Chinese developer, MCC Land, has sold 64 The Santorini units last May. This brings the 99-year leasehold project to just 10% shy of selling all its units completely.
The Santorini is a 597-unit project, and is located along Tampines Avenue 10, near where Alps Residences is. Most units offer a good view of the Tampines Quarry. It obtained its Temporary Occupation Permit (TOP) in May. Based on provisos, The Santorini sold 62 units at an average price of $1,027 psf.
(Artist's Impression of The Santorini)
Last May, the Parc Riviera was the developer’s top-selling project. 83 units have been sold at an average price of $1,246 psf. It sold another 45 units in June. After its launch in November of 2016, the Parc Riviera (West Coast Vale) has picked up in sales. This 752-unit development is 80% sold.
The strong spike in sales of the Parc Riviera is said to be an effect of The Clement Canopy’s launch in February. This 505-unit property is along Clementi Avenue 1 and is jointly developed by Singapore Land and the UOL Group. To date, the project has sold 70% of its units.
The rise in sales of the Parc Riviera can also be attributed to the aggressive bid by China Construction (South Pacific) Development Corporation. This bid was for the neighboring site along West Coast Value last February, according to PropNex CEO, Ismail Gafoor.
China Construction shelled out $291.99 million for the site which measured 1.64 hectares. This amounts to $592 psf per plot ratio, and is 7.3% higher than what EL Development paid (about $551 psf per plot ratio) for the Parc Riviera in August of 2015. As per Ismael Gafoor, these projects are value purchases because of the land bid prices and the perception these developments project.
The perception of “value purchase” is also evident at Kingsford Waterbay along the Upper Serangoon View. This 1,165 unit, 99-year leasehold condominium offers a direct view of the Serangoon River. It was launched during Chinese New Year in year 2015 by China-based Kingsford Development.
Since March of 2017, Kingsford Waterbay has been selling 30 to 40 units a month. In May, it sold 51 units at an average price of $1,162 psf. The following month, it sold 35 units. To date, the project is 65% sold.
Sims Urban Oasis by GuocoLand is nearing completion and is seeing aggressive sales. 51 units were sold in May at an average price of $1,387 psf. As of June, 30 units had already been sold at a median price of $1,394 psf. 80% of this project along Sims Drive has been sold as of this writing.