The last week of February 2017 has certainly a good for property developers in Singapore. At Tampines, The Santorini by MCC Land came in second as the top-selling property development in Singapore. They sold over 18 residential units with prices going from $626,000 ($1,187 psf) for a 527 sq ft, one-bedroom unit to $1.48 million ($1,040 psf) for a 1,421 sq ft, four-bedroom dual-key unit. Currently, more than 337 units or 56% of the residential condominium at The Santorini have been sold, based on caveats lodged. The 597-unit condo is located on Tampines Street 86.
Over in the west, there was the launch of the new property, The Clement Canopy at Clementi Avenue 1 with a total of 200 of the 250 units released were sold. This residential development is a joint venture by property big boys – UOL Group and Singapore Land. The launch is likely to have to sparked buying interest in the top selling project for the week, Parc Riveira as EL Development sold more than 40 residential apartments between Feb 14 and 21, making the 752-unit development on West Coast Vale the top-selling condominium in the week!
Besides, the sale of an adjacent site on 15 Feb to China Construction (South Pacific) Development could also have been the cause of the sudden buying interest in the project as the site fetched over $592 psf per plot ratio – A whooping 7% higher than the $551 psf ppr that EL Development paid for its Parc Riviera site in August 2015!
With Grandeur Park Residences in the launch pipeline, sales at The Glades was a brisk as well. The Glades is sitting virtually next to Grandeur Park! For your information, a total of 12 residential apartments were sold at The Glades in the same week with prices from over $720,000 to $1,890,000 for the lowest sized and the largest. The Glades received its Temporary Occupation Permit in January. “Buyers are attracted to the project, as owner-occupiers can move in immediately and investors can rent their units out for income,” says Fong. So far, more than 600 units have been sold at The Glades. The 726-unit, 99-year leasehold project is jointly developed by Keppel Land and China Vanke.
Local PropertyGuru Kelvin Fong attributes the brisk sales because the developments like The Santorini and The Glades were priced very reasonably.