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

Demand for Executive Condos in the Bukit Batok area, is soaring. This is evidenced by the fact that a unit at Altura, the upcoming EC at Bukit Batok West Avenue 8, sold for $1.553 million on Sept 15 at a rate of $1,585 psf, making it a new all-time high for an EC unit.

The Master Plan for the Jurong Condo also includes the development of a vibrant waterfront park with a range of amenities that will provide the community with a great place to relax and unwind. It will host a beach, a marina, various shops and restaurants, and plenty of green spaces for all to enjoy. All these features make the waterfront park an attractive destination for businesses that are looking to establish a presence in the area.

Altura is a joint venture between Qingjian Realty and Santarli Construction. On the day that it launched for sale on August 5, 220 units (61.1%) were sold. The 360-unit EC was also the best-selling project in the month of August, with a total of 225 units moved at a median price of $1,480 psf. As of Sept 29, Altura was 87.5% taken up, with 315 units sold based on lodged caveats.

According to Mohan Sandrasegeran, head of research & data analytics at SRI, the success of Altura can be attributed to pent-up demand, as the last EC to launch in the Bukit Batok area was over 20 years ago. In October, the 639-unit Copen Grand EC at Tengah Garden Walk, a joint venture project between City Developments and MCL Land, launched for sale and was sold out by December 2022 at an average price of $1,334 psf.

The strong demand for ECs is also spurring interest in the new EC located on the site adjacent to Altura on Bukit Batok West Avenue 5. Here, City Developments Limited (CDL) secured the tender for the Government Land Sale site with a top bid of $336.068 million, or a land rate of $626 psf per plot ratio (psf ppr). The future EC is expected to feature 512 units, and estimates suggest launch prices for the new EC may be in the $1,400 psf range.

The combination of pent-up demand, potential for development and high-value transactions in the Bukit Batok area all point to a rewarding future for ECs. New homebuyers interested in investing at Altura or the upcoming EC on Bukit Batok West Avenue 5 may want to search for the latest New Launches, to find out the transaction prices and available units.