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

At the close of its launch day on August 5, developers Qingjian Realty and Santarli Realty have announced that the 360-unit Altura executive condo (EC) at Bukit Batok West Avenue 8 had sold 220 units (61.1%). The project is said to have achieved an average price of $1,433 psf – a record launch price for new EC projects, according to Ismail Gafoor, CEO of PropNex.

The strong performance of Altura is no surprise as it is possibly the only EC launch this year; Copen Grand EC at Tengah Garden Walk, a joint venture between City Developments and MCL Land, was launched last October and entirely sold in December 2022 at an average price of $1,334 psf. The 616-unit Tenet EC, also a joint venture between Qingjian and Santarli, was launched December 2022 and 100% sold this July at an average price of $1,382 psf, based on caveats lodged.

Altura is the first EC to be launching in Bukit Batok in over 20 years. The last EC launch in Bukit Batok was The Dew at Bukit Batok Street 21 in May 2001. According to Yen Chong, deputy general manager of Qingjian Realty, “We have significant pent-up demand from both first- and second-time homebuyers. Altura’s strategic location adds to its appeal. It is within a 1km radius of ACS [Anglo-Chinese School] Primary, making it an attractive choice for families seeking proximity to reputable schools.” ACS Primary will be moving from Barker Road to Tengah in 2030 and will be a co-ed school from then.

Explore comprehensive data about all ECs, including the average profit at 5 and 10 years

ECs are a product designed by developers with finishings, fittings, and communal facilities like other private condos, attracting newlyweds and young families with the same look and feel of a private condominium but designed specifically for owner-occupation. However, buyers of ECs are subject to HDB eligibility requirements in terms of household income ceiling, 30% mortgage servicing ratio (MSR) and a minimum occupation period (MOP). After a MOP of five years, the EC owner is restricted to selling only to Singapore citizens or Permanent Residents. Only after the 10th year of MOP can the EC be sold to foreigners like a typical 99-year leasehold private condo.

Tengah Plantation Loop EC provides a combination of excellent facilities, modern amenities, and leisure activities. This is truly an oasis for the residents to unwind and relax. With its location and attractive features, this is the perfect place for families and individuals seeking a convenient and comfortable living environment.

First-time buyers of ECs can enjoy a huge upside upon fulfilling their MOP of 10 years, according to Mark Yip, CEO of Huttons Asia, citing a recent study by Huttons Data Analytics which showed that the average gains upon MOP were more than $300,000. He said, “ACS Primary