The second round of balloting for second-time buyers at the executive condo (EC) Lumina Grand commenced on March 2, after the close of e-applications, which took place from February 17 to 28. A total of 61 units were taken up as at 7pm on March 3, bringing total sales at Lumina Grand to 351 units or 69% at the 512-unit EC project at Bukit Batok West Avenue 5.
The average price of units sold is $1,512 psf, with an additional 3% applied to units sold with a deferred payment scheme, according to Lumina Grand developer City Developments Ltd (CDL). Transacted prices of units sold started from $1.356 million for a three-bedroom, $1.662 million for a four-bedroom and $2.193 million for a five-bedroom unit.
Of the 61 units sold over the weekend, 59 were three- and four-bedroom units, with buyers predominantly those living in the surrounding areas, such as Bukit Batok, Cho Chu Kang and Bukit Panjang, says Mark Yip, CEO of Huttons Asia.
"Almost all buyers opt for the deferred payment scheme," says Yip. "Opting for a deferred payment scheme gives buyers the best of both worlds. They can upgrade their lifestyle yet conserve their cash for a safety net."
At the initial launch of Lumina Grand, 269 units (53%) were taken up during the weekend of January 27-28. The average selling price achieved then was $1,464 psf after the developer offered an $8,000 discount across all unit types.
Given its location at the junction of Bukit Batok West Avenue 5 and Bukit Batok Road, Lumina Grand sits within the established Bukit Batok West neighbourhood and is near the upcoming Tengah Town, Singapore's first smart and sustainable precinct.
Under the prevailing EC regulations, units sold to second-time buyers – those who had previously received a housing subsidy from HDB and plans to purchase an EC from a developer – in the initial launch is capped at 30% of the project. However, after 30 days, the restriction is lifted.
"We expect homebuyers to continue to pick up units at Lumina Grand as it is likely the only EC launch this year," reckons Ismail Gafoor, CEO of PropNex. He reckons that just 400 EC units are currently available on the market.
The neighbouring EC project, the 360-unit Altura at Bukit Batok Avenue 8, has seen 329 units (91.4%) sold since its launch in August 2023. The average price of units sold to date is $1,477 psf.
"The affordability of ECs is the draw for homebuyers within the $16,000 household income ceiling," observes Marcus Chu, CEO of ERA Singapore. The price gap between the median price of an EC and a newly launched private condo in the Outside Central Region (OCR) has widened to $630 psf or 44% in December 2023 from 29% in December 2019, according to ERA.
According to Chu, EC owners typically realise a gross profit of between $300,000 and $450,000 when they sell their units after staying for the minimum occupation period of five years.