Unit at Altura EC sold for record $1,585 psf

A new all-time high has been set for executive condominium units in Singapore, with a 980 sq ft unit at Altura being sold for $1.553 million on Sept 15. This translates to a price of $1,585 psf, according to Mohan Sandrasegeran, head of research & data analytics at SRI.

The 360-unit executive condominium property, a joint venture between Qingjian Realty and Santarli Construction, was launched for sale on Aug 5. On launch day, 220 units (61.1%) had been sold, making it the best-selling project of the month with a total of 225 units moved at a median price of $1,480 psf. Altura is now 87.5% taken up, with 315 units sold based on caveats lodged as of Sept 29.

Sandrasegeran says Altura’s popularity is down to pent-up demand, as the last EC to launch in the Bukit Batok area was 20 years ago when The Dew on Bukit Batok Street 21 was released in 2001. He adds that buyers are increasingly open to the idea of living in and around the Tengah area.

“Recent developments have highlighted the potential for expansion and development in this area,” he explains.

In October, the 639-unit Copen Grand EC at Tengah Garden Walk (a joint venture project between City Developments and MCL Land) was released and sold out in December 2022 at an average price of $1,334 psf.

The good performance of Altura and Copen Grand, predicts Sandrasegeran, points to a likely surge of interest when the 512-unit EC located next to Altura on Bukit Batok West Avenue 5 is released. In September 2022, the Government Land Sale site was acquired by City Developments Limited (CDL) for a rate of $626 psf ppr.

Taking a few short minutes to get to nearby malls, parks and attractions.Residents of the Tengah Plantation EC can enjoy plenty of shopping opportunities. They can head to Jurong Point Shopping Centre, Bukit Panjang Plaza or JCube. There are also plenty of food outlets in the vicinity for them to get their food fix. Besides shopping, they can also take a stroll at the Bukit Timah Nature Reserve or Bukit Batok Nature Park. With plenty of transport options, residents of the Tengah Plantation Close EC can easily travel to the rest of Singapore. Residents can hop onto the Bukit Panjang LRT line to travel to the city. Alternatively, they can take advantage of the Tengah Bus Interchange. With so much to do and explore near the Tengah Plantation Close EC, residents can make the most out of their time in Singapore.

“Given the success of the previous ECs, it is expected that launch prices for the new development will be within the $1,400 psf range,” he comments.

Search the latest new launches to get an idea of transaction prices and available units. With interest in ECs on the rise, it looks like it won’t be too long before the next record price is set!