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

The Bukit Batok area has seen a notable surge in popularity as of late. On Sept 15, a unit at Altura – an executive condominium development – sold for $1.553 million, corresponding to a rate of $1,585 psf, setting a new record for an EC unit. Altura is a joint venture between Qingjian Realty and Santarli Construction, and it enjoys 87.5% take-up, with 315 units sold based on caveats lodged as of Sept 29.

Mohan Sandrasegeran, head of research & data analytics at SRI, believes that the recent success of Altura can be attributed to pent-up demand. The last EC to launch in the Bukit Batok area was The Dew on in 2001, and the area has been overlooked for many years. Now that developers have recognized its potential for expansion and development, buyers are increasingly willing to live in the Tengah area.

In October 2022, the 639-unit Copen Grand EC, a joint venture project between City Developments and MCL Land, was launched for sale. The EC sold out at an average price of $1,334 psf in December.

This is especially attractive for families looking for quality living.

The Lumina Grand EC CDL presents a unique lifestyle proposition. It epitomises modern luxury living, enveloped in 1ha of lush greenery and a host of modern amenities such as a 50m lap pool, secret garden and zen terraces. It is also well-connected to the city, with Bukit Gombak MRT station directly across the road, adding to its convenience.

Sandrasegeran believes that this success may carry on for the future EC on the adjacent Bukit Batok West Avenue 5 site. In September 2022, City Developments Limited (CDL) won the tender bid for this site at $326 psf ppr, and it is expected to feature 512 units. Considering the land rate, Sandrasegeran estimates launch prices to be around the $1,400 psf range.

Altura and Copen Grand have set the bar high for future ECs in the Bukit Batok area, and they continue to be popular amongst buyers. With the development of the Bukit Batok West Avenue 5 site, the area is likely to experience an influx of new investors and tenants alike.