Med-style condo in Tampines open for sale tomorrow

LIVING BY THE WATER: The Santorini, in Tampines Avenue 10, is surrounded by Bedok Reservoir and Tampines Quarry and its design is meant to evoke a coastal Mediterranean feel. Sources say the average price is at $1,100 to $1,200 psf.


    Mar 28, 2014

    Med-style condo in Tampines open for sale tomorrow

    MCC Land, a unit of Hong Kong and Shanghai-listed Metallurgy Corporation of China, will be launching its Mediterranean-inspired condominium project, The Santorini, in Tampines Avenue 10 tomorrow.

    The 597-unit condominium in Tampines New Town is surrounded by two large water bodies, Bedok Reservoir and Tampines Quarry.

    "The Santorini will be ringed by a continuous and scenic waterline, evoking a coastal Mediterranean feel," the developer said.

    Market sources put the average price at $1,100 to $1,200 per square foot (psf).

    This is in line with consultants' price forecasts of "above $1,100 psf", given that the break-even price for the project is $940 to $1,050 psf.

    Nearby, Sim Lian Group's Waterview is selling at an average price of $1,014 psf, while Q Bay Residences - a joint development by Fraser and Neave, Far East Organization and Sekisui House - is selling at an average price of $1,030 psf.

    Commenting on The Santorini's comparably higher psf price, SLP International research head Nicholas Mak said: "The developer seems to be pushing the price envelope in this area."

    In quantum terms, prices range from $508,200 for the smallest unit (a 463 sq ft one-bedder) to $2 million for the largest unit, a 1,841 sq ft four-bedroom duplex.

    The Santorini will have eight 15-storey towers and one 14-storey tower of one- to five-bedroom units. It will also feature two- and three-bedroom dual-key units, three- and four-bedroom garden duplex units, as well as penthouses with four- and five-bedroom configurations.

    Bounded by Tampines Avenue 10, 8, 5 and 1, The Santorini is fairly close to Tampines MRT station and bus interchange, as well as the Pan-Island and Tampines expressways.

    The upcoming Downtown Line and the Bartley Viaduct will also be within close proximity.

    The condominium is also a five-minute drive to the Tampines Regional Centre, touted to be the "commercial hub of the east" housing many major banks and insurance companies, such as AIA, UOB and DBS, as well as malls, such as Tampines Mall and Century Square.