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 fetched $4.88 million, or $1,284 psf, on Feb 11.This transaction sets a new record for the most profitable transaction recorded at Mandarin Gardens, breaking the previous record held by another four-bedroom unit that fetched $4.1 million ($1,336 psf) in September 2021.Upon closer consideration, this sale also generated a profit of $3.83 million (364.8%) for the seller, which is equivalent to an annualised capital gain of 7.4% over 21½ years.Mandarin Gardens is a sprawling 1,006-unit condo located in District 15 along Siglap Road. It spans a total of 17 blocks, each ranging from nine to 23 storeys tall. The apartment units at Mandarin Gardens are varied, with one- to two-bedroom apartments sized 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. Eleven strata commercial units can also be found on-site.Read also: Resale unit at Palisades makes record profit of $2.3 milResale prices for units at Mandarin Gardens have largely plateaued since September 2023, when the average resale price for units at the condo surpassed $1,300 psf. According to EdgeProp Singapore’s tools for analysis, prices have since peaked at $1,316 psf in June 2024, before landing at $1,310 psf as of Feb 25.The condo unit that made waves in this transaction is one of 18 four-bedroom units situated within Mandarin Gardens. The last four-bedroom unit to be sold at the condo was also of a similar size – a 3,800 sq ft unit on the ninth floor that fetched $4.26 million ($1,122 psf) in June 2023.Mandarin Gardens sits on a 1.07 million sq ft site along Siglap Road in District 15. It has a 99-year leasehold tenure starting from 1982, with about 56 years remaining. The 1,006-unit condo spans 17 nine- to 23-storey blocks. Residential units at the condo 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 project also houses 11 strata commercial units.Meanwhile, the second most profitable resale transaction during the period in review 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 of the development was sold for $4.78 million ($2,115 psf).The unit had last changed hands in December 2009 when it was bought from the developers for $2.78 million ($1,230 psf). Therefore, the sellers made a profit of $2 million (71.9%) from the deal or an annualised gain of 3.6% over 15 years.This transaction sets the record for the second most profitable transaction at Parvis. The most profitable sale was recorded in November 2022, when a 2,605 sq ft, four-bedroom unit was sold for $5.4 million ($2,073 psf). Purchased at about $3.21 million ($1,230 psf) in December 2009, this transaction yielded 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 profitThe most profitable transaction at Parvis was recorded in November 2022, when a 2,605 sq ft, four-bedroom unit was sold for $5.4 million ($2,073 psf).The second most profitable transaction of the review period is the second profitable transaction to take place at Parvis this year. The first profitable transaction took place on Jan 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, thus raking in a profit of $1.85 million (43.5%) after 14 years. This sale now stands as the fifth most profitable transaction at Parvis to date, which indicates that while the buyers of Parvis units may have seen relatively slow capital gains, the profit potential for resales is still present.Read also: Sold for $3.08 mil: A buyer’s loss at Scotts Square Interestingly, Scotts Square, a mixed-use freehold development located along Scotts Road, also achieved record-breaking in the week of Feb 7 to Feb 14, but not in the most profitable record. Instead, a 947 sq ft two-bedroom unit on the 28th floor was sold for $3.08 million ($3,252 psf) on Feb 13, thus breaking the record as the most unprofitable sale recorded during the week of Feb 7 to Feb 14. This sale also recorded a loss of $745,880 (19.5%) for the sellers. Buyers of Scotts Square units have experienced a price downtrend since the launch in 2007. According to EdgeProp Singapore’s rolling averages, prices peaked at $4,054 psf in July 2007 before falling to a low of $3,330 psf in August 2020. The average price for resale units at Scotts Square last month was $3,398 psf.Developed by Wharf Estates Singapore, Scotts Square is a mixed-use freehold development located along Scotts Road. It achieved its TOP in 2011 with two luxury residential towers of 43 and 34 storeys. In total, 338 apartments and a four-storey retail podium make up this development.Read also: Penthouse at Orchid Mansion on Amber Road fetches record profit of $2.58 milResidential units at Scotts Square are a mix of one- to three-bedroom units from 603 sq ft to 1,249 sq ft. Its variety of amenities include concierge services, a gym, a lap pool and a sky pool on the 35th floor.The most unprofitable transaction recorded between Feb 7 and Feb 14 was the $3.08 million sale of a two-bedroom unit at freehold condo Scotts Square. The unit on the 28th floor at this 947 sq ft space was previously sold for $3.83 million in December 2007. This resulted in a 19.5% loss for the sellers, equivalent to an annualised loss of 1.3% over 17 years.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 at the condo contain a mix of one- to three-bedroom units 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.
Investing in a condominium in Singapore entails considering condo financing as a crucial aspect. There are numerous mortgage options available, but it is essential to understand the Total Debt Servicing Ratio (TDSR) framework. This framework imposes a limit on the loan amount that a borrower can obtain, considering their income and current debt responsibilities. It is beneficial for investors to be familiar with the TDSR and seek advice from financial experts or mortgage brokers to make informed decisions and avoid excessive borrowing. Condo should be a top priority when considering condo financing in Singapore.