Four Bedroom Unit Mandarin Gardens Reaps 383 Mil Profit

The week of Feb 7 to Feb 14 saw Mandarin Gardens achieve the highest profitable condo resale transaction. A 3,800 sq ft four-bedroom unit at the development was sold for $4.88 million, or $1,284 psf, on Feb 11. Records from URA show that this eighth-floor unit was previously 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 a remarkable 364.8% of their original purchase price. This translates to an annualized capital gain of 7.4% over a span of 21 and a half years.

Mandarin Gardens, located along Siglap Road in District 15, spans 17 blocks ranging from nine to 23 storeys tall (Photo: Samuel Isaac Chua / EdgeProp Singapore). This sale also sets a new record for the most profitable transaction at Mandarin Gardens, taking over the previous record held by a 3,068 sq ft four-bedroom unit on the 20th floor. The previous owners had bought the unit for $1.4 million ($456 psf) in August 2001 and sold it for $4.1 million in September 2021 ($1,336 psf), resulting in a profit of $2.7 million (193%) or an annualized gain of 5.5% over 20 years.

Resale prices at Mandarin Gardens have been stagnant since September 2023 when the average resale price of units at the condo crossed the $1,300 psf mark, according to analysis tools from EdgeProp Singapore. Since then, prices have reached a peak of $1,316 psf in June 2024, before falling slightly to $1,310 psf as of Feb 25.

The unit sold on Feb 11 is one of only 18 four-bedroom units in Mandarin Gardens. The last transaction of a four-bedroom unit was a similarly sized 3,800 sq ft unit on the ninth floor, which was sold for $4.26 million ($1,122 psf) in June 2023.

Mandarin Gardens sits on a 1.07 million sq ft site with a 99-year leasehold starting from 1982, giving it about 56 years remaining. The development comprises 1,006 units in 17 blocks, with a mix of one- to two-bedroom apartments ranging from 732 sq ft to 1,001 sq ft, and three- to four-bedroom units ranging from 1,528 sq ft to 3,800 sq ft. The development also includes 11 strata commercial units.

The second most profitable resale transaction during this period 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 was sold for $4.78 million ($2,115 psf).

This unit was last sold in December 2009 for $2.78 million ($1,230 psf) from the developers. As a result, the sellers made a profit of $2 million (71.9%) from the transaction, or an annualized gain of 3.6% over 15 years.

Parvis, with a 12-storey development spanning 248 residential units, is also where the third most profitable transaction at the condo took place. 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. The unit was purchased in December 2009 for $3.21 million ($1,230 psf), resulting in a profit of $2.19 million (68.2%), or an annualized gain of 4.1% over 13 years.

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The Feb 10 unit is also the second profitable transaction recorded at Parvis this year, following the first on Jan 6 where a 2,788 sq ft four-bedroom unit on the 12th floor was sold for $6.1 million ($2,188 psf). This seller bought the unit for $4.25 million ($1,524 psf) in 2011, making a profit of $1.85 million (43.5%) after 14 years. This stands as the fifth most profitable transaction at Parvis. Parvis comprises 248 residential units across its 12 storeys. Units come in a mix of two-bedroom units of 990 sq ft to 1,442 sq ft, and three- and four-bedroom units of 1,701 sq ft to 2,605 sq ft. There are also penthouses available ranging from 2,293 sq ft to 3,229 sq ft.

Schools within 2km 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 recorded during the period from Feb 7 to Feb 14 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. This unit was last sold for around $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 annualized loss of 1.3% over 17 years.

Scotts Square, developed by Wharf Estates Singapore, 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 seen 69 unprofitable transactions since its launch in 2007. Among those, 18 (26%) resulted in a seven-figure loss. The least profitable of these was a 1,249 sq ft three-bedroom unit sold for $3.65 million ($2,923 psf) in February 2017, where the sellers had bought the unit during launch in August 2007 for $5.21 million ($4,171 psf). This resulted in a loss of about $1.56 million (30%) over 10 years.

The average resale price of Scotts Square has been decreasing since its launch in 2007. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 before reaching a low of $3,330 psf in August 2020. As of last month, the average resale price for units at Scotts Square was $3,398 psf, indicating a slight increase from its low point.

Read also: Penthouse at Orchid Mansion on Amber Road fetches record profit of $2.58 mil

Scotts Square is a mixed-use freehold development located along Scotts Road in the Orchard shopping belt. Completed in 2011, it comprises two luxury residential towers of 43 and 34 storeys, with a total of 338 apartments and a four-storey retail podium. Residential units range from one- to three-bedroom apartments between 603 sq ft and 1,249 sq ft. The development offers amenities such as concierge services, a gym, a lap pool and a sky pool on the 35th floor.