On February 22nd, MCL Land and CSC Land Group successfully sold 326 out of 501 units at their joint venture project, Elta, located at Clementi Avenue 1. This translates to a sales rate of about 65%, with an average price of $2,537 per square foot.
The majority of buyers were Singaporeans, making up 90% of the total, while the remaining 10% were permanent residents. Most of the buyers came from districts 19, 5, and 23, with the highest number of buyers coming from districts 19, which primarily includes Hougang, Serangoon, Sengkang, Punggol, and the northeast region.
Among the units sold, the most popular were the two-bedroom units, with 98% of the 179 units sold at prices starting from $1.388 million ($2,261 psf). Additionally, 81% of the 108 three-bedroom units have also been taken up, with prices starting from $2.198 million. The one-bedroom plus study units were also in high demand, with 78% of them being sold at prices starting from $1.158 million.
If you’re interested in purchasing a unit in Elta, you can find the latest available units and prices advertised. Overall, over 60% of the units sold were made up of one- and two-bedroom units sold at prices below $2.2 million, according to Ismail Gafoor, CEO of PropNex.
MCL Land CEO Lee Tong Voon also expressed his satisfaction at the robust sales, stating that they demonstrate buyers’ confidence in a development that combines modern living with convenience and comfort. MCL Land is the development arm of Hongkong Land, a Singapore-based company.
Elta is located on Clementi Avenue 1, which marks the third and final private condo launched on government land sales (GLS) sites. According to Gafoor, this is the first new launch in the Clementi area since December 2020, when 640-unit Clavon was introduced.
The two earlier projects at Clementi Avenue 1, The Clement Canopy with 505 units and Clavon with 640 units, were developed by UOL Group and Singapore Land Group. There are no further development plots in the Clementi town centre, according to Ken Low, managing partner of SRI.
Low believes that one of the main reasons for the strong sales is the track record of the projects at Clementi Avenue 1, which have had zero unprofitable transactions. According to data from EdgeProp Landlens, the average selling price of The Clement Canopy has increased by 45% to $1,922 psf since its launch in February 2017. Meanwhile, the average selling price at Clavon has increased by 27% to $2,086 psf since its debut in December 2020.
Strong rental pool: Elta is located 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. In addition to being situated near Clementi MRT Station on the East-West Line, the upcoming Cross Island Line will also have a station at Clementi, according to Mark Yip, CEO of Huttons Asia. Yip believes that this will enhance connectivity in Clementi and potentially increase the quality of the tenant pool for Elta.
Not surprisingly, the one- and two-bedroom units at Elta were the most popular among investors, according to Huttons’ Yip. Families favored three-bedroom units, given the average household size of 3.1. Bigger or extended families purchased the four-bedroom units.
“Given Clementi’s superb connectivity and rich amenities, we are confident that it will remain a highly sought-after destination for both homeowners and investors,” says Qian Liang Zhong, chairman of CSC Land Group, a subsidiary of China Construction (South Pacific) Development Co.
Clementi Avenue 1 is located in the educational belt, with schools such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School (Independent) located nearby. Tertiary institutions such as NUS, Singapore Polytechnic, and United World College of South East Asia (Dover Campus) are also within close proximity.
“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,” according to SRI’s Low.
Investors are drawn to projects at Clementi Avenue 1 because of the profile of tenants, who are primarily international students and professionals, adds Low. For example, according to data from EdgeProp Landlens and URA Realis, two-bedroom units at The Clement Canopy measuring 624 to 732 sq ft were leased for $4,200 to $4,700 per month, or $5.60 psf to $6.42 psf per month in January and February. The latest rental transaction at Clavon 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 the 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 achieved their Minimum Occupation Period (MOP) since 2021, with an additional 1,100 units set to do so this year. Meanwhile, ERA’s Chu says, “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.”
During the weekend of February 22-23, 2025, 1,041 units were sold at the 1,193-unit ParkTown Residence, which launched simultaneously with Elta. Combined, Elta and ParkTown Residence sold over 1,300 units, surpassing the 1,083 new homes sold for the entire month of January. According to PropNex’s Gafoor, the sales momentum seen towards the end of 2024 has carried into the new year, and he anticipates that the primary market will continue to be relatively lively in 2025 amid improved sentiment.
According to Huttons Data Analytics, developers’ sales in February are expected to exceed 1,500 units. In the first two months of 2025, between 2,500 and 2,700 units are expected to be sold, which is equivalent to 39% of the total new sales of 6,469 units for the entire 2024, according to Huttons. As a result, Huttons has revised its full-year projection to between 7,500 and 8,500 units for 2025, up from its previous estimate of 7,000 to 8,000 units. According to Huttons, full-year price growth for 2025 is estimated to be between 4% and 7%. If you’re interested in purchasing a unit at Elta, you can find the latest listings for Elta properties here.