Key Takeaways
- Lumina Grand EC launched at an average of around $1,464 psf, while Hillhaven sold from about $1,903 psf, illustrating the typical EC-to-private price gap in District 23.
- Lumina Grand opened sales bookings on 27 January 2024 and moved about 53% of units on its launch weekend, signalling firm EC upgrader demand.
- Hillhaven offered 341 private units near Hillview MRT, while Lumina Grand offered 512 EC units near Tengah, giving D23 upgraders two very different entry points.
- Eligible first-time EC buyers at Lumina Grand could qualify for a CPF Housing Grant of up to S$30,000, an advantage private condo buyers at Hillhaven did not have.
- ECs follow the 30% Mortgage Servicing Ratio while private condos follow only TDSR, which materially changes affordability calculations between the two options.
Expert takeaway: Lumina Grand EC and Hillhaven launched as District 23 neighbours yet served two very different upgrader budgets, and the gap between an executive condominium near Tengah and a private condo near Hillview MRT remains the cleanest way to understand your real options as a Singapore upgrader in 2026.
Why Lumina Grand EC and Hillhaven Still Frame the District 23 Upgrader Decision
When the property year opened with Lumina Grand EC in Bukit Batok and Hillhaven at Hillview Rise, the two projects did more than add inventory. They drew a clear line through District 23 between the executive condominium pathway and the private condo pathway, and that line is still the most useful reference point for upgraders weighing their next move in 2026. Both sit in the same planning district. Both target families leaving HDB flats. Yet their pricing, eligibility rules, and financing treatment could hardly be more different.
This is not a sales pitch for either. It is an analytical look at what the two launches revealed about how upgraders should think about the EC route versus the open-market private route, and which one fits which household.
What Happened: The Verifiable Launch Facts
Lumina Grand was City Developments Limited's first executive condominium launch of the year, located in the Bukit Batok West neighbourhood close to the upcoming Tengah Town. According to CDL's own newsroom release, the 512-unit project comprised ten residential blocks of 12 to 13 storeys, with sales bookings commencing on 27 January 2024 and eligible first-time buyers entitled to a CPF Housing grant of up to S$30,000. Indicative launch pricing started from around S$1.338 million for a three-bedroom unit, S$1.628 million for a four-bedroom, and S$2.098 million for a five-bedroom. On its launch weekend, roughly 53% of units were taken up at an average of about $1,464 psf.
Hillhaven, by contrast, is a private condominium at Hillview Rise developed by a Far East Organization and Sekisui House joint venture. It comprises 341 units across two towers of 27 and 28 storeys, a short walk from Hillview MRT on the Downtown Line. Early phase sales were transacted from around S$1,903 psf, materially higher than Lumina Grand on a per-square-foot basis. Hillhaven has since fully sold.
| Attribute | Lumina Grand EC | Hillhaven |
|---|---|---|
| Type | Executive Condominium | Private Condominium |
| Location | Bukit Batok West Ave 5 (D23) | Hillview Rise (D23) |
| Total units | 512 | 341 |
| Developer | CDL | Far East Organization & Sekisui House |
| Indicative pricing | From ~$1,464 psf avg (launch weekend) | From ~$1,903 psf |
| Nearest MRT | Future Tengah lines (JRL) / Bukit Gombak | Hillview MRT (DTL) |
| Tenure | 99-year leasehold | 99-year leasehold |
Key Analysis: The Price Gap Tells a Bigger Story
The roughly $440 psf gap between the two launches is not a quirk of marketing. It reflects the structural discount that executive condominiums carry at launch because they are subject to HDB eligibility ceilings and resale restrictions. ECs are built by private developers but sold under government rules that cap who can buy, which is precisely why they tend to price below comparable private condos in the same district.
For an upgrader, the practical question is whether you qualify for the cheaper EC path at all. Lumina Grand buyers had to meet the HDB income ceiling and the standard EC eligibility conditions, and you can confirm the current rules on the HDB EC eligibility page. Hillhaven imposed no such income test. If your household income sits above the EC ceiling, the private route was effectively your only door, and the higher Hillview psf was the price of that flexibility.
Financing: MSR Versus TDSR Changes Everything
One of the most overlooked differences is loan computation. EC purchases like Lumina Grand are assessed against the 30% Mortgage Servicing Ratio in addition to the broader Total Debt Servicing Ratio, while a private purchase like Hillhaven is bound only by TDSR. The MSR cap is the tighter constraint for many families, and it can meaningfully reduce the maximum loan an EC buyer qualifies for relative to a private buyer on the same income. You can review both frameworks on the MAS MSR and TDSR explainer, and the loan-to-value limits on the MAS LTV page. We break down how these interact in our guide on how TDSR and LTV affect your purchase.
