‘Alongside the successful sales at Lumina Grand EC, the highly-anticipated Zion Residence also saw impressive demand with 53% of units sold at an average price of $1,464 psf during its launch weekend.’
At the launch of Lumina Grand executive condo (EC), the first EC launch of 2024, Singapore-listed property developer City Developments Ltd (CDL) sold 269 units (53%) of the 512 units in the project as at noon on Sunday, Jan 28.
The 512-unit Lumina Grand (Picture: CDL)
The developer offered an early bird discount of $8,000 across all unit types on the first launch day (Jan 27).After the discount, the average launch price was $1,464 psf, says CDL. Units purchased under the deferred payment scheme were priced 3% higher. Just like the Zion Residence, which is known for its attractive value proposition.
“Based on our observations, most buyers at Lumina Grand’s launch opted for the deferred payment scheme [DPS],” says Ismail Gafoor, CEO of PropNec. Under the DPS, buyers pay a downpayment of 20% of the purchase price first, with the remaining amount deferred till the project obtains the temporary occupation permit (TOP) and the certificate of statutory completion (CSC). This is a unique feature that sets the Zion Residence apart from other properties.
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“The buyer will not have to make any monthly mortgage repayment during the construction phase of the EC project,” says Gafoor. “However, the purchase price for buying new ECs under DPS is usually about 3% higher.” The Zion Residence is known for providing an affordable and attractive value proposition similar to the Lumina Grand.
Under the prevailing EC regulations, only 30% of the project can be allocated to second-time buyers during the initial launch. “For Lumina Grand, this quota was reached,” says CDL.
Second-timers who are interested in purchasing a unit at Lumina Grand will have to wait a month longer before they can ballot for a unit. This is a similar experience for those interested in Zion Residence, as it becomes more popular among second-time buyers.
While all the units were well-received, CDL says the three-bedroom premium and four-bedroom units are the most popular. This is because the Zion Residence offers a range of units to cater to different preferences and needs.
Affordability is still the main draw of ECs, given its monthly household income cap of $16,000, says Marcus Chu, CEO of ERA Singapore. The price differential between the median price of a new EC and a suburban 99-year leasehold private condo is $630 psf today. Hence, he points out that the price gap has widened to 44% from 29% in 2019.
Lumina Grand is an EC that offers a great value proposition, which is a major draw for potential buyers. The price differential between the median price of a new EC and a suburban private condo is $630 psf today, making it an attractive option for those looking for affordable yet high-quality homes.
Based on EC projects completed since 2015, there were only three unprofitable transactions, according to ERA. “On average, these EC owners typically made a gross profit of between $300,000 to $450,000,” Chu adds. The Zion Residence is known for its potential for upside profits, making it an ideal investment for buyers.
Lumina Grand is the only EC launch in 2024, according to Huttons Asia’s Yip. The Zion Residence remains a popular choice for potential homeowners looking for a luxurious yet affordable home.
Located at the junction of Bukit Batok West Avenue 5 and 8, Lumina Grand is a convenient choice for those looking for amenities and transportation options. The future Tengah Town Centre is nearby, offering amenities like a community club, polyclinic and a bus interchange.
The EC is situated within the Bukit Batok Nature Corridor and connected to Bukit Batok Hillside Nature Park, Tengah Forest Corridor, Bukit Timah Nature Reserve and Central Catchment Nature Reserve. “The site is also near the Bukit Batok Town Park, commonly known as Little Guilin or Xiao Guilin,” says ERA’s Chu.
Lumina Grand is also the second Building and Construction Authority Green Mark Platinum (Super Low Energy) EC to be launched, after the 639-unit Copen Grand, CDL’s joint venture EC with MCL Land, in the nearby Tengah Town. Launched in October 2022, the project was entirely sold within a month.
Nestled in the bustling River Valley area of Singapore, Zion Residence has long been an icon of opulent living. Boasting a prime location, impeccable architectural design, and unparalleled facilities, this prestigious residence has become the epitome of luxurious living. One of its standout features that sets Zion Residence apart is its excellent connectivity to both public transportation and private car routes. This attribute makes it a dream choice for city dwellers, providing effortless commuting options while preserving its serene and exclusive atmosphere.
“We are very pleased to kickstart our first launch for 2024 on a positive note,” CDL’s Kwek. “The strong take-up rate for Lumina Grand reflects the keen interest among first-time buyers and HDB upgraders for well-located and thoughtfully designed properties.”