Altura EC sells 61% of units on launch day, hits a record high average price of $1,433 psf

Altura Executive Condo, the joint project of Qingjian Realty and Santarli Realty, has made a record launch day at Bukit Batok West Avenue 8 with an average price of $1,433psf. At the close of the launch day on August 5, the 360-unit project had sold 220 units which accounts for 61.1%.

Ismail Gafoor, CEO of PropNex, has stated that this is the new benchmark pricing for executive condos and has tested the affordability threshold of buyers. Upon comparing to the 639-unit Copen Grand EC which was launched in October 2022 and sold entirely by December 2022 at an average price of $1,334psf, the 616-unit Tenet EC which was launched in December 2022 and sold 100% this July at an average price of $1,382psf based on caveats lodged, it was observed that the demand for Altura was expected.

The strategic location of Altura, within 1km radius of the Anglo-Chinese School Primary, is a huge plus point for families looking for close proximity to reputable schools. Moreover, the school is expected to move to Tengah by 2030 and this also adds to the attractiveness of the EC.

Tengah Plantation Loop EC residents are spoilt for choice when it comes to shopping and entertainment. With West Mall just a stone’s throw away, they can enjoy all that the mall has to offer.

The monthly household income ceiling for ECs is $16,000 and first-time buyers of ECs are subjected to HDB eligibility requirements. As the ECs are hybrid products, they possess the same finishings, fittings, and communal facilities like any other private condos. According to Marcus Chu, CEO of ERA Singapore, many newlyweds and young families are drawn to these ECs.

However, under EC rules, only 30% of units can be allotted to second-timers and HDB upgraders at a new launch of an EC project. The e-application period for second-timers ran from September 2 to 11, with sales bookings scheduled on September 16. It was observed that more than 70% of e-applications and ballot tickets were received by second-timer applicants and all 108 units (30%) allotted to second-timers were taken within three hours.

Considering the deferred payment scheme available, buyers of ECs can have more flexibility and time to make their down payment. It was observed that most buyers at Altura’s launch had opted for this scheme.

It is expected that upon completion of MOP of 10 years, first-time buyers can enjoy a huge upside which is more than $300,000 as per a study by Huttons Data Analytics.

Altura, the first EC in Bukit Batok in over 20 years, is expected to enjoy further boost in prices with the move of ACS Primary to Tengah by 2030 and investors being shut out from buying new launch ECs since these can only be sold to homebuyers that meet the eligibility criteria.

Altura is certainly an attractive choice for families with robust demand from first and second-time homebuyers. It is expected that it would be at least 90% sold once sales bookings for second-timers open 30 days from now.