Condo projects with most unprofitable transactionsRead also: Condo resale profit records broken twice in less than a monthThis calculator estimates the resale profit or loss based on estimated sale and purchase prices, and the number of years between the resale and the purchase. You can also compare the estimated resale profit/loss of your unit with a selection of similar units within 500m, 1km, 1.5km or 2km radius from your unit.×
Mandarin Gardens achieved the highest resale profit for a condo transaction during the week of February 7 to 14. The unit, which spans 3,800 sq ft and has four bedrooms, was sold for $4.88 million or $1,284 psf on February 11. According to records from the Urban Redevelopment Authority (URA), the unit on the eighth floor was last sold for $1.05 million ($276 psf) in June 2003.
This means that the seller made a profit of $3.83 million, which is equivalent to 364.8% of the original purchase price. This also translates to an annualized capital gain of 7.4% over a period of 21½ years. The sale at Mandarin Gardens also broke the record for the most profitable transaction at the development. The previous record was held by a 3,068 sq ft four-bedroom unit on the 20th floor, which was sold for $4.1 million ($1,336 psf) in September 2021. The unit was originally purchased for $1.4 million ($456 psf) in August 2001, 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 crossed the $1,300 psf mark, according to EdgeProp Singapore’s analytical tools. Prices peaked at $1,316 psf in June 2024 before dropping slightly to $1,310 psf as of February 25.
The unit sold on February 11 is one of 18 four-bedroom units at the development. The last four-bedroom unit to be sold at Mandarin Gardens was a similar 3,800 sq ft unit on the ninth floor, which was sold for $4.26 million ($1,122 psf) in June 2023.
Investing in a condo requires careful consideration of not just the property itself, but also its maintenance and management. This is because condos usually come with maintenance fees that cover the maintenance of communal areas and facilities. While these fees may increase the overall cost of owning a condo, they also guarantee that the property stays in good condition and maintains its value. To make condo ownership more passive, investors can hire a property management company to take care of the day-to-day management. With services such as Singapore Projects, investors can have peace of mind knowing that their condo is being efficiently managed.
Mandarin Gardens is a 99-year leasehold development located along Siglap Road in District 15. It sits on a site of 1.07 million sq ft and has a remaining lease of about 56 years. The development comprises 1,006 units spread across 17 blocks ranging from nine to 23 storeys. The units are 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. The development also includes 11 strata commercial units.
The second most profitable resale transaction during the week was recorded at Parvis, a freehold development located along Holland Hill in prime District 10. On February 10, a 2,260 sq ft three-bedroom unit on the second floor of the development was sold for $4.78 million ($2,115 psf). The unit was last sold for $2.78 million ($1,230 psf) in December 2009, resulting in a profit of $2 million (71.9%) or an annualized gain of 3.6% over 15 years.
This also makes the second-floor unit the third-most profitable transaction at Parvis. The record for the most profitable sale is currently held by 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.
The Feb 10 unit is also 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 purchased the unit for $4.25 million ($1,524 psf) in 2011, thus earning a profit of $1.85 million (43.5%) after 14 years. It is currently the fifth-most profitable transaction at Parvis to date.
Parvis is a 12-storey development comprising 248 residential units. The apartments are a mix of two-bedroom units from 990 sq ft to 1,442 sq ft and three- to 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.
Some of the 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 development is a five-minute walk to Holland Village MRT Station on the Circle Line.
The most unprofitable transaction recorded between February 7 and 14 was the sale of a two-bedroom unit at freehold development Scotts Square. The 947 sq ft unit on the 28th floor was sold for $3.08 million ($3,252 psf) on February 13. It was last sold 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 annualized loss of 1.3% over 17 years.
Developed by Wharf Estates Singapore, Scotts Square is a mixed-use freehold development located along Scotts Road. According to EdgeProp’s analytical tools, it has recorded 69 unprofitable transactions since its launch in 2007, with 18 (26%) of them resulting in a seven-figure loss. The most unprofitable transaction was the sale of a 1,249 sq ft three-bedroom unit, which was sold for $3.65 million ($2,923 psf) in February 2017. The previous owners had purchased the unit at launch in August 2007 for about $5.21 million ($4,171 psf), resulting in a loss of approximately $1.56 million (30%) over 10 years.
The average resale price of units 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 reaching a low of $3,330 psf in August 2020. The average price of resale units at Scotts Square in January was $3,398 psf.
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. The residential units are a mix of one- to three-bedroom units ranging from 603 sq ft to 1,249 sq ft. Amenities at the development include concierge services, a gym, a lap pool, and a sky pool on the 35th floor.