[New Launch] Lumina Grand sells over half of its units on launch weekend

Lumina Grand, slated to be the only executive condominium (EC) project launched this year, sold 53% of its 512 units over its launch weekend at an average selling price of $1,464 psf. While this performance outperformed the first two private residential launches of the year, it trailed behind EC launches seen in the past two years.

Under EC sales regulations, only 30% of units can be allocated to second-time buyers during the initial sales launch. Developer City Developments Limited (CDL) stated in a press release on Sunday (28 January) that this quota had been fully taken up.

Of the 269 units sold, 80% of buyers opted for the Deferred Payment Scheme (DPS). This proportion is higher than in previous EC projects, such as Copen Grand (around 70%) and North Gaia (around 60%).

Located in Bukit Batok with its sales gallery along Yuan Ching Road, the development saw the strongest demand for its three- and four-bedroom units. Three-bedroom units started from $1.338 million, four-bedroom units from $1.628 million, and five-bedroom units from $2.098 million. Buyers opting for DPS pay a 20% downpayment, with the remaining balance due only upon Temporary Occupation Permit (TOP) and Certificate of Statutory Completion (CSC), subject to an additional 3% premium on the purchase price.

By comparison, the first two private residential launches of the year—Hillhaven and The Arcady at Boon Keng—moved only around 30% of their total or released units during their respective launch weekends.

Describing Lumina Grand's sales performance as "commendable", industry observers noted that ECs clearly remain the preferred choice for eligible homebuyers.

For households with a monthly income of up to $16,000, the affordability of ECs remains the primary draw. As of December last year, the median psf price gap between ECs and newly launched mass-market private condos in the Outside Central Region (OCR) stood at $630, or 44%—up from 29% in 2019.

Additionally, the potential for capital appreciation continues to attract buyers. Analysts pointed out that EC owners selling their units after fulfilling the five-year Minimum Occupation Period (MOP) have enjoyed average capital gains ranging from $300,000 to $450,000.

Anticipation of higher future EC launch prices driven by rising land costs has also prompted some buyers to enter the market now. For instance, two EC plots awarded after Lumina Grand—Plantation Close in Tengah at $703 psf ppr, and Tampines Street 62 (Parcel B) at $721 psf ppr—set new record land rates for EC sites under the Government Land Sales (GLS) programme.

Launch Take-up Trails Previous ECs

Lumina Grand's launch take-up rate was the lowest among the four EC projects launched over the past 15 months. A key factor behind this is the rise in EC prices. Copen Grand (launched in 2022) achieved an average of $1,300 psf, whereas Lumina Grand's average psf—even after factoring in an $8,000 early-bird discount—is 12.6% higher. Over the same period, overall non-landed private home prices rose by 6.9%.

Demand from second-timers was exceptionally robust, with first-timers and second-timers accounting for 43% and 57% of buyers respectively during the initial launch. A substantial number of second-time applicants who missed out on a unit will now have to wait for the next e-application window, open from 17 to 26 February, with sales bookings scheduled for 2 March.

The developer expressed confidence that Lumina Grand will continue to draw buyers who appreciate the project's distinctive attributes.