A unit in Altura which is the forthcoming executive condo (EC) situated at Bukit Batok West Avenue was purchased by the developer to the developer for $1.553 million on the 15th of September according to caveats that were lodged with URA. The 980 square feet of the unit was purchased for $1,585 per square foot, which is an all-time record to be the price of an EC unit, according to Mohan Sandrasegeran, head of research and analytical data for SRI.
Altura is a joint venture of Qingjian Realty and Santarli Construction. The 360-unit EC located in the Bukit Batok area was put up on August 5 which saw it sell 220 units (61.1%) on launch day. This EC construction was also among the top-selling project during August, selling the total of 225 units sold at an average price of $1,480 per sq ft. Altura is currently 87.5% taken up, with 315 units sold on the basis of caveats that were lodged on September 29.
Sandrasegeran explains the success of Altura’s to the high demand for its services, as one of the first EC to be launched inside the Bukit Batok area was nearly 20 years ago, when the Dew on Bukit Batok Street 21 was launched in 2001. He says that buyers are more open to the notion of living within and within the Tengah region. “In recent years the Tengah region has come out from it’s shadow, obscuring its earlier obscure status, because developers have realized its potential for development and expansion,” he explains.
In October in the month of October, the six-square unit Copen Grand ECC located at Tengah Garden Walk, a joint venture venture with City Developments and MCL Land was launched for sale. The project was sold out by December 2022 for the average of $1,334 per square foot.
The successes in the case of Altura as well as Copen Grand bodes well for the future EC situated on the site that is adjacent to Altura located on Bukit Batok West Avenue 5. The year 2022 was the month that City Developments Limited (CDL) obtained its bid of The Government Land Sale site with the highest bid in the amount of $336.068 million, which is an average land price of $626 per plot proportion (psf per plot ratio). The next EC is expected to have at least 512 units.
“Given the success of Altura as well as Copen Grand so far and the likelihood that we will see similar excitement when the Bukit Batok West Avenue 5 site will be officially opened to be sold,” comments Sandrasegeran. In determining the land price of $626 psf per acre and estimating launch prices of the brand new EC are likely to be in the $1,400 range.