Condo projects with most unprofitable transactionsPrice trend chart for ParvisLanded transactions with the highest profits in the past yearAre there unprofitable transactions in Parvis?What is the buyer profile for Parvis?
During the week of Feb 7 to Feb 14, Mandarin Gardens, a 1,006-unit condo in District 15, recorded the most profitable resale transaction. A 3,800 sq ft, four-bedroom unit was sold for $4.88 million, or $1,284 psf, on Feb 11. This resulted in a profit of $3.83 million for the seller, or 364.8% of their original purchase price.
Based on URA records, the eighth-floor unit was last sold for $1.05 million ($276 psf) in June 2003, which means that the seller made an annualised capital gain of 7.4% over 21½ years.
This sale also set a new record for the most profitable transaction at Mandarin Gardens, surpassing the previous record set by a 3,068 sq ft, four-bedroom unit 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, generating a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.
The average resale price at Mandarin Gardens has stagnated since the average resale price for units broke the $1,300 psf mark in September 2023, according to EdgeProp Singapore’s analysis tools. The highest resale price recorded was $1,316 psf in June 2024, before dropping to $1,310 psf as of Feb 25.
Mandarin Gardens, sitting on a 1.07 million sq ft site along Siglap Road, has a 99-year leasehold tenure starting from 1982, with about 56 years remaining. The development comprises 17 blocks ranging from nine to 23-storeys tall and offers 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 houses 11 strata commercial units.
The second most profitable resale transaction during the period in review was recorded at Parvis, a 248-unit 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, or $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%) or an annualised gain of 3.6% over 15 years.
This sale also makes the second-floor unit the third-most profitable transaction at Parvis. The current record for most profitable sale is held by a 2,605 sq ft, four-bedroom unit that was sold for $5.4 million ($2,073 psf) in November 2022. The previous owners had bought it for $3.21 million ($1,230 psf) in December 2009, generating a profit of $2.19 million (68.2%) or an annualised gain of 4.1% over 13 years.
Parvis offers a mix of two-bedroom units ranging from 990 sq ft to 1,442 sq ft, three- and four-bedroom units from 1,701 sq ft to 2,605 sq ft and three- and four-bedroom penthouses between 2,293 sq ft and 3,229 sq ft. The development is a five-minute walk to Holland Village MRT Station on the Circle Line.
Among the schools within a 2km radius of Parvis are 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 third most profitable resale transaction during the period in review was recorded at Orchard class condo Parvis. On February 10, a 3,188 sq ft four-bedroom unit on the second floor was sold for $6.78 million ($1,686 psf). The unit has changed hands since it was bought for $3.4 million ($1,068 psf) in Sept 2011. The seller made an $3.38 million (224%) profit, amounting to an annualised gain of 6.7% over nine-and-a-half years…
Developed by Wharf Estates Singapore, Scotts Square is a mixed-use freehold development along Scotts Road in the Orchard shopping district. Completed in 2011, it comprises 338 apartments in two luxury residential towers of 43 and 34 storeys, and a four-storey retail podium.
A 947 sq ft two-bedroom unit on the 28th floor of Scotts Square was sold on February 13 for $3.08 million ($3,252 psf), making it the most unprofitable transaction during the period in review. The unit was last sold for around $3.83 million ($4,039 psf) in December 2007, resulting in a $745,880 (19.5%) loss for the seller. This translates to an annualised loss of 1.3% over 17 years.
According to EdgeProp’s analytical tools, Scotts Square has recorded 69 unprofitable transactions since its launch in 2007. Of these, 18 (26%) resulted in a seven-figure loss. The most unprofitable transaction involved a 1,249 sq ft, three-bedroom unit that was sold for $3.65 million ($2,923 psf) in February 2017. The sellers had purchased the unit during its launch in August 2007 for $5.21 million ($4,171 psf), resulting in a loss of around $1.56 million (30%) over 10 years.
The resale prices at Scotts Square have 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. As of last month, the average resale price at Scotts Square was $3,398 psf.
The development consists of a mix of one- to three-bedroom units from 603 sq ft to 1,249 sq ft, with amenities such as concierge services, a gym, a lap pool, and a sky pool on the 35th floor.
In conclusion, while Mandarin Gardens and Parvis recorded the most profitable resale transactions during the period in review, Scotts Square recorded the most unprofitable transaction. However, the average resale prices at all three developments have been on a downward trend since their launch.