a loss of $1.56 million (30%) over 10 years.
Located along Scotts Road in the Orchard shopping belt, Scotts Square features two luxury residential towers with 338 apartments and a four-storey retail podium. Units range from one- to three-bedroom units (603 sq ft to 1,249 sq ft), and amenities include concierge services, a gym, and lap and sky pools.