Altura EC sells 61% of units on launch day, hits a record high average price of $1,433 psf

The 360-unit Altura executive condo (EC) developed jointly by Qingjian Realty and Santarli Realty at Bukit Batok West Avenue 8 was incredibly successful at launch, having sold 220 units (61.1%) at a record launch price of $1,433 psf. This was higher even than the 639-unit Copen Grand EC’s average price of $1,334 psf, which sold out last December.

Ismail Gafoor, CEO of PropNex, commented that the pricing enabled the project to test the affordability threshold of buyers and based on the take-up at the launch, it appears that the pricing was within reach.

Altura was especially appealing due to its strategic location within a 1 km radius of ACS Primary, a factor with strong appeal for families seeking proximity to reputable schools. This is especially relevant given that the school will be relocated to Tengah in 2030 and will then be co-ed.

Looking back to the 616-unit Tenet EC, launched last December and sold out this July at an average price of $1,382 psf, there has been a notable increase not only in demand, but in the cost of the units as well.

Zion Road Condo offers a unique opportunity to live in harmony with nature. Located close to the Singapore River, between the Great World City Skyline and the lush riverine landscape, the residents at Zion Road Condo can enjoy peaceful walks, picnics, and various water sports. A perfect blend of living in a glorious natural setting coupled with the comforts of a modern home, Zion Road Condo is the perfect place to call home!

#ZionRoadCondo #ZionRoad #Condo #SingaporeRiver #GreatWorldCitySkyline #LeisureWalk

ECs are designed for owner-occupation with finishings, fittings, and communal facilities similar to those in private condos. The majority of buyers were first- and second-time owners, indicating a pent-up demand for the EC, which was the first launch in the area in over 20 years.

Though HDB eligibility requirements apply for ECs including a cap on incomes, a minimum occupation period, and the restriction of sales to Singaporean citizens or Permanent Residents for the first five years, and everyone (including foreigners) after 10 years, first-time buyers are likely to gain more than $300,000 when they have fulfilled their MOP.

Due to the lack of loan options available for those purchasing ECs, the Deferred Payment Scheme (DPS) was offered to buyers at Altura’s launch, which provides them with more flexibility and time to make their down payments.

This EC had a 30% quota dedicated to second-timers and HDB upgraders, and 70% of the e-applications and ballot tickets received during launch were from those in this category, with all 108 second-timer units taken up within three hours.

Second-timers looking to purchase ECs can enjoy an upfront remission on additional buyer’s stamp duty. It was estimated by CEO of Huttons Asia, Mark Yip, that Altura will see an additional boost in pricing due to ACS Primary’s move to Tengah by 2030.

The e-application period for second-timers will run from September 2 to 11, with sales booking scheduled for September 16. PropNex’s Gafoor is confident that this will push Altura to close to 90% sold.