Lumina Grand EC sells 53% of units on launch weekend at an average price of $1,464 psf

/ EdgeProp Singapore |
Preview crowd at Lumina Grand on the weekend of Jan 13-14. (Photo: CDL)
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At the launch of Lumina Grand executive condo (EC), the first EC launch of 2024, Singapore-listed property developer City Developments Ltd (CDL) sold 269 units (53%) of the 512 units in the project as at noon on Sunday, Jan 28.
The developer offered an early bird discount of $8,000 across all unit types on the first launch day (Jan 27). After the discount, the average launch price was $1,464 psf, says CDL. Units purchased under the deferred payment scheme were priced 3% higher.
“Based on our observations, most buyers at Lumina Grand’s launch opted for the deferred payment scheme [DPS],” says Ismail Gafoor, CEO of PropNec. Under the DPS, buyers pay a downpayment of 20% of the purchase price first, with the remaining amount deferred till the project obtains the temporary occupation permit (TOP) and the certificate of statutory completion (CSC).
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“The buyer will not have to make any monthly mortgage repayment during the construction phase of the EC project,” says Gafoor. “However, the purchase price for buying new ECs under DPS is usually about 3% higher.”
The 512-unit Lumina Grand (Picture: CDL)
Under the prevailing EC regulations, only 30% of the project can be allocated to second-time buyers during the initial launch. "For Lumina Grand, this quota was reached," says CDL.
Second-timers are those who have purchased a new flat and taken a loan from HDB or have enjoyed a CPF housing grant in a resale flat purchase. Second-timers who failed to select a unit at the initial launch of the EC will have to ballot one month later, says Mark Yip, CEO of Huttons Asia. "The authorities may want to review the 30% quota set aside for second-timers at the initial launch to allow more of them to upgrade."
Of the 269 units purchased at Lumina Grand, the split between first- and second-timers was roughly 43% and 57%, notes Yip. "The demand from second-timers was very strong as the 30% quota was fully taken up."
Interested second-time buyers who could not purchase a unit during the initial launch of Lumina Grand can make their bookings one month later. E-applications for second-time buyers will take place from Feb 17 to 26, with sales booking starting on Mar 2.
Artist's impression of the spa pool at Lumina Grand (Picture: CDL)
"ECs are known to provide an attractive value proposition as they cater to a specific pool of eligible buyers," says CDL’s group CEO Sherman Kwek. "We are confident that Lumina Grand will continue to draw buyers who value the project's attributes."
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Units are a mix of three- to five-bedroom units ranging from 936 to 1,496 sq ft. Apartments are priced from $1.338 million ($1,429 psf) for a three-bedroom, $1.388 million ($1,432 psf) for a three-bedroom premium from 980 sq ft, $1.628 million ($1,427 psf) for a 1,141 sq ft four-bedroom and $2.098 million ($1,402 psf) for a five-bedroom.
While all the units were well-received, CDL says the three-bedroom premium and four-bedroom units are the most popular.
Affordability is still the main draw of ECs, given its monthly household income cap of $16,000, says Marcus Chu, CEO of ERA Singapore. The price differential between the median price of a new EC and a suburban 99-year leasehold private condo is $630 psf today. Hence, he points out that the price gap has widened to 44% from 29% in 2019.
Lumina Grand i
"Astute homebuyers are also drawn to the upside potential of ECs," according to Chu. "After staying for five years, EC owners typically sell them at private property prices."
Based on EC projects completed since 2015, there were only three unprofitable transactions, according to ERA. "On average, these EC owners typically made a gross profit of between $300,000 to $450,000," Chu adds.
Lumina Grand is the only EC launch in 2024, according to Huttons Asia's Yip.
Adjacent to Lumina Grand is Altura EC, which was launched in August 2023. On the launch weekend, 220 of the 360 units (61%) were sold at an average price of $1,433 psf, says PropNex’s Gafoor. Altura is 89% sold at an average price of $1,476 psf to date.
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“Prior to the launch of Altura and Lumina Grand, the last EC project that was put on the market in Bukit Batok was The Dew in May 2001,” Gafoor adds.
Located at the junction of Bukit Batok West Avenue 5 and 8, it is close to the future Anglo-Chinese School (Primary), near three MRT stations, namely Bukit Gombak MRT Station on the North-South Line, and the upcoming Tengah Plantation and Tengah Park MRT Stations on the Jurong Region Line, which is expected to be operational by 2028.
"The future Tengah Town Centre is nearby, offering amenities like a community club, polyclinic and a bus interchange," he says.
The EC is situated within the Bukit Batok Nature Corridor and connected to Bukit Batok Hillside Nature Park, Tengah Forest Corridor, Bukit Timah Nature Reserve and Central Catchment Nature Reserve. "The site is also near the Bukit Batok Town Park, commonly known as Little Guilin or Xiao Guilin," says ERA's Chu.
Lumina Grand is also the second Building and Construction Authority Green Mark Platinum (Super Low Energy) EC to be launched, after the 639-unit Copen Grand, CDL's joint venture EC with MCL Land, in the nearby Tengah Town. Launched in October 2022, the project was entirely sold within a month.
"We are very pleased to kickstart our first launch for 2024 on a positive note," CDL’s Kwek. "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."

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