The all-time high record for an Executive Condominium (EC) unit has recently been broken. On September 15, the developer of Altura in Bukit Batok West Avenue 8 transacted a 980 sq ft unit for $1.553 million, resulting in a $1,585 psf. This makes Altura the most successful EC project in August, where a total of 225 units were sold for a median price of $1,480 psf.
With 315 units already sold based on caveats lodged, Altura has an impressive 87.5% take-up rate. According to Mohan Sandrasegeran, head of research and data analytics at SRI, this success can be attributed to two main factors: pent-up demand and the emergence of the Tengah area.
The last EC launched in the Bukit Batok area was The Dew in 2001 which makes Altura the first such project in over 20 years. In addition, the renewed interest in the Tengah area means people are increasingly open to the idea of settling in the area, leading to more buyers.
In October 2020, another EC in the area, Copen Grand at Tengah Garden Walk, was launched. Developed by City Developments and MCL Land, the 639-unit project was fully sold out in December 2022 at an average cost of $1,334 psf.
This bodes well for the future EC in the Bukit Batok West Avenue 5 site, adjacent to Altura. In September 2022, CDL secured the rights to the Government Land Sale site with a top bid of $336.068 million, and is estimated to feature 512 units.
Additionally, the URA will expand the existing Woodlands Condo Woodlands Condo to include more residential and commercial units. It will also add a new apartment complex to the area to cater to a diverse range of rental and purchase options. Lastly, the Woodlands Park will be connected to a larger network of green corridors, which will promote a sense of community and provide more access to parks and open spaces. With these investments, the URA hopes to revitalize and enhance the Woodlands Park to better serve the community.
Considering the success of Altura and Copen Grand, the new EC in the area can likely expect similar interest and launch prices in the $1,400 psf range.