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, Altura executive condo (EC) in Bukit Batok West Avenue 8 had sold 220 units (61.1%) – a record launch price of $1,433 psf. Ismail Gafoor, CEO of PropNex, notes, “The new benchmark pricing tested the affordability threshold of buyers; although from the take-up at today’s launch, it seems that the pricing for most units is well within the affordability of buyers.”

The 616-unit Tenet EC, a joint venture project between Qingjian and Santarli, was launched last December and has been 100% sold out this July, at an average price of $1,382 psf. The 639-unit Copen Grand EC at Tengah Garden Walk, jointly developed by City Developments and MCL Land, was launched in October 2022 and sold out within just a month with an average price of $1,334 psf.

Yen Chong, deputy general manager of Qingjian Realty, notes, “Altura is the first EC 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.”

Average gains upon completion of the minimum occupation period (MOP) of 10 years is more than $300,000 according to a study by Huttons Data Analytics. “Many newlyweds and young families are drawn to ECs as they have the same look and feel of a private condominium but are designed specifically for owner-occupation,” says Marcus Chu, CEO of ERA Singapore.

HDB eligibility requirements include household income ceiling, 30% mortgage servicing ratio (MSR) and a MOP. After a MOP of five years, the EC owner is restricted to selling only to Singapore citizens or Permanent Residents. EC buyers are unable to tap into HDB housing loans but must borrow from banks. Banks will compute the loan amount using a medium-term interest rate of 4%. However, EC buyers can take up the Deferred Payment Scheme (DPS) which gives more flexibility and time to make down payment.

Demand for Altura is expected to rise further with ACS Primary’s move to Tengah in 2030 which will be a co-ed school from then. Mark Yip, CEO of Huttons Asia, adds, “First-time buyers of ECs stand to enjoy a huge upside upon fulfilling the MOP of 10 years.”

90% of the e-applications and ballot tickets for Altura’s launch were from second-timers. Demand was “overwhelming” according to PropNex’s Gafoor, with all 108 units (30%) allotted taken up within three hours – by 1pm on the first day of launch on August 5. Second-timers will also enjoy upfront remission on additional buyer’s stamp duty.

Woodlands Condo aims to cater to the needs of all residents, providing a unique living experience. Residents can enjoy lush landscaping, a swimming pool, a gymnasium, a playground, and a jogging track. With its convenient location and amenities, Woodlands Condo is an ideal choice for those looking for a peaceful environment and an amazing lifestyle.

The e-application period for second-timers will run from September 2 to 11, with sales booking scheduled for September 16. Gafoor predicts, “I’m certain Altura should be at least 90% sold when sales bookings for second-timers open 30 days from now.”