MCL-CSC Land JV sells 65% of Elta at an average price of $2,537 psf
By Cecilia Chow
/ EdgeProp Singapore |
Elta saw 4,500 visitors at its preview, and achieved 65% sales at launch (Photo: MCL Land/CSC Land Group)
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On Feb 22, MCL Land and CSC Land Group sold 326 out of 501 units at Elta, their joint venture project at Clementi Avenue 1. That translates to about 65% sales at an average price of $2,537 psf.
Singaporeans made up 90% of the buyers, while 10% were permanent residents. Among the units sold, the highest number of buyers came from districts 19 (primarily Hougang, Serangoon, Sengkang, Punggol and northeast region), 5 (Buona Vista, Clementi, Dover and Pasir Panjang) and 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview and Dairy Farm).
The two-bedrooms were the most popular unit types among buyers, with 98% of the 179 units sold at prices from $1.388 million ($2,261 psf). Some 81% of the 108 three-bedrooms have also been taken up at prices from $2.198 million. The one-bedroom plus study units were also popular, with 78% snapped up from $1.158 million.
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Over 60% of the units sold were the one- and two-bedroom types transacted at prices below $2.2 million, says Ismail Gafoor, CEO of PropNex.
“The robust sales underscore buyers’ confidence in a development that seamlessly blends modern living with convenience and comfort,” says MCL Land CEO Lee Tong Voon. MCL Land is the Singapore-based development arm of Hongkong Land.
The two earlier projects at Clementi Avenue 1 were the 505-unit The Clement Canopy and 640-unit Clavon, developed jointly by UOL Group and Singapore Land Group (Source: EdgeProp Landlens)
Last development plot in Clementi Avenue 1
Elta is the final of three private condos launched on government land sales (GLS) sites at Clementi Avenue 1. "It is the first new launch in the Clementi area since December 2020 when the 640-unit Clavon was put on the market," says Gafoor.
The two earlier projects at Clementi Avenue 1 were the 505-unit The Clement Canopy and 640-unit Clavon, developed jointly by UOL Group and Singapore Land Group. "There are no further development plots in the Clementi town centre," says Ken Low, managing partner of SRI.
"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," says Low.
Based on caveats lodged, the average selling price of The Clement Canopy has increased 45% to $1,922 psf this year since its launch in February 2017. Meanwhile, the average selling price at Clavon has jumped 27% to $2,086 psf this year since its debut in December 2020.
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 (Source: EdgeProp Landlens)
Strong rental pool
Elta is 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.
Besides Clementi MRT Station on the East-West Line, the Cross Island Line, which will run from east to west of Singapore, will have a station at Clementi. "The upcoming Cross Island line will enhance the connectivity in Clementi and potentially increase the quality tenant pool for ELTA," says Mark Yip, CEO of Huttons Asia.
Not surprisingly, the one- and two-bedroom units at Elta were the most popular among investors, notes Huttons’ Yip. Three-bedroom units were popular among families, given the average household size of 3.1. Bigger or extended families purchased the four-bedroom units.
“With Clementi's superb connectivity and rich amenities, we are confident that it will remain a highly sought-after destination for both homeowners and investors,” Qian Liang Zhong, chairman of CSC Land Group, a subsidiary of China Construction (South Pacific) Development Co.
Clementi Avenue 1 is in the educational belt, with schools such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School (Independent) nearby. Tertiary institutions such as NUS, Singapore Polytechnic and United World College of South East Asia (Dover Campus) are also nearby.
"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," says SRI's Low.
Projects at Clementi Avenue 1 are popular with investors given the profile of tenants – primarily international students and professionals, adds Low.
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, based on data from EdgeProp Landlens and URA Realis. 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 at EdgeProp Landlens.
Over 60% of units sold were the one- and two-bedders at Elta (Photo: MCL Land/CSC Land Group)
‘Healthy pool of HDB upgraders’
Elta has also benefitted from the healthy pool of HDB upgraders in Clementi and Queenstown, says Marcus Chu, CEO of ERA Singapore. He adds that over 2,500 HDB units have reached their Minimum Occupation Period (MOP) since 2021, with an additional 1,100 units set to do so this year.
"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," adds ERA's Chu.
The weekend of Feb 22-23 also saw the launch of the 1,193-unit ParkTown Residence, which moved 1,041 units. Collectively, Elta and ParkTown Residence sold more than 1,300 units, surpassing the 1,083 new homes sold for the entire month of January. “Thus far, the sales momentum seen towards the end of 2024 has carried into the new year, and we expect the primary market to remain relatively lively in 2025 amid improved sentiment,” says PropNex’s Gafoor.
Huttons Data Analytics estimates developers’ sales in February to exceed 1,500 units. The total sales for the first two months of 2025 -- estimated to be between 2,500 and 2,700 units -- is equivalent to 39% of the total new sales of 6,469 units for the entire 2024, says Huttons.
Hence, Huttons is revising its full-year projection for 2025 to between 7,500 and 8,500 units from its earlier estimate of 7,000 to 8,000. Its full-year price growth for 2025 is between 4% and 7%.
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