Mandarin Gardens, a 1,006-unit condo in District 15, recorded the most profitable resale transaction during the week of Feb 7 to Feb 14. The 3,800 sq ft, four-bedroom unit fetched $4.88 million, or $1,284 psf, on Feb 11. The previous owner had purchased the unit for $1.05 million ($276 psf) in June 2003, resulting in a profit of $3.83 million, or 364.8% of their original purchase price. This translates to an annualised capital gain of 7.4% over 21½ years.Mandarin Gardens, which spans 17 blocks ranging from nine to 23 storeys along Siglap Road, is a 99-year leasehold condo with about 56 years remaining. The average resale price at the development has stagnated since September 2023 when it broke the $1,300 psf mark. The highest resale price recorded at the condo was $1,316 psf in June 2024, before falling slightly to $1,310 psf as of Feb 25.The deal also broke the record for the most profitable transaction at Mandarin Gardens. The previous record was held by a 3,068 sq ft, four-bedroom unit that sold for $4.1 million ($1,336 psf) in September 2021. Its previous owners had bought it for $1.4 million ($456 psf) in August 2001, reaping a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.The second most profitable resale transaction in the week of Feb 7 to Feb 14 was recorded at Parvis, a freehold condo in District 10. The 2,260 sq ft, three-bedroom unit on the second floor of the development sold for $4.78 million ($2,115 psf) on Feb 10. The unit had last changed hands in December 2009 when it was bought for $2.78 million ($1,230 psf). This allowed the sellers to make a profit of $2 million (71.9%), or an annualised gain of 3.6% over 15 years.Parvis, which sits along Holland Hill, is a 12-storey development with 248 residential units. The record for the most profitable transaction at the condo is held by a 2,605 sq ft, four-bedroom unit that sold for $5.4 million ($2,073 psf) in November 2022. Its previous owners had bought the unit 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.Read also: Resale three-bedder at Botanic Gardens Mansion posts record $2.97 mil profitMeanwhile, the most unprofitable transaction recorded in the same period was a sale at Scotts Square, a freehold mixed-use condo along Scotts Road in prime District 9. The 947 sq ft unit on the 28th floor was sold for $3.08 million ($3,252 psf) on Feb 13. It had last 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, translating to an annualised loss of 1.3% over 17 years.Since its launch in 2007, Scotts Square has recorded 69 unprofitable transactions, with 18 (26%) resulting in a seven-figure loss. The most unprofitable transaction was the sale of a 1,249 sq ft, three-bedroom unit for $3.65 million ($2,923 psf) in February 2017. The sellers had bought the unit at its 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.Residential units at Scotts Square are a mix of one- to three-bedroom apartments, while amenities include concierge services, a gym, lap pool and sky pool. The average resale price at the condo has been trending downwards since its launch, peaking at $4,054 psf in July 2007 and falling to a floor of $3,330 psf in August 2020. As of Feb 2023, the average resale price at the condo was $3,398 psf.
Mandarin Gardens experienced the most profitable condo resale transaction from Feb 7 to Feb 14, with a 3,800 sq ft, four-bedroom unit selling for $4.88 million, or $1,284 psf, on Feb 11. This unit was last sold for $1.05 million ($276 psf) in June 2003, resulting in a profit of $3.83 million for the seller, or 364.8% of the original purchase price. This translates to an annualised capital gain of 7.4% over 21½ years.
The condo, located along Siglap Road in District 15, spans 17 blocks ranging from nine to 23 storeys tall. According to URA records, the eighth-floor unit was previously sold for $1.05 million ($276 psf) in June 2003.
This latest sale has also set a new record for the most profitable transaction at Mandarin Gardens. The previous record was held by a 3,068 sq ft, four-bedroom unit that sold for $4.1 million ($1,336 psf) in September 2021. Its previous owners had purchased it for $1.4 million ($456 psf) in August 2001, resulting in a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.
The second most profitable resale transaction during the period was recorded at Parvis, a freehold condo along Holland Hill in the prime District 10. On Feb 10, a 2,260 sq ft, three-bedroom unit on the second floor sold for $4.78 million ($2,115 psf). The unit was last sold in December 2009 for $2.78 million ($1,230 psf), resulting in a profit of $2 million (71.9%) for the sellers, or an annualised gain of 3.6% over 15 years.
When looking into an investment in a condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the annual rental income in relation to the property’s purchase price, expressed as a percentage. In Singapore, condo rental yields can vary greatly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, like those near business districts or educational institutions, offer more attractive rental yields. To gain a better understanding of the rental potential of a specific condo, it is beneficial to conduct thorough market research and seek advice from real estate agents. Consider adding Condo to your portfolio to potentially increase your rental yield.
Parvis, a 12-storey development with 248 residential units, has a record for the most profitable transaction held by a 2,605 sq ft, four-bedroom unit that sold for $5.4 million ($2,073 psf) in November 2022. This unit was previously purchased 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 most unprofitable transaction during the period was recorded at Scotts Square, a freehold mixed-use condo along Scotts Road in the prime District 9. The 947 sq ft unit on the 28th floor was sold for $3.08 million ($3,252 psf) on Feb 13. This 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.
Developed by Wharf Estates Singapore, Scotts Square has seen a total of 69 unprofitable transactions since its launch in 2007. Of these, 18 (26%) resulted in a seven-figure loss. The most unprofitable transaction was the sale of a 1,249 sq ft, three-bedroom unit for $3.65 million ($2,923 psf) in February 2017. The seller had purchased 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 average resale price of units at Scotts Square has been trending downwards since its launch, reaching a peak of $4,054 psf in July 2007 before falling to a low of $3,330 psf in August 2020. As of Feb 2023, the average resale price at the condo was $3,398 psf.
Scotts Square is a mixed-use freehold development comprising 338 apartments and a four-storey retail podium. Residential units are a mix of one- to three-bedroom units, while amenities include concierge services, a gym, lap pool, and sky pool on the 35th floor.