The Singapore property market has witnessed a stellar start to 2024 as Lumina Grand Executive Condominium (EC) by City Developments Ltd (CDL) achieved an outstanding sales milestone during its launch weekend. Here's an in-depth look at this significant event and its implications for prospective homebuyers:
Interpreting the Numbers:
- Lumina Grand EC sold 269 units, representing an impressive 53% of the total 512 units available.
- The average launch price, after an early bird discount of $8,000, stood at $1,464 per square foot (psf).
- Notably, a substantial portion of buyers opted for the Deferred Payment Scheme (DPS), where they pay a 20% downpayment initially, deferring the remaining payment until the project attains the Temporary Occupation Permit (TOP) and Certificate of Statutory Completion (CSC).
Market Dynamics:
- Second-time buyers, constrained by a 30% quota during the initial launch, demonstrated robust demand. The quota was fully taken up, showcasing the appeal of Lumina Grand EC.
- Affordability remains a key draw, with the monthly household income cap for ECs set at $16,000.
- Three-bedroom premium and four-bedroom units emerged as the most popular among buyers.
Why Lumina Grand EC?
- Lumina Grand EC offers a mix of three- to five-bedroom units, catering to diverse housing needs.
- CDL emphasizes affordability and the attractive value proposition that ECs provide to eligible buyers.
- The project's location near future MRT stations, schools, and nature reserves adds to its allure.
The Larger Market Picture:
- The launch of Lumina Grand is a significant event in 2024, being the only EC launch according to Huttons Asia's Mark Yip.
- Altura EC, adjacent to Lumina Grand, launched in August 2023, achieving remarkable sales and contributing to the buoyancy of the EC market.
Looking Ahead:
- Lumina Grand's success underscores the positive sentiment and confidence in Singapore's real estate market.
- ECs continue to be an attractive option for astute homebuyers, offering upside potential and historically robust profitability.
Summary:
- Lumina Grand EC's launch weekend saw a remarkable 53% of units sold.
- Average launch price: $1,464 psf after an $8,000 early bird discount.
- Strong demand from second-time buyers; 30% quota fully utilized.
- Affordability, strategic location, and diverse unit offerings contribute to Lumina Grand's appeal.
To stay updated on the dynamic Singapore property market or explore opportunities in Lumina Grand EC, contact us. Our expert team is ready to assist you in navigating the exciting journey of property ownership.
Source: EdgeProp