Altura (D23, 99 year leasehold, Qingjian/Santarli)

[New Reporter]

Qingjian and Santarli preview Altura executive condo from $1,376 psf

July 24, 2023

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Altura EC sales gallery opened for preview on July 22 (Photo: Qingjian Realty/Santarli Realty)

Qingjian Realty and Santarli Realty previewed Altura executive condo (EC) on July 22. The 360-unit EC is situated on Bukit Batok West Avenue 8. It's the first EC in Bukit Batok to be launched since 2001 when the 248-unit EC The Dew at Bukit Batok Street 21 was launched.

The project is located within the Bukit Batok heartland, near the Jurong urban region, the upcoming Tengah Forest town and 1km from the Anglo-Chinese School (Primary). Other schools nearby include Dazhong Primary School, Dunearn Secondary School and Dulwich College (Singapore).

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Exterior of the 360-unit Altura executive condo at Bukit Batok West Avenue 8 (Picture: Qingjian Realty/Santarli Realty)

Prices of the units range from $1.348 million ($1,376 psf) for a 980 sq ft, three-bedroom premium-plus-study; $1.668 million ($1,383 psf) for a 1,206 sq ft, four-bedroom flexi deluxe; $1.988 million ($1,388 psf) for a 1,432 sq ft, four-bedroom flexi premium; and $2.188 million ($1,422 psf) for a five-bedroom premium-plus-study.

Altura is the second EC project jointly developed by Qingjian and Santarli, which won the development site at Bukit Batok West Avenue 8 with a bid of $266 million, or a land rate of $662 psf per plot ratio (psf ppr) in March 2022. It was considered the highest land rate paid for an EC site.

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Showflat of a unit at Altura EC (Photo: Qingjian Realty/Santarli Realty)

The first EC project by the joint venture partners was the 618-unit Tenet at Tampines Street 62. Launched on December 3, the project has sold 614 units (99.4%) at an average price of $1,382 psf, based on caveats lodged to date.

Altura is near Bukit Batok Station (North-South Line) and the future Tengah Plantation Station (Jurong Region Line), and business hubs like the Jurong Lake District, Singapore's second CBD, and The Metropolis at one-north.

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Qingjian Realty and Santarli Realty won the site with a bid of $266 million and emerged at the top of nine bids in a government land sale tender in March 2022 (Source: EdgeProp Landlens)

E-application for Altura opened on July 22 and will close on July 31, with sales bookings to begin on August 5.

More at: https://www.edgeprop.sg/property-news/qingjian-and-santarli-preview-altura-executive-condo-1376-psf

[New Reporter]

Altura EC sells 61% of units on launch day, hits a record high average price of $1,433 psf

August 5, 2023

Joint developers Qingjian Realty and Santarli Realty announced that the 360-unit Altura executive condo (EC) at Bukit Batok West Avenue 8 had sold 220 units (61.1%) at the close of its launch day on August 5. The project is said to have achieved an average price of $1,433 psf.

"The project achieved an average pricing of $1,433 psf, a record launch price for new EC projects," says Ismail Gafoor, CEO of PropNex. "The new benchmark pricing tested the affordability threshold of buyers; although from the take-up at today's launch, it seems that the pricing for most units is well within the affordability of buyers."

By comparison, the 639-unit Copen Grand EC at Tengah Garden Walk, a joint venture project between City Developments and MCL Land, was launched last October and entirely sold in December 2022 at an average price of $1,334 psf. The 616-unit Tenet EC, also a joint venture between Qingjian and Santarli, was launched last December and 100% sold this July at an average price of $1,382 psf, based on caveats lodged.

“The robust demand for Altura was expected as it is possibly the only EC launch in 2023," says Marcus Chu, CEO of ERA Singapore. "Copen Grand EC, launched in Q4 2022, was fully sold within just one month.”

According to Yen Chong, deputy general manager of Qingjian Realty, Altura is the first EC in Bukit Batok in over 20 years. The last EC launch in Bukit Batok was The Dew at Bukit Batok Street 21 in May 2001.

"We have significant pent-up demand from both first- and second-time homebuyers," says Chong. "Altura's strategic location adds to its appeal. It is within a 1km radius of ACS [Anglo-Chinese School] Primary, making it an attractive choice for families seeking proximity to reputable schools." ACS Primary will be moving from Barker Road to Tengah in 2030 and will be a co-ed school from then.

