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At Elta, a joint venture property at Clementi Avenue 1, MCL Land and CSC Land Group sold 326 out of 501 units. At an average price of $2,537 psf, that works to almost 65% sales.
Ten percent of the purchasers were permanent residents; ninety percent were Singaporeans. Among the units sold, districts 19 (including Hougang, Serangoon, Sengkang, Punggol and northeastern region), 5 (Buona Vista, Clementi, Dover and Pasir Panjang) and 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview and Dairy Farm) attracted the most buyers.
With 98% of the 179 units sold at pricing ranging from $1.388 million ($2,261 psf), the two-bedrooms were the most sought-after unit type among buyers. Also signed up at rates ranging from $2.198 million are about 81% of the 108 three-bedroom units. With 78% taken from $1.158 million, the one-bedroom plus study apartments were also rather popular.
According to Ismail Gafoor, CEO of PropNex, over 60% of the units sold were one- and two-bedroom models traded at prices below $2.2 million.
The strong sales highlight buyers’ trust in a development that deftly combines modern living with convenience and comfort,” says MCL Land CEO Lee Tong Voon. The Singapore-based development division of Hongkong Land is MCL Land.
Developed jointly between UOL Group and Singapore Land Group, the two previous developments at Clementi Avenue 1 were the 505-unit The Clement Canopy and 640-unit Clavon (EdgeProp Landlens).
Plot last for development on Clementi Avenue 1
Designed on government land sales (GLS) sites at Clementi Avenue 1, Elta is the last of three private condos launched. Gafoor notes, “It is the first new launch in the Clementi area since December 2020 when the 640-unit Clavon was put on the market.
Developed concurrently by UOL Group and Singapore Land Group, the two previous developments at Clementi Avenue 1 were the 505-unit The Clement Canopy and 640-unit Clavon. “There are no further development plots in the Clementi town centre,” notes SRI managing partner Ken Low.
Low claims, “one of the main reasons for the strong sales is because of the track record of the projects at Clementi Avenue 1 – with zero unprofitable transactions.”
Based on concessions made, The Clement Canopy’s average selling price has risen 45% to $1,922 psf this year following its February 2017 debut. Since its launch in December 2020, the average selling price at Clavon has surged 27% to $2,086 psf.
Leased at $4,200 to $4,700 per month, two-bedroom units at The Clement Canopy of 624 to 732 sq ft have been rented in January and February (EdgeProp Landlens).
Strong Pool of Tenants
Elta is close to employment sites such the Science Park, Jurong Lake District, one-north, Pandan Loop Industrial Estate, the National University of Singapore (NUS), and the upcoming Dover Knowledge District.
Apart from the East-West Line Clementi MRT Station, the Cross Island Line will feature a station at Clementi from east to west of Singapore. “The future Cross Island line will improve the connectivity in Clementi and maybe boost the quality tenant pool for ELTA,” says Huttons Asia CEO Mark Yip.
Not surprisingly, notes Huttons’ Yip, the one- and two-bedroom apartments in Elta were the most sought for among investors. Families found three-bedroom homes appealing given the average household size of 3.1. Extended or larger families bought the four-bedroom homes.
“We are sure that Clementi will remain a very sought-after location for both homeowners and investors thanks to its great connectivity and rich facilities.” Qian Liang Zhong is chairman of CSC Land Group, a division of China Construction (South Pacific) Development Co.
With schools including Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School ( Independent) close by, Clementi Avenue 1 is in the educational belt. Not far by proximity are tertiary establishments including NUS, Singapore Polytechnic, and United World College of South East Asia (Dover Campus).
“With primary, secondary and tertiary schools in the area, families with children can stay for a good 15 years – the duration of a child’s education,” states Low of SRI.
Ttwo-bedroom apartments at The Clement Canopy of 624 to 732 sq ft have been rented at $4,200 to $4,700 per month, or $5.60 psf in January and February. At Clavon, EdgeProp Landlens rented a 764 square foot, two-bedroom apartment for $4,600 or $6.02 psf per month.
Healthy pool of HDB upgrade candidates
Marcus Chu, CEO of ERA Singapore, adds notes Elta has benefited from the large pool of HDB upgraders in Clementi and Queenstown. With an extra 1,100 units scheduled to meet their Minimum Occupation Period (MOP) this year, he also notes that over 2,500 HDB flats have already reached their MOP since 2021.
“The development is also well-connected to several nature parks, including Clementi Woods Park, West Coast Park, and Kent ridge Park, offering residents easy access to green spaces,” says ERA’s Chu.
The 1,193-unit ParkTown Residence, which relocated 1,041 units, opened over the weekend of Feb 22–23. Together, Elta and ParkTown Residence sold more than 1,300 units—more than the 1,083 new residences sold in January. “Thus far, the sales momentum seen towards the end of 2024 has carried into the new year; we expect the primary market to remain reasonably active in 2025 amid improved sentiment,” adds PropNex’s Gafoor.
Huttons Data Analytics projects February developer sales to reach 1,500 units. Estimated to be between 2,500 and 2,700 units, the first two months of 2025’s total sales match 39% of the 6,469 new sales for the whole 2024, claims Huttons.
Huttons is thus changing its full-year outlook for 2025 from its previous estimate of 7,000 to 8,000 to between 7,500 and 8,500 units. Its 2025 full-year price rise falls between 4% and 7%.
