The Santorini — 90% sold

/ The Edge Property
July 8, 2017 9:00 AM SGT
With no new projects launched for sale in the past two months, sales of already-launched projects have picked up significantly. The most noticeable was at the 597-unit The Santorini (below) by mainland Chinese developer MCC Land. The condominium is located off Tampines Avenue 10, and many of the units have views of the Tampines Quarry. The project obtained its Temporary Occupation Permit (TOP) in May.
Based on caveats lodged so far, for the month of June, The Santorini chalked up sales of 62 units at an average price of $1,027 psf. It sold 64 units in May. That means the 99-year leasehold project is now about 90% sold.
Parc Riviera was the top-selling project in May, with 83 units sold at a median price of $1,246 psf. In June, it moved another 45 units, based on caveats lodged. Launched in November 2016, the 752-unit Parc Riviera at West Coast Vale has seen a spike in sales since the start of year, and is now 80% sold.
One reason for the strong pickup in sales momentum at Parc Riviera was the spillover from the launch of The Clement Canopy on Clementi Avenue 1 in February. The 505-unit The Clement Canopy is jointly developed by UOL Group and Singapore Land and is about 70% sold.
The spike in sales at Parc Riviera was also due to the bullish bid submitted by China Construction (South Pacific) Development Co for the neighbouring site on West Coast Vale in February, says Ismail Gafoor, CEO of PropNex.
China Construction paid $291.99 million for the 1.64ha site, which translates to $592 psf per plot ratio. This is about 7.3% higher than the price EL Development paid ($551 psf ppr) for the Parc Riviera site in August 2015. “With the high land bid prices today, the perception is that these projects, which were launched earlier, now present value buys,” adds Gafoor.
This was also evident at Kingsford Waterbay on Upper Serangoon View. The condo is orientated such that all its 1,165 units have a direct view of the Serangoon River. The 99-year leasehold Kingsford Waterbay, by China-based Kingsford Development, was launched during Chinese New Year in 2015.
Since March, Kingsford Waterbay has seen 30 to 40 units sold a month. In May, 51 units at the project were sold at a median price of $1,162 psf. And in June, another 35 units found buyers. The project is about 65% sold to date.
GuocoLand’s Sims Urban Oasis, which is nearing completion, has been seeing strong sales every month too. In May, 51 units were sold at a median price of $1,387 psf. In June, 30 units were sold at an average price of $1,394 psf. This means the 1,024-unit project on Sims Drive is 80% sold to date.
The Santorini
The 597-unit The Santorini obtained its TOP in May
This article appeared in The Edge Property Pullout, Issue 787 (July 10, 2017) of The Edge Singapore.