Buyers opted to go for the existing development launches since there were no new sale launches during the month of December. Various developments performed exceptionally well, but the ones that did very well were The Santorini that has 26 of its total units sold for a median price of $1,047 psf. Following closely were the Queens Peak and Parc Riviera that had 25 and 22 units of their total units sold respectively at $1,652 psf and $1,240 psf.
(An artist impression of The Santorini)
Up until now, a record 53% of all the units at The Santorini have been sold out representing a total of 317 units out of 597 units.
“The good performance of The Santorini was made possible due to the good performance by the Alps Residences that was launched back in October in the Tampines area which has been a good site for many developers and investors”, MCC land spokesman said.
The Alps Residences; which has a total of 626 units had its 280 units sold on the first launch day which was in early October. By the end of December, a total 360 units had been sold at an average price of $1,020 psf.
According to the URA data, the Alps Residences was rated the fifth on the best performing list in the month of December with 16 of its units sold.
The Tampines being a new residential has seen no new launches. Q Bay Residences and the Waterview that are located nearby have had all their units sold out. This means that the rise in sales at The Santorini could be due to the pent-up demand.
The MCC land spokesman attributed to increased interest in The Santorini and the Alps Residences to the recent opening of Tampines Hub, the opening of Changi’s Airport terminal 4 and the Changi Business Park’s expansion. They are all set to add better feel ambience that attracts potential buyers and developers. Homebuyers are also drawn to the area by the Bedok Reservoir and Tampines Quarry Park nearby.
2016 had developers smiling since at total of 8,136 units were sold off marking a 9.4% increase compared to a total of 7,440 units that were sold off during 2015.
Ong Teck Hui, JLL research and consultancy, national director attributed this increase to a number of key factors including realistic pricing, pent-up demand, increased buyers demand, market bottoming out and the general acceptance atmosphere of cooling measures.