Second-time buyers pick up 61 units at Lumina Grand EC

After the February 17-28 deadline for electronic applications closed, voting began for second-time buyers of executive condominium (EC) Lumina Grand on March 2 at 7pm for second round voting for second time buyers of this executive condo at Bukit Batok Avenue 5. As of 7pm on 3rd March 61 units had already been sold bringing total units at Bukit Batok Avenue 5 to 351.

City Developments Ltd, the developer of Lumina Grand, reported an average price per square foot of $1,512; an additional 3% discount applies when purchased with deferred-payment plans. Lumina Grand units sold average $1,512 psf with additional discounts applied when using deferred payments schemes.

Most buyers were from nearby areas such as Bukit Panjang, Cho Chu Kang and Bukit Batok.

Most buyers opt for deferred-payment schemes because it provides them with the best of both worlds; improving lifestyle while saving for an emergency fund.

Lumina Grand was officially unveiled January 27-28 and over half its units (53%) sold during that weekend due to a developer offering a reduction of $8,000 on all types of units resulting in an average selling price per square foot of just $1,4664 per unit sold.

Lumina Grand is strategically situated at the junction of Bukit Batok Avenue 5 and Bukit Batok Road in an established Bukit Batok neighbourhood, close to Tengah Town – Singapore’s smart and sustainable precinct.

According to current EC regulations, units sold to second time buyers – those that previously received an HDB housing subsidy and plan on purchasing an EC – at initial launch are restricted to 30% of all available units; after 30 days this restriction is lifted.

As this is the only EC launch planned in 2018, we anticipate buyers will purchase units at Lumina Grand.

Since its debut on August 20,23, 329 units (91.4%) from Altura at Bukit Batok Avenue 8 have been sold, at an average price per square foot of $1,477.

Read also: Klimt Cairnhill condo

Homebuyers with incomes below $16,000 are attracted to ECs due to their affordability. Since December 2019, when an EC’s median price compared with newly launched private condos in Outside Central Region (OCR) was 29%, that gap has grown substantially: it now stands at 44% of OCR private condos vs an EC’s median price.

Owners of executive condos (EC) typically realize a net gain between $300,000 to $450,000 when selling their units.