Four Bedroom Unit Mandarin Gardens Reaps 383 Mil Profit
In the week of February 7 to February 14, Mandarin Gardens emerged as the top-performing condo in terms of resale transactions. The development saw a 3,800 sq ft four-bedroom unit sold for $4.88 million, or $1,284 psf on February 11.
According to URA records, the eighth-floor unit had previously changed hands for $1.05 million ($276 psf) in June 2003. This means that the sale resulted in a profit of $3.83 million for the seller, which is an impressive 364.8% of their original purchase price. The annualised capital gain over 21 ½ years translates to 7.4%.
Mandarin Gardens is located along Siglap Road in District 15 and spans 17 blocks, ranging from nine to 23 storeys tall (Photo: Samuel Issac Chua / EdgeProp Singapore). This sale also set 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 on the 20th floor. This unit was bought for $1.4 million ($456 psf) in August 2001 and sold for $4.1 million in September 2021 ($1,336 psf), resulting in a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.
Resale prices at Mandarin Gardens have seen little movement since September 2023, when the average resale price broke the $1,300 psf mark, according to EdgeProp Singapore’s analysis. Prices reached their peak at $1,316 psf in June 2024 before settling at $1,310 psf as of February 25.
The unit sold on February 11 is one of 18 four-bedroom units at Mandarin Gardens. The last four-bedroom unit sold at the condo was a 3,800 sq ft unit on the ninth floor, which fetched $4.26 million ($1,122 psf) in June 2023.
Mandarin Gardens sits on a 1.07 million sq ft site and has a 99-year leasehold tenure starting from 1982, with about 56 years remaining. The condo comprises 1,006 units and has 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 second most profitable resale transaction during this period took place at Parvis, a freehold condo located along Holland Hill in prime District 10. On February 10, a 2,260 sq ft three-bedroom unit on the second floor was sold for $4.78 million ($2,115 psf).
The unit had previously changed hands in December 2009 for $2.78 million ($1,230 psf) when it was purchased directly from the developers. This resulted in a profit of $2 million (71.9%) for the sellers or an annualised gain of 3.6% over 15 years.
Parvis is a 12-storey development comprising 248 residential units (Photo: Samuel Isaac Chua / EdgeProp Singapore). This sale also set a new record for the third-most profitable transaction at Parvis. The current record is held by a 2,605 sq ft four-bedroom unit that sold for $5.4 million ($2,073 psf) in November 2022. The unit was previously bought for $3.21 million ($1,230 psf) in December 2009, resulting in 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 was recorded on January 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, resulting in a profit of $1.85 million (43.5%) after 14 years. This is the fifth-most profitable transaction at Parvis to date.
Parvis is a 12-storey development comprising 248 residential units. Units have a mix of two-bedroom units ranging from 990 sq ft to 1,442 sq ft, and three- and four-bedroom units from 1,701 sq ft to 2,605 sq ft. There are also three- and four-bedroom penthouses ranging from 2,293 sq ft to 3,229 sq ft.
Schools within a 2km radius 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 during this period 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 previously changed hands for about $3.83 million ($4,039 psf) in December 2007. This resulted in a loss of $745,880 (19.5%) for the seller, or 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 its launch in 2007. Of these, 18 (26%) have resulted in a seven-figure loss. The most unprofitable transaction was a 1,249 sq ft, three-bedroom unit that sold 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 at Scotts Square has been on a downward trend since its launch in 2007. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 before hitting a low of $3,330 psf in August 2020. The average price of resale units at Scotts Square was $3,398 psf in the last month.
The One Marina Gardens at Marina Bay, developed by Kingsford Development, is one of Singapore’s most highly anticipated residential projects. Located in the bustling Central Business District (CBD), this exclusive condominium offers more than just a home on Marina Gardens Lane; it presents a lifestyle choice for the modern individual seeking luxury, convenience, and excitement at their fingertips. Positioned strategically in the heart of urban activity, the One Marina Gardens’ prime address at One Marina Gardens Kingsford Huray is perfect for those who wish to immerse themselves in the city’s dynamic rhythm.
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 comprise a mix of one- to three-bedroom units ranging 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.