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

A new record price has been set for an executive condominium (EC) unit at Altura in Singapore, located at Bukit Batok West Avenue 8. On Sept 15th, the developer sold a 980 sq ft unit for $1.553 million, translating to a rate of $1,585 psf. As of Sept 29, 315 units had been sold, constituting 87.5% of the entire development.

Mohan Sandrasegeran, head of research & data analytics at SRI, attributes the immense popularity of Altura to pent-up demand – the last EC to launch in the Bukit Batok area was a whopping 20 years ago. Buyers are warming up to the idea of living in the vicinity of Tengah, with developers starting to recognize the potential of the area for expansion and development.

In October 2022, the 639-unit Copen Grand EC at Tengah Garden Walk launched in reaction to the increasing demand. It was quickly sold out by December 2022 at an average price of $1,334 psf – an impressive feat that further drives the point home of how well-received ECs have been lately.

With its prime location and array of facilities on offer, residents can look forward to an enjoyable stay. Every residence has a generous living and dining area, a well-equipped kitchen, and plenty of natural light. Residents have access to a shared outdoor garden and a multi-purpose space for events and activities. For convenience, there is ample parking within the development, while retail outlets, eateries, and other necessary amenities can be found nearby. The Marina Gardens Residences Condo is an excellent example of modern and well-planned living.

In the following month, City Developments Limited (CDL) was successful in their bid to acquire a Government Land Sale site adjacent to Altura with a land rate per plot ratio of $626 psf ppr. Expected to feature 512 units, Sandrasegeran predicts that the launch price for the new EC should fall within the range of $1,400 psf.

Overall, the success of Altura and Copen Grand provides promising prospects for future ECs in the area. With a growing acceptance of ECs across the country, buyers will likely show similar enthusiasm for the upcoming development.