Five-bedder at Pandan Valley clocks price gain of $3.2 mil

SINGAPORE (EDGEPROP) - The transaction for a five-bedroom apartment at Pandan Valley clocked the largest price gain for the week of Aug 2 to 9. The 4,585 sq ft unit changed hands on Aug 3 for $5.1 million (or $1,112 psf), based on caveats lodged. Located on the eighth floor, the unit was previously purchased at $1.9 million (or $410 psf) more than 25 years ago, in May 1997. The owner reaped a capital gain of $3.2 million, or 171%.

Completed in 1979 with a total of 605 units, the 14-storey freehold condominium was developed by the former DBS Realty (now CapitaLand). The development is located off Ulu Pandan Road in District 21. Pandan Valley is located near Pine Grove (Parcel A), a 242,564 sq ft, 99-year leasehold government land sale (GLS) site that was sold to a joint venture between UOL Group and Singapore Land Group for $671.5 million ($1,318 psf per plot ratio) in June. The developers are expected to develop a new condominium of about 520 units on the site.

The second most profitable deal of the week occurred at Mandarin Gardens. Completed in 1986, the 99-year leasehold condominium is located off Siglap Road in the Marine Parade area in District 15.

With over 1,000 units in total and the sheer land size of over one million sq ft, the development has undergone three en bloc attempts, with the most recent attempt being in 2021. Siglap MRT Station on the Thomson-East Coast Line, slated for completion in 2024, will be a five- to 10-minute walk away. Next door is the 843-unit, 99-year leasehold Seaside Residences by Frasers Property that is fully sold and completed in 2021. (See potential condos with en bloc calculator)

The 1,572 sq ft, three-bedroom unit at Mandarin Gardens was sold on Aug 2 for $2.1 million (or $1,349 psf). It had previously changed hands for $575,000 (or $366 psf), translating to a capital gain of $1.545 million or 269%.

Meanwhile, the most unprofitable transaction was for a 1,313 sq ft, three-bedroom unit at Helios Residences. The unit was sold for $3 million (or $2,284 psf) on Aug 5. The 11th-floor unit was previously purchased for $3.826 million in July 2007, at the height of the last property boom. The sale reflects a 21.6% markdown after a 15-year holding period.

For the week of July 26 to Aug 2, another three-bedroom apartment at Helios Residences, a larger 1,668 sq ft unit on the ninth floor, was sold for $3.7 million ($2,218 psf), according to a caveat lodged in July. The unit had fetched over $4.9 million ($2,948 psf) in July 2011.

Developed by Wing Tai Holdings, the freehold development was completed in 2011 with a total of 140 units. Located in the Cairnhill enclave in prime District 9, it is in the vicinity of the Orchard Road shopping belt. Newton MRT Interchange Station for the North-South and Downtown Lines is located nearby.

The second most unprofitable deal took place at St Regis Residences. Developed jointly by Hong Leong Holdings, City Developments and Japanese property group Mitsui Fudosan, the 999-year leasehold development is made up of 173 luxury residences and the 299-key St Regis Hotel Singapore. The development was completed in 2008. It is located in the prime Tanglin area, in the vicinity of other upcoming luxury residences and hotels, such as Boulevard 88 and The Edition Hotel, as well as Park Nova.

The unit that changed hands recently at St Regis Residences was a 2,142 sq ft, four-bedroom unit on the 17th floor. It was sold for $5 million (or $2,334 psf) on Aug 5. The unit was last purchased for $5.232 million ($2,443 psf) when the project was launched in 2006.

Check out the latest listings near Pandan Valley, Mandarin Gardens, Helios Residences, St Regis Residences, Newton MRT Interchange Station