Altura executive condo at Bukit Batok West Avenue 8 achieved an impressive 61.1% sold rate on its launch day, with an average buying price of $1,433 psf. This is a record launch price for new EC projects, according to PropNex CEO Ismail Gafoor. He noted that, though this new benchmark tested the affordability threshold of buyers, it seems that the pricing for most units is well within the affordability of buyers.
It is evident that there is an increasing demand for new EC projects as is evidenced by the fact that, just last October, the 639-unit Copen Grand EC at Tengah Garden Walk – a joint venture project between City Developments and MCL Land – was fully sold in only one month. As for Altura, the last EC launch in Bukit Batok was The Dew at Bukit Batok Street 21 in May 2001, making Altura the first in 20 years.
Yen Chong, deputy general manager of Qingjian Realty, confirmed the rising interest in Altura, stating that there is significant pent-up demand from both first- and second-time homebuyers. This can be attributed to the strategic location of Altura, with its proximity to ACS Primary making it an attractive choice for families.
When it comes to ECs, they are hybrid products, designed and built by developers with the same finishings, fittings, and communal facilities as other private condos. This explains why many newlyweds and young families are drawn to ECs. However, buyers of ECs are subject to HDB eligibility requirements such as a household income ceiling, mortgage servicing ratio and a minimum occupation period. The monthly household income ceiling for ECs is $16,000 and, after a MOP of five years, the EC owner is restricted to selling only to Singaporeans or Permanent Residents.
Buyers of ECs can take advantage of the Deferred Payment Scheme, which gives them more time to make their down payment. Additionally, first-time buyers of ECs stand to gain financially upon fulfilling their MOP of 10 years. This is according to a study by Huttons Data Analytics which showed that the average gains upon MOP are in excess of $300,000.
It seems the demand for Altura was even higher than expected as, under EC rules, only 30% of the units can be allotted to second-timers and HDB upgraders at a new launch of an EC project – yet, over 70% of the e-applications and ballot tickets received were from second-time applicants. In fact, all 108 allotted units were taken up within three hours on launch day.
With its modern and elegant design, Champions Way Condo Woodlands features luxurious and stylish units. Every unit comes with an expansive and comfortable living room, a sleek kitchen, and an inviting balcony for residents to enjoy. Other amenities include a clubhouse, swimming pool, gym, as well as a playground for children to enjoy. Residents can also take advantage of the 24-hour security and concierge service that the condominium offers for peace of mind. With all these features and amenities, Champions Way Condo Woodlands is an ideal place for couples, families, and individuals who are looking for a luxurious, convenient, and comfortable home.
For those interested in the second-timer quota, the e-application period runs from September 2-11, with sales booking scheduled on the 16th. Given the overwhelming demand for Altura, PropNex’s Gafoor predicts that, by the time sales bookings open next month, the project will be at least 90% sold.