MCL Land and CSC Land Group have reported that 326 out of the 501 units at their joint venture project on Clementi Avenue 1, Elta, were sold on Feb 22. This represents a sales rate of 65%, with an average price of $2,537 psf.
The project attracted mostly Singaporean buyers, who made up 90% of the purchasers. The remaining 10% were permanent residents. The majority of the buyers came from districts 19, 5, and 23, which cover areas such as Hougang, Serangoon, Sengkang, Buona Vista, Clementi, Bukit Batok, and Bukit Panjang.
Among the units sold, the most popular were the two-bedroom units, with 98% of the 179 units taken up at prices starting from $1.388 million ($2,261 psf). The three-bedroom units were also in high demand, with 81% of the 108 units sold at prices starting from $2.198 million. The one-bedroom plus study units were also snapped up, with 78% of the 45 units sold at prices starting from $1.158 million.
A major advantage of investing in a condominium is the opportunity to leverage its value for future investments. This approach allows savvy investors to use their condos as collateral to secure additional financing for other real estate ventures, ultimately diversifying and expanding their investment portfolio. Nevertheless, this strategy must be approached with caution, as it carries certain risks. It is essential to have a solid financial plan in place and to carefully assess the potential effects of market fluctuations before venturing into other Singapore Condo investments.
The sales of Elta reflects buyers’ confidence in a development that offers modern living, convenience, and comfort, according to Ismail Gafoor, CEO of PropNex. MCL Land CEO Lee Tong Voon also expressed confidence in the project, citing Elta as a testament to MCL Land’s commitment to providing quality homes that meet the needs of their buyers.
Elta is the third private condominium launched on government land sales (GLS) sites on Clementi Avenue 1, the final development plot in the area. According to Ken Low, managing partner of SRI, this is the main reason for the strong sales, adding that this area has a track record of zero unprofitable transactions.
The average selling price of The Clement Canopy has increased 45% to $1,922 psf since its launch in February 2017, while the average selling price at Clavon has risen 27% to $2,086 psf since its launch in December 2020. The strong rental pool in the area is also a major selling point, with two-bedroom units at The Clement Canopy leased at $4,200 to $4,700 per month and at $4,600 per month at Clavon.
Elta is located near several employment nodes, including the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, and Jurong Lake District. It is also close to the upcoming Clementi MRT Station on the East-West Line and the future Cross Island Line, which will run from east to west of Singapore. According to Mark Yip, CEO of Huttons Asia, the upcoming Cross Island Line will enhance the connectivity in Clementi and potentially increase the quality tenant pool for ELTA.
The one- and two-bedroom units at Elta were the most popular among investors, while the three-bedroom units were popular among families. 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,” says Qian Liang Zhong, chairman of CSC Land Group.
Elta is near several schools, including 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.
According to SRI’s Low, the weekend of Feb 22-23 also saw the launch of the 1,193-unit ParkTown Residence, which sold 1,041 units. Together, Elta and ParkTown Residence sold more than 1,300 units, surpassing the 1,083 new homes sold for the entire month of January. PropNex’s Gafoor expects the sales momentum to continue in the primary market, citing improved sentiment.
ERA Singapore CEO Marcus Chu also reported that Elta has benefitted from the healthy pool of HDB upgraders in Clementi and Queenstown. He estimates that over 2,500 HDB units have reached their Minimum Occupation Period (MOP) since 2021 and an additional 1,100 units will do so this year. In addition, ERA’s Chu added that the development is well-connected to several nature parks, including Clementi Woods Park, West Coast Park, and Kent Ridge Park.
Huttons Data Analytics estimates developers’ sales in February to exceed 1,500 units, and the total sales for the first two months of 2025 to range between 2,500 and 2,700 units, or 39% of the total new sales in 2024. 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. The full-year price growth for 2025 is expected to range between 4% and 7%.