Lumina Grand EC
There has been much anticipation over the only Executive Condominium (EC) launch in 2024, Lumina Grand, as the project is undertaken by the renowned developer, CDL, with a proven track record of 60 years in the local property market. The last EC launch by CDL was Copen Grand in Tengah in May 2022, which is also situated pretty near the Lumina Grand Bukit Batok West Ave 5 site. Copen Grand proved to be a resounding success, with the project selling out in 2 months. Lumina Grand is likely to sell like hot cakes too, given that the EC project situated adjacent to Lumina Grand, Altura, is already 88% sold, with only 43 units left for sale, so there isn’t much in supply one can choose from, really.
The word Lumina comes from the Latin word Lumen, meaning “bright”. The development’s tagline is “Live Greener, Live Brighter”, underscoring CDL’s aim to boost modern standards of green and smart living in this project. The 512-unit project boasts efficient layouts for 3-bedders, 4-bedders and 5-bedders. The smart kitchen appliances are supplied by Kuche, a German brand recently brought into the market by City Gas, and the sanitary wares and fittings are supplied by good European brands such as Hansgrohe and Rigel.
Location-wise, the new and reputable ACS Primary that will be co-ed in nature, is within 1km, along with the future Bukit View Primary, as well as Dazhong and St. Anthony’s Primary Schools, giving parents with primary-school going children numerous options to choose from. Amenities that are in the vicinity include Le Quest Mall, Harmony Village along with shops, eateries and a future polyclinic just across the road from the project. Lumina Grand is also just 2 bus stops away to Bukit Gombak MRT and also near the Tengah Park MRT that is currently under construction.
After 5 years of Minimum Occupation Period (MOP), the EC can also be rented out as an entire unit, and with the close proximity of the Jurong Innovation District, Dulwich College and Canadian International School to Lumina Grand, they would form a ready tenant pool for the enterprising landlord.
Floor Plan of a 969sqft unit
In terms of floor plans, the smallest 936sqft 3-bedroom unit is thoughtfully designed with everything you need in a compact space that does not feel cramped, including a bomb shelter. The 969sqft 3-bedroom premium unit has a similar layout to its smaller cousin, except it also has a yard and WC in the kitchen area. The 155 4-bedroom units range in size from 1141sqft to 1270sqft, and the 51 5-bedroom units are 1496sqft, very spacious indeed for a multi-generational family.
Whilst Copen Grand has a multi-storey carpark, Lumina Grand has a basement carpark of 414 lots including 5 EV lots, and this is definitely more convenient for owner-occupiers and guests alike. Facilities-wise, there are also 3 sizeable clubhouses, a 50-meter lap pool, a spa pool, a kids’ playground, BBQ pits, a gymnasium, and also a tennis court, which is not always provided for in new launch developments nowadays.
Lumina Grand is likely to be priced similarly or higher than Altura, perhaps around $1450-1500psf, even though CDL bought the land slightly cheaper than Qingjian did for Altura, since the developer’s eye is on profit-maximisation. Nonetheless, the projected price makes the quantum of less than $1.5M as an entry price for the smallest unit more palatable for the budget-conscious, and can still cater to many Singaporeans’ aspirations to own a private property.
Having said that, given the $16,000 income ceiling for a household to buy an EC, and the stringent loan amount one is eligible to borrow, based on the more conservative 30% Mortgage Servicing Ratio (as opposed to 55% Total Debt Servicing Ratio for a private property purchase) , many households would need to cough out substantial cash for downpayments and upon TOP, as they would not be able to take a maximum loan amount. Furthermore, as the EC is also under HDB-regulations, there really are more restrictions substantially limiting the pool of eligible buyers. Hence, it is almost a no-brainer that if you are in the privileged position of the eligible minority, it makes sense to buy an EC, and the bigger, the better (and the higher the profits when you exit the market).
Some may argue that the current price of possibly $2M and up for a 1270sqft 4-bedroom EC unit is ridiculously high. However, as the saying goes, price is what you pay, value is what you get. When the project reaches 5 years of MOP, many of those who are looking to buy spacious units would seriously consider Lumina Grand, as there is a dearth of supply for 4- and 5-bedders in the market. Even HDB hardly has many BTO sites for 5-rm HDB flats nowadays (and these 5-room flats tend to just have 3 bedrooms). Furthermore, as it is partially privatised after 5 years, locals looking to buy a resale EC would be eligible for a higher loan amount based on TDSR, so even the resale price is likely to be still accessible for high middle-income households.
Historically, those who have bought an EC in the past have made very substantial profits when they sold their units, so the prospect of losing money when one buys a new EC is literally unheard of. Now, it all comes down to whether you are in that eligible minority to buy a new EC, and also the luck of the draw (or the balloting number). Those who can get their hands on a new unit are sitting on the proverbial pot of gold at the end of the rainbow arc. Hence, even with economic headwinds in the near future and relatively high interest rates, I believe Lumina Grand is likely to sell out just as fast as Copen Grand.
