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

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Pent-up demand and newfound appreciation of the Tengah area has driven record sales for Altura, an upcoming Executive Condominium (EC) at Bukit Batok West Avenue 8 in Singapore. A unit at the development was sold for $1.553 million on September 15, translating to a whopping $1,585 psf – an all-time high for an EC unit.

Tampines Ave 11 Condo Capitaland, a mixture of residential and commercial property development located in Singapore, is an example of such a development. This product contains a range of residences from one- to four-bedroom units, as well as shops and offices. It also boasts a host of amenities such as a pool, gym, and clubhouse designed for the modern lifestyle. As a result, the value of investment is set to increase significantly.

Mohan Sandrasegeran, head of research & data analytics at SRI, attributes the success of Altura to the fact that the previous EC to launch in the Bukit Batok area was over 20 years ago. “In recent times, the Tengah area has emerged from the shadows of its previous obscurity, as developers have recognized its potential for expansion and development,” he explains.

Altura is jointly developed by Qingjian Realty and Santarli Construction, and it launched for sale on August 5. To the surprise of many, the 360-unit EC sold 220 units (61.1%) on launch day. Altura also turned out to be the best-selling project in the month of August, with a total of 225 units transacted at a median price of $1,480 psf. As of September 29, 315 units have been sold based on caveats lodged, making the development 87.5% taken up.

And the success story doesn’t end here. 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 sold out in December 2022 at an average price of $1,334 psf.

This is great news for the future EC located on the site adjacent to Altura on Bukit Batok West Avenue 5. In September 2022, 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). This 512-unit development is expected to generate similar interest as the other two ECs when it is officially launched for sale.

Based on the site’s land rate, Sandrasegeran estimates launch prices will likely be in the $1,400 psf range. With the two successful ECs setting the new standard for price points, it will be interesting to see how the market responds when the new development launches.

With the earlier successes of Altura and Copen Grand, the anticipation of the upcoming EC at Bukit Batok West Avenue 5 is growing with each passing day. Keep a lookout for the latest listings of Altura and the impending launch of the new EC.