April 26, 2014 - 12:31am
By: Linette Heng
QUIET: Potential buyers listening to a talk by a banker at the relatively quiet show-flat of newly launched condominium The Santorini in Tampines last weekend. TNP PHOTO: LINETTE HENG
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.
- wong chee tat :)
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