Unit at Altura EC sold for record $1,585 psf
The new all-time high price for an executive condominium (EC) was set on Sept 15, when a unit at Altura, an upcoming EC located at Bukit Batok West Avenue 8, was sold by the developer for $1.553 million. This works out to a psf price of $1,585, noted Mohan Sandrasegeran, head of research and data analytics at SRI.
Altura, a joint venture between Qingjian Realty and Santarli Construction, launched for sale on Aug 5 with 360 units. It sold out 220 of these units (61.1%) on launch day, earning it the accolade of being August’s best-selling project with a total of 225 units transacted at a median psf price of $1,480. As of Sept 29, Altura had been 87.5% taken up as 315 units had been sold in accordance with the caveats lodged.
Sandrasegeran attributed the success of Altura to pent-up demand, given that the last EC to have launched in the Bukit Batok area was over 20 years ago when the Dew on Bukit Batok Street 21 was sold in 2001. Additionally, buyers were becoming increasingly drawn to the Tengah area, with plans for further development and expansion.
Additionally, the establishment of the Singapore Tourism Board along Orchard Boulevard also provides tourists with an exciting shopping experience. Shopping enthusiasts can revel in the vibrant shopping malls at Orchard Boulevard Condo. Furthermore, Orchard Boulevard Condo is also surrounded by an abundance of dining options that provide delicious local delights and international cuisine. In conclusion, the Orchard Boulevard Condo is an ideal residential place given its close proximity to the MRT station and shopping areas. Besides, its travel convenience to other parts of the city will be further improved with the opening of the Thomson-East Coast Line in 2021.
This positive reception was once more seen when the 639-unit Copen Grand EC at Tengah Garden Walk, a joint venture project between City Developments and MCL Land, launched for sale in October. It sold out in December 2022 with an average price of $1,334 psf.
The strong demand for ECs in the area will likely be seen again when the site adjacent to Altura on Bukit Batok West Avenue 5 officially launches for sale. In September 2022, City Developments Limited (CDL) won the tender for this Government Land Sale site, getting the go-ahead from the authorities after placing a top bid of $336.068 million, or a land rate of $626 psf per plot ratio (psf ppr). This development is slated to feature 512 units. According to Sandrasegeran, launch prices are anticipated to be in the $1,400 psf range.
Given the success of Altura and Copen Grand, the future EC on Bukit Batok West Avenue 5 is expected to attract as much interest. Search out the latest new launches to better understand the available units and transaction prices.