With no fresh sales launches in December, buyers shopped at existing launches. The three top-selling private condo projects were The Santorini, with 26 units sold at a median price of $1,047 psf; Queens Peak, with 25 units sold at a median price of $1,652 psf; and Parc Riviera, with 22 units sold at a median price of $1,240 psf.
To date, a total of 317 units, or 53% of the 597 units, at The Santorini have been sold
To date, a total of 317 units, or about 53% of the 597 units, at The Santorini have been sold. Sales at The Santorini, located at Tampines Street 86, off Tampines Avenue 10, was largely bolstered by the well-received launch of The Alps Residences in October, according to an MCC Land spokesman. “It reignited buyers’ interest in that part of Tampines,” he adds in an email response.
The 626-unit Alps Residences saw 280 units sold on the first day of its launch in early October. As at end-December, 360 units have been sold at a median price of $1,020 psf. It was also the fifth best-selling project in December, having sold 16 units last month, based on URA data.
As at end-December, 360 units of The Alps Residences have been sold at a median price of $1,020 psf. It was also the fifth best-selling private condo project in December, having sold 16 units last month.
For now, there are no other new launches in the pipeline in that part of Tampines, which is a relatively new residential precinct. Neighbouring projects such as the 630-unit Q Bay Residences, which was completed last year, and the 696-unit Waterview, completed in 2014, are fully sold. With a dearth of new launches since then, the spike in sales could be the result of pent-up demand.
“The opening of Our Tampines Hub as well as other recent amenities have also helped to draw interest to The Santorini and The Alps Residences,” says the MCC Land spokesman. The opening of Changi Airport Terminal 4 and the expansion of Changi Business Park will also bring vibrance to the area. The nearby Tampines Quarry Park and Bedok Reservoir are also some of the draws for homebuyers.
For the whole of 2016, developers sold 8,136 units, 9.4% more than the 7,440 units sold in 2015. “This reflects a moderate strengthening in demand from buyers driven by the perception of the market bottoming out, pent-up demand, buying opportunities at more realistic prices and acceptance of the [property] cooling measures as a market norm,” says Ong Teck Hui, JLL national director of research and consultancy.
This article appeared in The Edge Property Pullout, Issue 763 (Jan 23, 2017) of The Edge Singapore.