Unit at Altura EC sold for record $1,585 psf

The developers of Altura, the upcoming executive condominium (EC) at Bukit Batok West Avenue 8, have achieved a new all-time high in EC unit prices. On Sept 15, a 980 sq ft unit was sold for $1.553 million, corresponding to a price of $1,585 psf. Mohan Sandrasegeran, head of research & data analytics at SRI, attributes this success to pent-up demand in the area. In fact, Altura was the best-selling project in the month of August, with a total of 225 units moved at a median price of $1,480 psf.

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The last EC launched in the Bukit Batok area was over 20 years ago, when The Dew on Bukit Batok Street 21 launched in 2001. Buyers are increasingly considering the Tengah area– home to the 639-unit Copen Grand EC at Tengah Garden Walk, a joint venture project between City Developments and MCL Land– as their new home. This project has sold out at a median price of $1,334 psf, indicating the rising popularity of the area.

In September 2022, City Developments Limited (CDL) secured a tender for the Government Land Sale site next to Altura, with a top bid of $336.068 million, or a land rate of $626 psf per plot ratio. This suggests that the future EC, which is expected to feature 512 units, will likely be launching in the $1,400 psf range.

Given the success of Altura and Copen Grand, the new EC site is expected to garner similar interest when it is launched for sale. Altura, which is now 87.5% taken up, with 315 units sold based on caveats lodged as of Sept 29, is evidence of the increasing popularity of properties in the Tengah area.