[Altura] Open to second-timer buyers, 88% of units sold to date

Altura, the first and only Executive Condominium (EC) project launched this year, opened for balloting to second-timer buyers last Saturday (16 September) and saw a strong response, with 95 units sold. To date, 88% of the project's units have been sold at an average price of $1,470 psf, setting a new record psf price for a new EC.

In a joint statement released on Saturday, joint developers Qingjian Realty and Santarli Construction said that 95 units in the 360-unit development were sold when bookings opened to second-timer buyers. Currently, only 45 units remain unsold.

The most popular unit type at Bukit Batok's Altura was the three-bedroom premium plus study, with 96% (173 units) of the 180 available units already sold.

The press release noted several factors that contributed to Altura's robust sales performance, including the recent surge in land tender prices for an EC site at Plantation Close in Tengah, as well as Altura's distinction of being the sole EC project launched this year.

Tender results for the Plantation Close EC plot in Tengah were announced on 11 September, with a consortium comprising Hoi Hup Realty and Sunway Developments securing the site for $348.5 million. This translates to $703 per square foot per plot ratio (psf ppr), setting a new high for EC land prices.

Altura was launched on 5 August, and Saturday's balloting was conducted for second-timers who were unable to secure a unit during the initial sales launch. On its launch day last month, the project sold 220 units (61%).

As the first EC launched in Bukit Batok since 2001, Altura was warmly welcomed by first-time buyers. When bookings opened for second-timers, it similarly generated keen interest from HDB upgraders in the area.

The availability of the Deferred Payment Scheme (DPS) for EC purchases was another key draw for buyers. This scheme is particularly attractive to EC buyers as it allows them to bypass currently elevated mortgage interest rates and only commence loan repayments upon project completion in a few years' time.

Market demand for EC developments remains resilient. Copen Grand in Tengah New Town sold out within a month of its launch, while Tenet at Tampines Street 62 saw 93% of its units snapped up when it opened to second-timers, and has since completely sold out.

Altura's selling price set a new high-water mark for EC psf prices, compared to the median prices of $1,340 psf and $1,386 psf fetched by Copen Grand and Tenet respectively.

Altura's proximity to the future Tengah Integrated Transport Hub, Anglo-Chinese School (Primary), and key commercial hubs such as Jurong East and the Jurong Innovation District also added to its appeal for homebuyers.