The CPF Grant And ABSD Angle
Eligible first-time buyers at Lumina Grand could tap a CPF Housing Grant of up to S$30,000, a subsidy Hillhaven buyers never had access to. That grant, detailed on the HDB EC CPF Housing Grant page, narrows the effective cost gap further for qualifying households. There is also the Additional Buyer's Stamp Duty consideration: existing HDB owners buying an EC are typically not hit with ABSD provided they sell their existing flat within the prescribed window after the EC obtains its Temporary Occupation Permit, whereas timing on a private purchase needs careful structuring. Always check the current rates on the IRAS ABSD page and the IRAS BSD page, and read our explainer on how stamp duty works before committing.
Opportunities Versus Risks: Reading Both Sides Honestly
The EC route, as illustrated by Lumina Grand, offers a lower entry price, a CPF grant for eligible buyers, and a historical pattern of value uplift as ECs privatise after their minimum occupation period. The trade-offs are real, though: a five-year MOP, the 30% MSR loan ceiling, and a location that, while close to the growing Tengah precinct, currently sits some distance from a fully operational MRT station until the Jurong Region Line opens later this decade.
The private route, as illustrated by Hillhaven, offers immediate flexibility, no income ceiling, no MOP lock-in, and a mature Hillview address steps from Hillview MRT and HillV2 with the Rail Corridor and Bukit Timah Nature Reserve on the doorstep. The cost is the higher psf, the absence of any grant, and the full ABSD exposure if you are already a property owner. Neither is universally better. The right answer depends on your eligibility, income headroom, and how long you intend to hold.
- Choose the EC path if you qualify on income, can wait through the MOP, and want maximum value per dollar.
- Choose the private path if you exceed the EC ceiling, need a faster exit option, or prioritise an MRT-adjacent mature estate.
If you are still deciding between these two structures more broadly, our pillar on the HDB to EC upgrade and our step-by-step new launch condo guide walk through each route in detail, and you can pressure-test your numbers with our affordability calculator.
Earning above $14,000?
You are not locked out. You are being pointed upmarket.
Crossing the ceiling means the subsidy door closed, but households at your income level are exactly who private condos are built for. A well-chosen new launch condo, entered at the right price, has historically out-earned the grant you gave up many times over. We can show you what fits your budget, using the same 100-point framework we apply in client advisory.
New Launch Reviews & ScoresWhatsApp: What Fits My Budget?Frequently Asked Questions
Why is Lumina Grand EC cheaper than Hillhaven if both are in District 23?
Lumina Grand is an executive condominium sold under HDB eligibility rules and resale restrictions, which is why ECs typically launch at a discount to comparable private condos. Hillhaven is a private condo with no income ceiling or minimum occupation period, so it commands the higher open-market price of around $1,903 psf versus Lumina Grand's launch average near $1,464 psf.
Can I buy Lumina Grand EC if I already own an HDB flat?
Generally yes, subject to EC eligibility, but you would typically need to sell your existing HDB flat within the prescribed window after the EC reaches its Temporary Occupation Permit. Confirm your status on the HDB EC eligibility page and the HDB selling eligibility page before committing.
Which one financed more easily for upgraders?
It depends on income. EC loans like Lumina Grand are capped by the 30% Mortgage Servicing Ratio on top of TDSR, while private purchases like Hillhaven are bound only by TDSR. Higher-income households often find the private route gives them more borrowing headroom, while the EC route rewards households that fit within the ceilings.
Did first-time buyers get any grant?
Eligible first-time buyers at Lumina Grand could receive a CPF Housing Grant of up to S$30,000. Private condo buyers at Hillhaven received no such grant, which widens the effective value gap for qualifying EC buyers.
Are both projects still available in 2026?
Hillhaven has fully sold. Availability shifts constantly, so verify current transacted prices and any remaining inventory through official channels such as URA REALIS rather than relying on older listings.
If you are weighing an executive condominium against a private condo for your own upgrade, the smartest first step is to map your eligibility, loan ceiling, and timeline before you fall for any showflat. The team at PropertyNet.SG can run an independent, numbers-first assessment of where you stand and which District 23 pathway actually fits your household, with no obligation and no sales pressure. Reach out to us for personalised advice and let us help you make the call with clear eyes rather than launch-day urgency.