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Restrictions, but deferred payment scheme available

A hybrid product, ECs are designed by developers with finishings, fittings, and communal facilities like other private condos. “Many newlyweds and young families are drawn to ECs as they have the same look and feel of a private condominium but are designed specifically for owner-occupation," says ERA's Chu. "Investors are shut out from buying new launch ECs as these can only be sold to homebuyers that meet the eligibility criteria."

However, buyers of ECs are subject to HDB eligibility requirements in terms of household income ceiling, 30% mortgage servicing ratio (MSR) and a minimum occupation period (MOP). After a MOP of five years, the EC owner is restricted to selling only to Singapore citizens or Permanent Residents. Only after the 10th year of MOP can the EC be sold to foreigners like a typical 99-year leasehold private condo.

First-time buyers of ECs stand to enjoy "a huge upside" upon fulfilling their MOP of 10 years, says Mark Yip, CEO of Huttons Asia. A recent study by Huttons Data Analytics showed that the average gains upon MOP were more than $300,000.

"ACS Primary's move to Tengah by 2030 is expected to give Altura a further boost in prices," says Yip.

The monthly household income ceiling for ECs is $16,000. New EC buyers cannot tap HDB housing loans but must borrow from banks to finance their purchases. Banks will use a medium-term interest rate of 4% to compute the loan amount to be extended to borrowers. "This could restrict the loan amount the buyer can secure and may require them to fork out more cash up front," PropNex's Gafoor points out.

However, EC buyers can take up the Deferred Payment Scheme (DPS), which gives buyers more flexibility and time to make their down payment. Gafoor notes that most buyers at Altura's launch opted for the DPS.

‘Overwhelming’ demand from second-timers

Under EC rules, only 30% of units can be allotted to second-timers and HDB upgraders at a new launch of an EC project. HDB considers second-timers to be those who have purchased an HDB in the resale market or Built-to-Order and have enjoyed a housing subsidy. The quota on second-timers will be lifted after 30 days.

Over 70% of the e-applications and ballot tickets received were from second-time applicants.

Demand was "overwhelming", according to PropNex's Gafoor, with all 108 units (30%) allotted to second-timers at Altura taken up within three hours – by 1pm on the first day of launch on August 5.

Second-timers who purchase ECs are given upfront remission on additional buyer's stamp duty, says Huttons' Yip. "HDB upgraders only need to sell their existing flat upon completion of Altura, which means they can continue to stay in them."

E-application period for second-timers will run from September 2 to 11, with sales booking scheduled on September 16.

When sales bookings for second-timers open 30 days from now, Gafoor says, "I'm certain Altura should be at least 90% sold."

More at: https://www.edgeprop.sg/property-news/altura-ec-sells-61-units-launch-day-hits-record-high-average-price-1433-psf

[New Reporter]

Altura executive condo 88% sold in second-timer balloting

September 16, 2023

Qingjian Realty and Santarli Realty opened for balloting for second-time HDB buyers at Altura executive condo (EC) on Sept 16, and 95 units were sold. This brings the take-up rate to 87.5%, and the average price of units sold was $1,470 psf. Only 45 units remain in the 360-unit EC at Bukit Batok West Avenue 8. The units are primarily four- and five-bedroom plus flexi configurations.

"The strong demand for Altura among second-timers is not unexpected, as executive condos remain a compelling option for HDB upgraders given their more affordable pricing and potential for decent capital appreciation in the future," says Ismail Gafoor, PropNex CEO. "With EC land rate hitting record-high in a recent land tender, some buyers may want to move sooner rather than later, on concerns that prices may inch up further."

Altura is the first EC launched in Bukit Batok since 2001 and was well received by first-time buyers, says Marcus Chu, CEO of ERA Singapore. Altura will be near the future Tengah Integrated Transport Hub and Anglo-Chinese Primary School.

ECs are seeing robust demand from buyers as they are given upfront remission on additional buyer’s stamp duty [ABSD], says Mark Yip, CEO of Huttons Asia.

https://www.edgeprop.sg/property-news/altura-executive-condo-88-sold-second-timer-balloting

[New Reporter]

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

September 29, 2023

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.

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.

More at: https://www.edgeprop.sg/property-news/unit-altura-ec-sold-record-1585-psf