Cool reception

Named after a famous Greek island, the Santorini condominium was launched late last month, to little fanfare.

The 597-unit condomium project in Tampines was the only major launch in March, but despite the low competition, sales at the 99-year-lease development were slow.

A total of 80 out of 200 units were sold, mostly one- and two-bedders, said a spokesman for The Santorini. The average selling price was $1,100 psf. Developers are having to become increasingly aggressive in pushing sales in a cooling property market.

Last Sunday afternoon, The Santorini held a seminar and carnival at the show flat, inviting lawyers, bankers and PropNex chief executive Mohamed Ismail to provide advice to potential buyers.

But when The New Paper visited the show-flat at Tampines Avenue 10 at about 4pm, the place was only about half-filled and there were more property agents than potential buyers there.

CONTRAST

This was in contrast to the previous weekends, after the launch on March 29, which saw the showflat brimming with families. Developer MCC Land also approached four agents, ERA Realty, PropNex, CBRE and GPS Alliance, to represent The Santorini. “Working with multiple marketing agencies would help cast a wider net in reaching out to more prospective buyers,” said the spokesman.

The developers are confident of the potential of The Santorini.

The spokesman highlighted its “strong location” in Tampines, “Singapore’s largest residential estate and the second largest commercial hub outside the Central Region after Jurong Lake District”.

HOPEFUL

Added the spokesman: “Tampines has also not seen a new condominium launch in a while and we hope that The Santorini will satiate home buyers’ demand for a new home in this region in the long run.”

Last month’s lacklustre sales was attributed to the low number of new units launched.

Aside from The Santorini, a 28-unit development, Ascent@456 in Balestier Road was also launched. There were zero sales at that development.

A short drive away, the condominium development Waterview, which was launched in 2010, is selling at an average $1,014 psf, while Q Bay Residences launched last year, is selling at an average $1,030 psf.

Engineer Babu Rajendra, 34, who was at The Santorini showflat on Sunday with his wife and child, was deterred from booking a unit because of the price.

The permanent resident, who does not qualify for a resale HDB flat, is renting an HDB flat in Tampines.

Said Mr Badu: “Looking at the current market, I expected prices to be lower, but the psf prices at The Santorini are not too different from prices a year ago.”

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I expected prices to be lower, but the psf prices at the Santorini are not too different from prices a year ago.

— Mr Babu Rajendra, a potential buyer