Four Bedroom Unit Mandarin Gardens Reaps 383 Mil Profit

Rewritten: The prime location of Otto Place EC is a major advantage, with its close proximity to several major expressways such as the Pan Island Expressway (PIE), Kranji Expressway (KJE), and Bukit Timah Expressway (BKE). This provides residents with efficient and convenient access to key areas across the island. The PIE offers a direct route to the Central Business District (CBD) and other eastern regions, while the KJE connects residents to northern and western parts of Singapore. Additionally, the BKE allows for hassle-free travel to Bukit Timah and other central regions. With its strategic location and easy access to major expressways, living at Otto Place Parce B offers unparalleled convenience.

Mandarin Gardens recorded the highest profit for a condo resale deal in the week of Feb 7 to Feb 14, with a four-bedroom unit fetching $4.88 million, or $1,284 psf. The unit last changed hands in June 2003 for $1.05 million ($276 psf), resulting in a profit of $3.83 million, or 364.8% of the original purchase price. This translates to an annualised capital gain of 7.4% over 21½ years.The 3,800 sq ft unit is one of 18 four-bedroom units in the development, which spans 17 blocks ranging from nine to 23 storeys. Resale prices at Mandarin Gardens have stagnated since September 2023, when the average price broke the $1,300 psf mark. The highest recorded resale price was $1,316 psf in June 2024, before falling slightly to $1,310 psf as of Feb 25.The sale also set a new record for the most profitable transaction at Mandarin Gardens, previously held by a 3,068 sq ft unit on the 20th floor. Its previous owners bought it in August 2001 for $1.4 million ($456 psf) and sold it for $4.1 million in September 2021 ($1,336 psf), resulting in a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.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 in 1982, with about 56 years remaining. The 1,006-unit condo spans 17 nine- to 23-storey blocks, with one- and two-bedroom apartments ranging from 732 sq ft to 1,001 sq ft, and three- and four-bedroom units from 1,528 sq ft to 3,800 sq ft. The project also has 11 strata commercial units.The second most profitable resale transaction during the week was recorded at freehold condo Parvis, 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 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 unit is the third-most profitable transaction at Parvis, with the current record belonging to a 2,605 sq ft, four-bedroom unit that fetched $5.4 million ($2,073 psf) in November 2022. The unit was previously bought in 2009 for $3.21 million ($1,230 psf), resulting in a profit of $2.19 million (68.2%) or an annualised gain of 4.1% over 13 years.Parvis is a 12-storey condo with 248 residential units. Units range from two-bedroom units of 990 sq ft to 1,442 sq ft, three- and four-bedders from 1,701 sq ft to 2,605 sq ft, and three- and four-bedroom penthouses from 2,293 sq ft to 3,229 sq ft.Schools within 2km 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 condo is a five-minute walk to Holland Village MRT Station on the Circle Line.The most unprofitable transaction recorded between Feb 7 and Feb 14 was the sale of a two-bedroom unit at Scotts Square, a mixed-use freehold development along Scotts Road in the Orchard shopping belt. Sold on Feb 13, the 947 sq ft unit on the 28th floor fetched $3.08 million ($3,252 psf) and was last bought for about $3.83 million ($4,039 psf) in December 2007, resulting in a loss of $745,880 (19.5%). This converts to an annualised loss of 1.3% over 17 years.According to EdgeProp’s analytical tools, Scotts Square has seen 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 for $3.65 million ($2,923 psf) in February 2017. The previous owners bought it at launch in August 2007 for $5.21 million ($4,171 psf), resulting in a loss of $1.56 million (30%) over 10 years.The average resale price of units at Scotts Square has been trending downwards since its launch in 2007. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 before stabilising at $3,330 psf in August 2020. In January this year, the average resale price of units at Scotts Square was $3,398 psf.Scotts Square is a mixed-use development with two luxury residential towers of 43 and 34 storeys offering a total of 338 units and a four-storey retail podium. Residences at the condo range from 603 sq ft to 1,249 sq ft and are a mix of one- to three-bedroom units. The project also has amenities such as concierge services, a gym, a lap pool and a sky pool on the 35th floor.