City Developments Ltd (CDL) announced a robust start for Lumina Grand Executive Condominium (EC) as more than half of its available units were sold during its launch weekend. The development, situated at the junction of Bukit Batok West Avenue 5 and Bukit Batok Road, garnered significant interest with 53% of the 512 units sold at an average price of S$1,464 per square foot (psf).
Unit Types and Pricing: Lumina Grand offers various unit types, with three-bedroom premium and four-bedroom units being particularly popular. The pricing ranged from S$1.338 million for three-bedroom units, S$1.388 million for three-bedroom premium units, S$1.628 million for four-bedroom units, to S$2.098 million for five-bedroom units. Early bird discounts of S$8,000 were provided for all unit types during the launch.
Development Features and Location: Comprising 10 residential blocks of 12 to 13 storeys on a site area of around 179,000 sq ft, Lumina Grand is strategically located near Tengah Town and the new Anglo-Chinese School (Primary), set to be relocated in 2023. The project offers a mix of well-designed residential units with thoughtful amenities and proximity to educational institutions.
Developer’s Perspective: CDL Chief Executive Sherman Kwek expressed satisfaction with the strong take-up rate, attributing it to the keen interest of first-time buyers and HDB upgraders in well-located and thoughtfully designed properties. The development’s location near schools and the positive response from eligible buyers further validate the appeal of ECs in Singapore’s real estate market.
Comparison and Market Dynamics: While Lumina Grand’s sales response showcases the continued popularity of ECs among eligible buyers due to their relatively more affordable pricing, analysts note that the project’s take-up rate is the lowest among four other EC projects launched in the last 15 months. Rising prices of new EC units are considered a key factor, with Lumina Grand’s average price of S$1,464 psf being 12.6% higher than that of Copen Grand EC, launched in October 2022.
Future Considerations: Buyers, motivated by concerns over potential future increases in EC prices, may have chosen Lumina Grand amid limited unsold ECs in the location. The success of Lumina Grand, despite the competitive market landscape, underscores the importance of location, pricing, and buyer considerations in Singapore’s evolving real estate market.
Conclusion: Lumina Grand’s strong sales performance on its launch weekend reflects the enduring appeal of well-planned executive condominiums, particularly among eligible buyers seeking affordability, amenities, and strategic locations. The development sets the stage for continued interest in ECs, emphasizing the importance of factors such as pricing, location, and project features in the decision-making process for homebuyers.