Mcl Csc Land Jv Sells 65 Elta Average Price 2537 Psf
MCL Land and CSC Land Group announced the sale of 326 out of 501 units at Elta, their joint venture project at Clementi Avenue 1 on Feb 22. This represents about 65% sales at an average price of $2,537 psf.
The majority of buyers were Singaporeans, making up 90% of the buyers, while 10% were permanent residents. The most buyers came from districts 19, 5, and 23, which represent areas such as Hougang, Serangoon, Sengkang, Punggol, Buona Vista, Clementi, Dover, Pasir Panjang, Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview, and Dairy Farm.
Two-bedroom units were the most popular among buyers, with 98% of the 179 units sold at an average price of $2,261 psf or above $1.388 million. Some 81% of the 108 three-bedrooms were also taken up at prices starting from $2.198 million. The one-bedroom plus study units were also popular, with 78% being snapped up at prices starting from $1.158 million.
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According to CEO of PropNex, Ismail Gafoor, over 60% of the units sold were the one- and two-bedroom types which were priced below $2.2 million, indicating strong demand from buyers.
MCL Land CEO Lee Tong Voon comments that the high sales numbers demonstrate the confidence buyers have in a development that offers modern living with convenience and comfort. MCL Land is the Singapore-based development arm of Hongkong Land.
Elta is the final of three private condo launches at Clementi Avenue 1, which was a government land sales (GLS) site. The other two earlier projects were the 505-unit The Clement Canopy and 640-unit Clavon, developed jointly by UOL Group and Singapore Land Group. According to Ken Low, managing partner of SRI, there are no further development plots available in the Clementi town centre, which is one of the main reasons for the strong sales at Elta.
Based on caveats lodged, the average selling price of The Clement Canopy has increased by 45% since its launch in February 2017 to $1,922 psf this year. At Clavon, the average selling price has jumped 27% since its debut in December 2020 to $2,086 psf this year.
Elta enjoys a strategic location near employment nodes such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, Jurong LakeDistrict and the future Dover Knowledge District. It is well-connected with the Clementi MRT Station on the East-West Line and will also have a station on the upcoming Cross Island Line that runs from east to west of Singapore. According to Mark Yip, CEO of Huttons Asia, the upcoming Cross Island line will further enhance connectivity in Clementi and potentially increase the quality tenant pool for Elta.
Elta’s location is also advantageous for families, with many schools nearby such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School (Independent). Tertiary institutions such as NUS, Singapore Polytechnic and United World College of South East Asia (Dover Campus) are also within close proximity. Families with children can stay for a good 15 years, which is the duration of a child’s education, according to Ken Low.
The previous two projects at Clementi Avenue 1 have been popular with investors given the profile of tenants, who are mainly international students and professionals. For instance, two-bedroom units at The Clement Canopy of 624 to 732 sq ft have been leased at $4,200 to $4,700 per month, or $5.60 psf to $6.42 psf per month in January and February. At Clavon, the latest rental transaction was for a 764 sq ft, two-bedroom unit leased for $4,600 or $6.02 psf per month.
Elta has also benefitted from the healthy pool of HDB upgraders in Clementi and Queenstown, says Marcus Chu, CEO of ERA Singapore. He notes that since 2021, over 2,500 HDB units have reached their Minimum Occupation Period (MOP), with an additional 1,100 units set to do so this year. Hence, there is a large pool of potential buyers looking to upgrade to private housing such as Elta.
Elta 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. Hence, it is not surprising that the one- and two-bedroom units at Elta were the most popular among investors, according to ERA’s Chu. The three-bedroom units were more popular among families with an average household size of 3.1. Meanwhile, bigger or extended families purchased the four-bedroom units.
According to Qian Liang Zhong, chairman of CSC Land Group, Elta is strategically located in the education belt with its close proximity to many schools and the development is perfect for both homeowners and investors who are seeking a permanent home or a lucrative investment.
The successful launch of Elta and ParkTown Residence in Clementi on Feb 22-23 has surpassed the total new home sales for the entire month of January, which was at 1,083 units. According to Ismail Gafoor, CEO of PropNex, this demonstrates the continued strong demand for new homes in Singapore and with improved sentiment, the primary market is expected to remain lively in 2025.
Huttons Data Analytics estimates developers’ sales in February to exceed 1,500 units, while the first two months of 2025 are expected to have between 2,500 and 2,700 new home sales. This is equivalent to 39% of the total new home sales for the entire 2024. According to Huttons, the strong sales momentum seen towards the end of 2024 has carried into the new year, and they are revising their full-year projection to between 7,500 and 8,500 units from their earlier estimate of 7,000 to 8,000. The full-year price growth for 2025 is also projected to be between 4% and 7%.