CITY Developments Ltd (CDL) and Far East Organization opened the year’s season for new housing launches with their Lumina Grand executive condominium (EC) and Hillhaven condo projects.

Units on offer at CDL’s Bukit Batok EC Lumina Grand range from 936 square feet (sq ft) for a three-bedroom to 1,711 sq ft for a five-bedroom unit. Prices start from around S$1.34 million, or about S$1,429 per square foot (psf) for three-bedroom units; S$1.39 million (S$1,432 psf) for three-bedroom premium; S$1.63 million (S$1,413 psf) for four-bedroom units; and S$2.1 million (S$1,402 psf) for five-roomers. 

Located at the junction of Bukit Batok West Avenue 5 and Bukit Batok Road, Lumina Grand EC is a 512-unit development that 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, said CDL on Wednesday (Jan 10).

CDL’s group chief executive officer Sherman Kwek said: “Homebuyers will benefit from its strategic locale, boasting exceptional convenience and connectivity to a wealth of amenities.”

The project is near the new Anglo-Chinese School (Primary), which will be relocated from Bukit Timah in 2030.

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.

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Near Lumina Grand, CDL is building another EC, Copen Grand, together with partner MCL Land. Copen Grand was launched in October 2022 and fully sold a month after launch, at prices ranging from S$1.08 million for two-bedroom plus study, to S$2.17 million for a five-bedroom unit.

From 2022 to 2023, data from OrangeTee & Tie showed four other ECs were launched for sale. Median prices have climbed from North Gaia’s S$1,301 psf in April 2022, to S$1,480 psf for Altura EC in August 2023.   

On a per square foot basis, the median price of new ECs dipped 2.1 per cent from S$1,350 psf in Q4 2022 to S$1,322 psf in Q4 2023. 

“This could be due to a lack of new launches over the past year, where the number of transactions have also dropped from 1,085 units to 54 units over the same period,” said OrangeTee & Tie’s senior vice-president of research and analytics Christine Sun.

“However, between Q4 2021 and Q4 2023, median prices climbed 7.3 per cent,” she added.

In the Hillview area, Far East and Sekisui House will launch their 99-year leasehold condo Hillhaven on Jan 20, with prices starting from S$1,907 psf.

Hillhaven, in the Hillview area, will house 341 units in two blocks. Prices start from S$1.37 million (S$2,020 psf) for a 678 sq ft two-bedroom unit. Three-bedroom units, some of which include a study, are sized from 947 sq ft to 1,195 sq ft and start from S$1.835 million (S$1,938 psf). Four-bedroom units at 1,259 sq ft to 1,636 sq ft start from S$2.44 million (S$1,938 psf).

In 2022, the Far East-Sekisui joint venture placed the top bid of S$320.78 million, for the 10,400 square metre site Hillhaven will be built on. This translates to nearly S$1,024 psf ppr.

Hillhaven will add to several other Far East condos in the area such as Hillvista, The Lanai and mixed-use development The Hillier and HillV2, said Mark Yip, chief executive officer of Huttons Asia.

PropNex chief executive Ismail Gafoor noted that Hillhaven is “possibly the last new private residential plot in the Hillview Avenue area” close to the MRT station.

Far East’s last launch before Hillhaven was The Reserve Residences in Beauty World, also in the Upper Bukit Timah vicinity. About 70 per cent of its 732 units were sold over the launch weekend in May 2023, at an average price of S$2,460 psf. Currently, it is 94 per cent sold.

Hillhaven will book sales on Jan 20 and is expected to achieve its temporary occupation permit in the third quarter of 2027.

At least 20 new residential projects are expected to come to market this year, including two other ECs. Hoi Hup Realty and Sunway Developments have an EC on the Plantation Close site in Tengah, while Sim Lian is developing another in Tampines.

Sales booking for Lumina Grand will start on Jan 27.