During the week of February 7 to February 14, Mandarin Gardens saw the most profitable condominium resale transaction. A four-bedroom unit with a size of 3,800 sq ft was sold at $4.88 million, or $1,284 per square foot (psf) on February 11. URA records show that the unit on the eighth floor was previously transacted at $1.05 million ($276 psf) in June 2003.
The sale resulted in a profit of $3.83 million for the seller, which is equivalent to 364.8% of the original purchase price. This translates to an annualised capital gain of 7.4% over a span of 21 and a half years.
This record-breaking transaction also sets a new record for the most profitable sale at Mandarin Gardens. The previous record was held by a similar-sized four-bedroom unit on the 20th floor, which was sold for $4.1 million in September 2021 ($1,336 psf). The previous owners had purchased the unit for $1.4 million ($456 psf) in August 2001, earning a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.
Since September 2023, resale prices at Mandarin Gardens have remained stagnant after breaking the $1,300 psf mark. They peaked at $1,316 psf in June 2024 before slightly dropping to $1,310 psf as of February 25.
Out of the 1,006 units at Mandarin Gardens, there are only 18 four-bedroom units. The most recent sale is the first four-bedroom unit to be sold since June 2023, when a unit of similar size on the ninth floor was sold for $4.26 million ($1,122 psf).
Located on Siglap Road in District 15, Mandarin Gardens sits on a 1.07 million sq ft site. It has a 99-year leasehold tenure starting from 1982, with about 56 years remaining. The condo comprises 17 blocks ranging from nine to 23 storeys high, with a mix of one- to two-bedroom apartments (732 to 1,001 sq ft) and larger three- to four-bedroom units (1,528 to 3,800 sq ft). It also has 11 strata commercial units.
The second most profitable transaction during this period was recorded at Parvis, a freehold condo located in prime District 10 on Holland Hill. On February 10, a three-bedroom unit of 2,260 sq ft on the second floor was sold for $4.78 million ($2,115 psf).
The unit was previously purchased from the developers in December 2009 at $2.78 million ($1,230 psf). This resulted in a profit of $2 million (71.9%) or an annualised gain of 3.6% over 15 years.
This new sale is the third most profitable transaction at Parvis to date. The record is currently held by another four-bedroom unit of 2,605 sq ft, which was sold for $5.4 million ($2,073 psf) in November 2022. The 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.
This is also the second profitable transaction to take place at Parvis this year, the first being a four-bedroom unit on the 12th floor sold for $6.1 million ($2,188 psf) on January 6. The sellers had bought this unit for $4.25 million ($1,524 psf) in 2011, making a profit of $1.85 million (43.5%) after 14 years. This ranks as the fifth most profitable transaction at Parvis.
Parvis is a 12-storey development with 248 residential units. Units are a mix of two-bedroom apartments (990 to 1,442 sq ft) and larger three- to four-bedroom units (1,701 to 2,605 sq ft). There are also three- and four-bedroom penthouses (2,293 to 3,229 sq ft).
Some of the schools within a 2km radius of Parvis include Henry Park Primary School, Nanyang Primary School, New Town Primary School, and Queenstown Primary School. The condo is a five-minute walk away from Holland Village MRT Station on the Circle Line.
The most unprofitable transaction during this period was recorded at Scotts Square, where a two-bedroom unit of 947 sq ft on the 28th floor was sold for $3.08 million ($3,252 psf) on February 13. The unit had been purchased for around $3.83 million ($4,039 psf) in December 2007, resulting in a loss of $745,880 (19.5%). This translates to an annualised loss of 1.3% over 17 years.
Scotts Square, developed by Wharf Estates Singapore, has recorded 69 unprofitable transactions since its launch in 2007, with 18 of them (26%) resulting in a seven-figure loss. The most significant loss was from a sale of a 1,249 sq ft, three-bedroom unit in February 2017, which was sold for $3.65 million ($2,923 psf). The previous owners had bought 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.
On average, resale prices at Scotts Square have been declining since its launch in 2007. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 and hit a low of $3,330 psf in August 2020. In February 2025, the average resale price was $3,398 psf.
Located along Scotts Road in the Orchard shopping belt, Scotts Square is a mixed-use development with a total of 338 residential units and a four-storey retail podium. Residential units consist of one- to three-bedroom apartments (603 to 1,249 sq ft). Amenities include concierge services, a gym, a lap pool, and a sky pool on the 35th floor.