Altura EC achieves record-breaking average price of $1,433 psf, selling 61% of units on launch day

(Photo: Qingjian Realty/Santarli Realty)

Joint developers Qingjian Realty and Santarli Realty have announced that the Altura executive condo (EC) at Bukit Batok West Avenue 8, consisting of 360 units, achieved a successful launch day on August 5, selling 220 units (61.1%). The project achieved a significant milestone by setting a new record launch price for new EC projects at an average of $1,433 per square foot (psf). Ismail Gafoor, CEO of PropNex, stated that the pricing tested the affordability threshold of buyers, but the strong take-up during the launch indicates that most units were within buyers’ budgets.

Comparatively, the 639-unit Copen Grand EC at Tengah Garden Walk, a joint venture between City Developments and MCL Land, was launched in October of the previous year and fully sold out in December 2022 at an average price of $1,334 psf. Additionally, the 616-unit Tenet EC, a joint venture between Qingjian and Santarli, was launched in December and achieved 100% sales in July at an average price of $1,382 psf, based on caveats lodged.

The demand for Altura was expected to be robust due to several factors, including being possibly the only EC launch in 2023 and the only EC launch in Bukit Batok since May 2001. This resulted in significant pent-up demand from both first-time and second-time homebuyers. Furthermore, Altura’s strategic location, within a 1km radius of ACS Primary, made it an attractive choice for families seeking proximity to reputable schools.

At least 90% sold to be expected on re-opening of sales to 2nd Timer

For second-timers who purchased an HDB in the resale market or Built-to-Order and enjoyed a housing subsidy, only 30% of units can be allotted during the new EC project’s launch. However, after 30 days, the quota on second-timers will be lifted. Over 70% of e-applications and ballot tickets received for Altura were from second-time applicants, indicating overwhelming demand.

The appeal for second-timers stems from the upfront remission on additional buyers’ stamp duty (ABSD) when they purchase ECs. This means HDB upgraders only need to sell their existing flat upon completion of Altura, allowing them to continue residing in their current home. Second-timers also tend to be more financially prepared than first-timers, enabling them to capitalize on the profit from their HDB to upgrade.

Industry observers are confident that Altura will be at least 90% sold when sales bookings for second-timers open 30 days after the launch day. The e-application period for second-timers will run from September 2 to 11, with sales booking scheduled for September 16.

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