The preview phase for The Santorini condominium (pictured) at Tampines Avenue 10 is expected to begin this week, while its official launch is scheduled at the end of this month, revealed Richard Nah, Senior Manager at MCC Land (Singapore).
The mass market project is set to TOP in 2018 and consists of eight 15-storey blocks of 597 units. Around 56 percent of the units are one- and two-bedrooms.
Given that The Santorini is the newest development in Tampines since Q Bay Residences by Frasers Centrepoint was launched just over a year ago, there is expected to be strong pent-up demand for the 99-year leasehold condo.
Shawn Tan, CEO and Key Executive Officer at property agency Masters of Real Estate (M.O.R.E.), said: “Since Q Bay launched in January 2013, there aren’t any new projects of this scale in the district, and there may be much anticipation especially (from) those who may have missed Q Bay.”
While MCC Land has yet to reveal pricing details, the average selling price is expected to be 10 to 12 percent higher than the recorded median price of $1,059 psf at nearby Q Bay, noted Elaine Chow, Executive Director of Research at Chesterton Singapore.
According to Tan, based on Q Bay’s average launch price of $985 psf and resale price range of $1,000 to $1,100 psf, prices at The Santorini could average $1,200 psf for the one- and two-bedders and $1,000 psf for larger units.
He added that in spite of the government’s property cooling measures, there are still upcoming projects aside from The Santorini that could generate huge buzz in the market.
These include the freehold Kallang Riverside in the city’s outskirts by developer Singapore Johor Express and Keppel Land’sHighline Residences at Kim Tian Road.