The strong take-up rate for Lumina Grand reflects the keen interest among first-time buyers and HDB upgraders for well-located and thoughtfully designed properties
As at 12 pm today on 28 January (Sunday), City Developments Ltd (CDL) announced that Lumina Grand executive condominium (EC) sold 53 per cent of its total number of units on the first weekend of the launch of possibly the only new EC project in 2024 at an average price of S$1,464 per square foot (psf).
A total of 269 units which is equivalent to 53 per cent of 512 total available units at Lumina Grand EC were sold following the development’s official launch the day before. An early bird discount of S$8,000 was offered for all unit types on Saturday by the developer City Developments Ltd (CDL).
The full quota limit for second-time home buyers was also reached for Lumina Grand EC during the initial launch. Under government regulations for executive condos, only 30 per cent of the EC project can be allocated to second-time buyers.
As usual, larger units like the three-bedroom premium and four-bedroom units were the most popular, and some buyers even “snapped up the rare high-ceiling penthouses”, said the developer City Developments Ltd (CDL).
The three-bedroom units ranged from 936 sqft priced from S$1.338 million, while the three-bedroom premium units were priced from S$1.388 million. Four-bedroom units were sold for S$1.628 million and the 1,496 sqft typical five-bedroom units sold from S$2.098 million.
An additional 3 per cent was applied to the average launch price for units sold under the deferred payment scheme.
Lumina Grand EC - possibly the only EC project to be launched in 2024
The Lumina Grand Executive Condominium (EC) site at Bukit Batok West Avenue 5 drew attention from developers with a total of four bids, making it a closely contested plot in September 2022. City Developments Limited (CDL) came out on top, winning the bid at an offer of $336.068 million. The land rate was calculated at $626 per square foot per plot ratio (psf ppr), slightly higher than the second-highest bid of $625 psf ppr from Sim Lian Group.
Lumina Grand EC is conveniently situated at the junction of Bukit Batok West Avenue 5 and Bukit Batok Road near the upcoming Tengah Town. The project comprises 10 residential blocks of 12 to 13 storeys on a land parcel site area of around 179,000 sqft within walking distance to quite a few good schools, e.g. St Anthony’s Primary School, Dunearn Secondary School – as well as the future Bukit View Primary School and Anglo-Chinese School (Primary) which was relocated from Bukit Timah.
What are Executive Condominiums (ECs)?
Executive condominiums (EC) are a type of housing in Singapore that combines elements of public and private housing, catering to the needs of the "sandwich class" which includes households whose income exceeded the eligibility for subsidized public BTO housing but yet find private residential condos out of their financial reach.
Below are some key requirements and features associated with Executive condominiums in Singapore:
- Eligibility Criteria:
- Citizenship: At least one of the applicants must be a Singapore citizen.
- Age: Both applicants must be at least 21 years old.
- Family Nucleus: ECs are typically available for purchase by Singaporean families, including singles, married couples, or families with children.
- Income Ceiling:
- There is an income ceiling for EC eligibility. The combined monthly household income of all persons listed in the EC application must not exceed $16,000 per month to be eligible to purchase an EC.
- Ownership of Property:
- Applicants must not currently own any private residential property and not have disposed of any private residential property within 30 months before the EC application.
- Minimum Occupation Period (MOP):
- EC buyers are required to occupy the unit for a Minimum Occupation Period, which is usually five years. During this period, the EC cannot be sold or rented out.
- Balloting System:
- Due to the high demand for ECs, the selection of eligible buyers is often done through a balloting system. Applicants who meet the eligibility criteria enter a lottery system for a chance to purchase an EC unit.
- Design and Facilities:
- ECs are designed to offer amenities and facilities similar to private residential condominiums. They often include features such as swimming pools, gyms, and landscaped areas.
- Resale Restrictions:
- There are resale restrictions on EC units during the MOP. After the MOP, the EC can be sold to Singapore citizens or permanent residents. After ten years, the EC becomes fully privatized, and any eligible buyer can purchase it.
"It's important to note that specific details and requirements may vary depending on government policies, the particular EC development, and the prevailing regulations at the time of application. Prospective buyers may check with their real estate agents, relevant authorities or the developers for the most up-to-date and accurate information." said real estate consultant Kiwi Lim from the largest private real estate agency in Singapore - Huttons Asia.
Executive condo projects are a hot favorite among eligible home buyers due to their relatively more affordable pricing when compared with other new launch private residential condo projects. In addition to that, developers of EC projects may offer a Deferred Payment Scheme to home buyers, giving these buyers - especially young couples more financial flexibility by allowing them to pay for the EC in two installments - the first during the construction period and the second when the EC is completed. However, it is useful to note that developers usually will impose additional markup, e.g. 3 per cent to the average launch price for EC units sold under the deferred payment scheme.
"I believe buyers who are looking for new ECs have limited choices as there are very few unsold brand new ECs currently available in the market. Altura EC is about 90% sold and North Gaia EC in Yishun is nearly 65% sold. Moreover, Lumina Grand EC may be the only brand new EC project to be launched in the year 2024" said real estate consultant Kiwi Lim, "prices of upcoming new EC projects to be launched next year are also expected to be higher than Lumina Grand EC".
The executive condo land parcel site at Plantation Close achieved a top bid of S$703 psf ppr and a record land price for the executive condo project along Tampines Street 62 (Parcel B) was awarded to Sim Lian Land and Sim Lian Development in Oct last year at a whopping S$721 psf ppr.
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