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The Santorini: Refreshing Waterfront Views of Tampines Quarry Lake

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Written by: Rita Magallona

The Santorini is located in quiet Tampines, a part of the East Region of Singapore that used to be rubber plantations and hardwood forests.

MCC Land developed The Santorini to take advantage of its proximity to the Tampines Quarry Lake and the Bedok Reservoir. Like its namesake, the condominium offers picturesque views of the water – a welcome change from the urban skyline.

Find out how The Santorini was designed with both homeowners and investors in mind.

4 Reasons to Choose The Santorini for Your Next Property Investment:

1. Location and Accessibility

The Santorini is one of several private condominiums along Tampines Street 86, on the western portion of the district. Tampines is surrounded by Changi to the east, Bedok and Paya Lebar to the west, the Singapore Straits to the south, and Pasir Ris to the north.

Residents can commute to Changi Business Park via Tampines West MRT Station (Downtown MRT Line), which is about six minutes away by car. From there, the eastern terminus at Expo MRT Station is four stops away. Since it’s an interchange, travellers can transfer to the Changi Airport MRT Station on the East West Line.

The Pan Island Expressway is the main thoroughfare connecting Tampines to regions in the west. It usually takes 30 minutes to get to the downtown core by car from Tampines.

2. Unit Type and Dual-Key Configuration

Are you looking for a family home or a lucrative income opportunity? Why not both? Enquire about the dual-key configuration of selected units. Multigenerational families can assign a separate apartment within a suite. If you decide to get tenants, the dual-key setup allows you to have privacy and security. The Santorini also has duplex garden apartments, a delight for those with green thumbs.

Pro tip: make sure you stay within the mandated occupancy limit for tenants.

3. Rental Price and Passive Income

Looking to invest in a condominium in Singapore? The upward trend in rental prices in the East Region is expected to continue in 2020, thanks to lower vacancy rates and higher tenant demand.

Increase in Tenant Demand

Singapore saw a population boost of 1.2% in 2019, thanks to an influx of foreign workers and their dependants. They will find The Santorini an enticing rental option, thanks to its proximity to Singapore Changi Airport (15 minutes). The airport is also near Changi Business Park and its employment opportunities.

Monthly Rental Income for The Santorini

What’s the average monthly rental contract for a unit at The Santorini? Let’s look at the prices for a one-bedroom unit in 2019:

  • January to June 2019: up to $1,800
  • July to December 2019: up to $1,900

The monthly contract for a similar one-bedder in The Alps Residences was up to $1,900 by the last quarter of 2019.

You can compare the rental rates for one-bedroom properties in the area using Ohmyhome.

4. Increase in Property Prices

What factors contribute to competitive rental rates and private residential property prices in The Santorini?

Future Developments in Tampines

Tampines may seem remote, but not for long. The Thomson-East Coast Line will connect coastal areas like Bayshore to Tampines. Completion is set for 2024. Also, the Cross Island Line will have five additional stations within ten years. There is also a plan to establish a green corridor of parks from Pasir Ris in the north to Bedok in the south. By 2022, you can ride your bike on the 21-kilometre Tampines Cycling Paths.

4. Perks for Own Stay

Education

Students can choose from several schools near The Santorini. The nearest is Temasek Polytechnic. Other options include Junyuan Secondary School, NPS International School, Saint Hilda’s Primary and Secondary School, Overseas Family School, Poi Ching School, and United World College of South East Asia (East Campus).

Recreation

All it takes is a short stroll from The Santorini to reach fresh water. The nearest, called Tampines Quarry Lake, has been an informal community park for decades. People fish in the lake, picnic on its shores, and enjoy the soothing view.

santorini-refreshing-waterfront-views-tampines-quarry-lake-fishing

For more intense water sports, head over to Bedok Reservoir. The administration allows activities that do not affect the water quality: kayaking, canoeing, sailing, even wakeboarding.

Check out Our Tampines Central, a mixed-use complex about X minutes away. Families will enjoy swimming in any of the half dozen pools in the facility. It has a football and rugby stadium for sports fans, as well as the Tampines Regional Library, and a Public Services Centre.

Shopping

Need a new swimsuit? The Santorini is within a short drive of several big-box stores: Courts Megastore, IKEA Tampines, and Giant Hypermart. For more options, head over to Century Square or Tampines Mall. If you’re hungry after all that shopping, these retail centres also have restaurants that offer local and foreign cuisine.

Amenities

Fitness goals are easier to achieve in The Santorini, thanks to the tennis court, gym, and 50m lap pool within the grounds. Around the pool area is a sunken pavilion where you can relax after your swim.

santorini-refreshing-waterfront-views-tampines-quarry-lake-tennis

For a change of pace, invite your friends to join you on the roof deck. Enjoy sweeping views and fresh air with some drinks.

All these amenities are now within your reach, as the TOP was issued in 2018.

Invest in The Santorini today!

The Santorini @Tampines Project Details

Developers MCC Land (Tampines) Pte Ltd
TOP 2018
Price S$1,800 psf
Lease type 99-year leasehold
Location District 18

Buying your dream home in one of Singapore’s up and coming neighbourhoods?

Best Mortgage Rate Across All Banks for The Santorini

Talk to our mortgage brokers with over 30 years of experience and get the lowest mortgage rate at 1.95% for The Santorini. Our home loan specialists will assist you with everything you need to know from Total Debt Servicing Ratio (TDSR), Loan to Value (LTV) Limits and Legal Conveyancing.

Buyer’s Stamp Duty for The Santorini

Buyer’s Stamp Duty (BSD) is tax paid on documents signed when you buy or acquire property located in Singapore.

If you plan to buy a one-bedroom unit at The Santorini as an investment property, the price is at around $833,400 which is reflective of the market value. Your BSD is $19,602.

Market Value of the Property BSD Rate Calculation
On the first $180k 1% $1,800
On the second $180k 2% $3,600
Remaining $473,400 3% $14,202
BSD Payable $19,602

Source: IRAS

Looking at another unit size? Use Ohmyhome’s In-app BSD calculator for faster calculation! Download Ohmyhome from the Play Store or App Store now!

Additional Buyer’s Stamp Duty for The Santorini

Liable property buyers in Singapore are required to pay Additional Buyer’s Stamp Duty (ABSD) on top of the existing BSD. ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property (whichever is the higher amount).

Who is liable to pay ABSD:

  1. Singapore Citizen (SC) buying second, third and subsequent residential property
  2. Singapore Permanent Resident (SPR) buying first, second and subsequent residential property
  3. Foreigners or entities buying any residential property

ABSD for Singapore Citizens when Buying The Santorini

Here’s the ABSD amount you are required to pay if you are an SC:

Property Ownership ABSD Rate ABSD Amount from Price $833,400
If The Santorini is your second residential property 12% $100,008
If The Santorini is your third or subsequent residential property 15% $125,010

ABSD for Singapore Permanent Resident when Buying The Santorini

Here’s the ABSD amount you are required to pay if you are an SPR:

Property Ownership ABSD Rate ABSD Amount from Price $833,400
If The Santorini is your first property 5% $41,670
If The Santorini is your second or subsequent residential property 15% $125,010

ABSD for Foreigners when Buying The Santorini

Here’s the ABSD amount you are required to pay if you are a foreigner:

Property Ownership ABSD Rate ABSD Amount from Price $833,400
Foreigners buying any property 20% $166,680

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