LUMINA Grand executive condominium (EC) moved more than half its units on the first weekend of its launch at an average price of S$1,464 per square foot (psf).

Its developer City Developments Ltd (CDL) said that as at 12 pm on Sunday (Jan 28), a total of 269 units, or 53 per cent, of 512 available were sold following the development’s official launch the day before.

An additional 3 per cent was applied to the average launch price for units sold under the deferred payment scheme.

Under EC regulations, only 30 per cent of the project can be allocated to second-time buyers during the initial launch. This quota was reached for Lumina Grand, said CDL.

All unit types were well received, with the three-bedroom premium and four-bedroom units being the most popular, said CDL, adding that some buyers also “snapped up the rare high-ceiling penthouses”.

The three-bedroom units were priced at S$1.338 million, while the three-bedroom premium units were priced at S$1.388 million. Meanwhile, four-bedroom units were sold for S$1.628 million, and five-bedroom units, S$2.098 million.

The units ranged from 936 sq ft for a three-bedroom apartment to 1,496 sq ft for a typical five-bedroom unit. An early bird discount of S$8,000 was offered for all unit types on Saturday.

Lumina Grand is located at the junction of Bukit Batok West Avenue 5 and Bukit Batok Road, and is close to Tengah Town. The project comprises 10 residential blocks of 12 to 13 storeys, on a site area of around 179,000 sq ft.

The project is near the new Anglo-Chinese School (Primary), which will be relocated from Bukit Timah in 2023.

CDL was the top bidder for the government land sale site awarded in September 2022, paying S$336 million or S$626 psf per plot ratio (ppr). The tender drew four bids, with CDL marginally edging out the second-highest bid from Sim Lian Group at S$335.5 million or S$625 psf ppr.

“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,” said CDL chief executive Sherman Kwek.

Ismail Gafoor, chief executive of PropNex, said the sales response of Lumina Grand makes it clear that ECs are still a favourite among eligible buyers owing to their “relatively more affordable pricing compared with other private condo projects”.

He noted that Altura EC, which is adjacent to Lumina Grand, shifted 61 per cent of its 360 units at an average price of S$1,433 psf during its launch last August. Prior to that, the last EC project put on the market in Bukit Batok was The Dew in May 2001.

“We think that Lumina Grand EC likely enjoyed some pent-up demand as there are limited unsold ECs in that location, with Altura being 89 per cent sold up till Jan 20,” said Gafoor.

Its location near several schools – such at St Anthony’s Primary School and Dunearn Secondary School – as well as the future Bukit View Primary School and Anglo-Chinese School (Primary) also made the project appealing to families, he added.

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Despite these favourable conditions, Lumina Grand’s take-up rate is still the lowest among four other EC projects launched in the last 15 months, noted Mogul.sg chief research officer Nicholas Mak.

“One key reason is the rising prices of new EC units,” he said. The average price of Copen Grand EC, which was launched last October, was S$1,300 psf, while the average price of Lumina Grand is 12.6 per cent higher, even after the early-bird discount.

“Although ECs are still popular, the housing budgets of homebuyers are limited,” he added.

Some buyers may choose to purchase units at Lumina Grand now, out of concern that the selling prices of future ECs will go up due to higher land rates for upcoming projects, said PropNex’s Gafoor.

For instance, the two government land sales (GLS) EC sites that were awarded after the Lumina Grand plot had land rates tipping over the S$700 psf ppr mark.

The Plantation Close EC site fetched a land rate of S$703 psf ppr, while the EC plot in Tampines Street 62 (Parcel B) was awarded for S$721 psf ppr, which is a record land rate for a GLS EC site, noted Gafoor.

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Credit : THE BUSINESS TIMES