Lumina Grand EC sells 69% more units to second-time buyers

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

According to City Developments Ltd, the developer of Lumina Grand, the average price per square foot is $1,512. An additional 3% will be applied to units purchased with a deferred-payment scheme. The average price of units sold is $1,512 psf. An additional 3% will be applied to units purchased with a deferred payment scheme.

The majority of buyers were from the nearby areas such as Bukit Panjang, Cho Chu Kang, and Bukit Batok.

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Most buyers choose the deferred-payment scheme. The deferred-payment scheme offers buyers the best of two worlds. They can improve their lifestyle while saving money for a safety-net.

Lumina Grand was launched on January 27-28, and 269 units (53%) were sold during that weekend. The developer had offered a $8,000 discount on all types of units, resulting in an average selling price of $1,464 per square foot.

Lumina Grand is located at the intersection of Bukit Batok Avenue 5 and Bukit Batok Road in the established Bukit Batok neighbourhood, and near Tengah Town – Singapore’s smart and sustainable precinct.

According to the current EC regulations the units sold to second time buyers – those that have previously received a HDB housing subsidy and plan to buy an EC from a development – are capped at 30 percent of the project in the initial launch. After 30 days the restriction is lifted.

Homebuyers are likely to continue buying units at Lumina Grand, as this is the only EC launch of this year. Estimates suggest that only 400 ECs are available in the current market.

Since its launch in August 20,23, 329 units (91.4%) of the 360-unit Altura project at Bukit Batok Avenue 8 have been sold. The average price per square foot of the units sold so far is $1,477


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