SINGAPORE (EDGEPROP) - A unit at Altura, the upcoming executive condominium (EC) at Bukit Batok West Avenue 8, has been sold by the developer for $1.553 million on Sept 15, based on caveats lodged with URA. This means the 980 sq ft unit was transacted at $1,585 psf, making it a new all-time high for an EC unit, says Mohan Sandrasegeran, head of research & data analytics at SRI.

Altura is a joint venture between Qingjian Realty and Santarli Construction. The 360-unit EC in the Bukit Batok area launched for sale on Aug 5, where it sold 220 units (61.1%) on launch day.  The EC development 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. Altura is now 87.5% taken up, with 315 units sold based on caveats lodged as of Sept 29.

Sandrasegeran attributes Altura’s popularity to pent-up demand, as the last EC to launch in the Bukit Batok area was over 20 years ago when The Dew on Bukit Batok Street 21 launched in 2001. He adds that buyers are becoming increasingly receptive to the idea of living in and around the Tengah area. “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.

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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. It sold out in December 2022 at an average price of $1,334 psf.

The success of Altura and Copen Grand bodes well 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). The future EC is expected to feature 512 units.

“Given the successful performance of Altura and Copen Grand thus far, there is a likelihood that we can expect similar interest when the development at Bukit Batok West Avenue 5 site is officially launched for sale,” comments Sandrasegeran. Factoring the site’s land rate of $626 psf ppr, he estimates launch prices for the new EC will likely be in the $1,400 psf range.

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