Sales at The Santorini disappoint

OF the 200 units released at The Santorini's launch over the weekend, only 80, or 40 per cent, have been sold, leading analysts to suggest that the market is tiring of too much supply of similar mass-market projects, particularly ones with low-quantum compact units.

The units sold at the "Mediterranean-inspired" Tampines condominium were mostly one and two-bedroom units, a spokesman for developer MCC Land (Singapore) Pte Ltd told BT. This was expected, since over half of the condominium's 597 units are one and two-bedders.

Compact units have become the rage since the Total Debt Servicing Ratio (TDSR) framework rolled out last June lowered the loan-to-value limits for buyers who have an existing home mortgage and are still looking to buy more residential properties.