Altura EC

A 980 square foot unit at Altura, the upcoming executive condominium (EC) situated at Bukit Batok West Avenue 8, was successfully sold for an astounding $1.553 million on September 15th, 2023, as indicated by caveats officially lodged with the Urban Redevelopment Authority (URA). This remarkable transaction translates to an unprecedented price of $1,585 per square foot (psf), marking an all-time high for EC unit sales.

Altura, a collaborative effort between esteemed developers Qingjian Realty and Santarli Construction, introduced its 360-unit EC project to the market on August 5th. On its launch day, an impressive 61.1% of the units, amounting to 220 in total, found their new owners.

The development subsequently became the month of August’s top-selling project, with a total of 225 units being sold at a median price of $1,480 psf. As of September 29th, Altura has reached an impressive 87.5% occupancy rate, with 315 units sold and recorded in the URA caveats.

Mohan Sandrasegeran of SRI, attributes Altura’s soaring popularity to pent-up demand. It’s worth noting that the last EC launch in the Bukit Batok area took place over two decades ago when The Dew on Bukit Batok was introduced in 2001.

Sandrasegeran also emphasizes that buyers are increasingly drawn to the prospect of living in and around the burgeoning Tengah area, stating, “In recent times, Tengah area has rise in popularity, as developers have recognized its potential for expansion and development.”

This surge in interest in Tengah is further exemplified by the success of Copen Grand EC, a collaborative venture between City Development and MCL Land. The project was completely sold out by December 2022, with an average price of $1,334 psf.

The outstanding performance of Altura and Copen Grand sets a promising precedent for the future EC development at Bukit Batok West Avenue 5. In September 2022, City Developments Limited (CDL) won the tender for the Government Land Sale (GLS) site with a winning bid of $336.068 million, corresponding to a land rate of $626 psf per plot ratio (psf ppr).

With Copen Grand and Altura’s success in mind, Sandrasegeran predicts that the upcoming EC launch will generate similar levels of interest. Based on the site’s land rate of $626 psf ppr, he estimates that the new EC’s launch prices are likely to hover around the $1,400 psf range.

In conclusion, Altura’s groundbreaking achievement in the EC market, coupled with the booming interest in the Tengah area, is indicative of a vibrant and optimistic property landscape in Singapore, promising exciting developments and opportunities for both investors and homeowners alike.