Condo projects with most unprofitable transactionsPrice trend chart for ParvisLanded transactions with the highest profits in the past yearAre there unprofitable transactions in Parvis?What is the buyer profile for Parvis?Condo projects with most unprofitable transactionsPrice trend chart for ParvisLanded transactions with the highest profits in the past yearAre there unprofitable transactions in Parvis?What is the buyer profile for Parvis?
Mandarin Gardens emerged as the top performer in the condo resale market in the week of Feb 7 to Feb 14, with the sale of a 3,800 sq ft, four-bedroom unit at the development for $4.88 million. This translates to $1,284 psf on Feb 11, according to URA records. It is worth noting that this unit was last sold in June 2003 for $1.05 million or $276 psf.
The sale of this unit resulted in a whopping profit of $3.83 million for the seller, which is equivalent to 364.8% of their original purchase price. This equates to an annualized capital gain of 7.4% over a period of 21.5 years.
Mandarin Gardens, which is located along Siglap Road in District 15, comprises 17 blocks that range from nine to 23-storeys tall. (Photo: Samuel Issac Chua / EdgeProp Singapore)
The sale of this unit not only achieved the highest price per square foot in the development, but it also broke the record for the most profitable transaction at Mandarin Gardens. The previous record was held by another four-bedroom unit of a smaller size (3,068 sq ft) on the 20th floor. In September 2021, the unit sold for $4.1 million, which equates to $1,336 psf. The previous owners of this unit had bought it for $1.4 million ($456 psf) in August 2001, making a profit of $2.7 million (193%) or an annualised gain of 5.5% over a period of 20 years.
The demand for condos in Singapore remains consistently high due to the limited availability of land. As a small island country with a rapidly growing population, Singapore faces challenges in finding space for development. This has resulted in strict land use policies and a competitive real estate market, where property prices are constantly on the rise. As a result, investing in real estate, especially in condos, has become a lucrative opportunity with the potential for capital appreciation. The constant influx of new condo launches only adds to the demand for this type of property.
According to EdgeProp Singapore’s analysis tools, prices of resale units at Mandarin Gardens have remained stagnant since September 2023 when the average resale price of units there hit $1,300 psf. Since then, prices have reached a peak of $1,316 psf in June 2024 before settling at $1,310 psf as of Feb 25.
Mandarin Gardens comprises 1,006 units and spans a total of 1.07 million sq ft. It has a 99-year leasehold tenure that began in 1982, with a remaining lease of about 56 years. The development houses a mix of one- to two-bedroom apartments that range from 732 sq ft to 1,001 sq ft, and three- to four-bedroom units that range from 1,528 sq ft to 3,800 sq ft. There are also 11 strata commercial units within the development.
The second most profitable transaction that took place during the period in review was that of a three-bedroom unit at Parvis, a freehold condo located along Holland Hill in prime District 10. On Feb 10, the unit was sold for $4.78 million or $2,115 psf.
The unit had been previously sold in December 2009 for $2.78 million, which equates to $1,230 psf. This means that the seller made a profit of $2 million (71.9%) or an annualised gain of 3.6% over a period of 15 years.
Parvis is a 12-storey development that comprises a total of 248 residential units. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
This sale also makes this unit the third-most profitable transaction at Parvis. The current record holder is a 2,605 sq ft, four-bedroom unit that was sold for $5.4 million ($2,073 psf) in November 2022. It was previously bought in December 2009 for $3.21 million ($1,230 psf), resulting in a profit of $2.19 million (68.2%) or an annualised gain of 4.1% over a period of 13 years.
According to EdgeProp’s analysis tools, the sale of this unit is the second profitable transaction to take place at Parvis this year. The first profitable transaction was that of a 2,788 sq ft, four-bedroom unit on the 12th floor. This unit was sold for $6.1 million ($2,188 psf) on Jan 6. The seller had bought it for $4.25 million ($1,524 psf) in 2011, making a profit of $1.85 million (43.5%) after a period of 14 years. It is the fifth-most profitable sale recorded at Parvis to date.
Parvis is a 12-storey development that houses a total of 248 residential units. The other units are a mix of two-bedroom units that range from 990 sq ft to 1,442 sq ft, as well as three- and four-bedroom units that range from 1,701 sq ft to 2,605 sq ft. Additionally, there are also penthouses that range from 2,293 sq ft to 3,229 sq ft.
Henry Park Primary School is one of the schools located within a 2km radius of Parvis. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Some schools located within a 2km radius of Parvis are Henry Park Primary School, Nanyang Primary School, New Town Primary School, and Queenstown Primary School. The condo is situated a five-minute walk away from Holland Village MRT Station, which is also on the Circle Line.
The most unprofitable transaction that was recorded between Feb 7 to Feb 14 was the sale of a two-bedroom unit at Scotts Square. The 947 sq ft unit was sold on Feb 13 for $3.08 million ($3,252 psf). Besides having the biggest price tag, this sale also equates to the most unprofitable transaction at Parvis.
This unit had previously changed hands in December 2007 for $3.83 million ($4,039 psf). Therefore, the most recent sale resulted in a loss of $745,880 (19.5%) for the seller. This equates to an annualised loss of 1.3% over a period of 17 years.
Developed by Wharf Estates Singapore, Scotts Square is a mixed-use freehold development that is located along Scotts Road. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Scotts Square has recorded 69 unprofitable transactions since it was launched in 2007 according to EdgeProp’s analytical tools. Out of these, 18 (26%) resulted in seven-figure losses. The most unprofitable transaction at Scotts Square was recorded when a three-bedroom unit measuring 1,249 sq ft was sold in December 2017 for $3.65 million ($2,923 psf). The sellers had previously bought the unit during its launch in August 2007 for about $5.21 million ($4,171 psf). This meant that the sale of this unit resulted in a loss of $1.56 million (30%) over a period of 10 years.
Furthermore, the average resale price of units at Scotts Square has been declining since its launch in 2007. According to EdgeProp’s analysis tools, prices peaked at $4,054 psf in July 2007 before falling to a low 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 that is composed of four blocks of luxury residential towers. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Scotts Square is a mixed-use freehold development that comprises four blocks of luxury residential towers. The condo is perched on a total of 338 apartments and a four-storey retail podium. Residential units at the development come in various sizes that range from one- to three-bedrooms, which measure between 603 sq ft and 1,249 sq ft. Additionally, there are also three- and four-bedroom penthouses that range in size from 2,293 sq ft to 3,229 sq ft.
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Summary
• 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 sold for $4.88 million, or $1,284 psf, on Feb 11.• The sale resulted in a profit of $3.83 million for the seller, or 364.8% of their original purchase price.• Mandarin Gardens surpassed its own record for the most profitable transaction recorded at the condo.• A 2,260 sq ft, three-bedroom unit at Parvis was the second most profitable transaction recorded during the period in review.• It was sold for $4.78 million ($2,115 psf) on Feb 10.• The most unprofitable transaction, meanwhile, was the sale of a two-bedroom unit at Scotts Square for $3.08 million ($3,252 psf) on Feb 13.