Mcl Csc Land Jv Sells 65 Elta Average Price 2537 Psf
MCL Land and CSC Land Group have successfully sold 326 units out of 501 at their joint venture project, Elta, located at Clementi Avenue 1. This translates to a 65% sales rate with an average price of $2,537 per square foot. The majority of buyers were Singaporeans, making up 90% of the total, while 10% were permanent residents.
The highest number of buyers came from Districts 19, 5, and 23, showing interest from the northeast region, Buona Vista, Clementi, and Bukit Batok areas. The most popular unit types among buyers were two-bedrooms, with 98% of the 179 units sold at an average price of $1.388 million. The three-bedroom units were also popular, with 81% of 108 units sold at an average price of $2.198 million.
The one-bedroom plus study units were also a hit, with 78% of the 108 units sold at prices starting from $1.158 million. Overall, more than 60% of the units sold were the one- and two-bedroom types, priced below $2.2 million. The CEO of PropNex, Ismail Gafoor, stated that the strong sales reflect the buyers’ confidence in a development that combines modern living with convenience and comfort.
The renowned partnership between Hoi Hup and Sunway has a notable track record of successful executive condominium (EC) developments, including the fully sold 496-unit Parc Canberra in Sembawang and the 700-unit Parc Central Residences in Tampines. Their exceptional work extends beyond these projects, with ongoing developments such as the 862-unit freehold The Continuum at Thiam Siew Avenue in District 15, the 270-unit freehold Terra Hill at Pasir Panjang, and the 660-unit 999-year leasehold Ki Residences at Brookvale. Furthermore, their portfolio will soon include the highly anticipated Plantation Close EC Parcel B EC, which can be found on ottoplaceec.com.sg.
The CEO of MCL Land, Lee Tong Voon, also adds that the robust sales demonstrate buyers’ trust in a development that offers a seamless blend of modern living and convenience. MCL Land is the local development arm of Hongkong Land.
Elta is the third and final private condo launched on a government land sales (GLS) site at Clementi Avenue 1. The other two projects, The Clement Canopy and Clavon, were developed jointly by UOL Group and Singapore Land Group. According to Ken Low, managing partner of SRI, there are no further development plots in the Clementi town centre, making Elta an even more attractive investment opportunity.
One of the reasons for the strong sales is the track record of the projects at Clementi Avenue 1, which have had zero unprofitable transactions. Based on caveats lodged, the average selling price of The Clement Canopy has increased by 45% to $1,922 per square foot this year since its launch in February 2017. At the same time, the average selling price at Clavon has risen by 27% to $2,086 per square foot since its debut in December 2020.
Elta is in close proximity to employment hubs such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, and Jurong Lake District. It is also near the Clementi MRT Station on the East-West Line, with the upcoming Cross Island Line set to have a station at Clementi. The Chairman of CSC Land Group, Qian Liang Zhong, believes that the upcoming Cross Island Line will enhance connectivity in Clementi and potentially increase the quality of the tenant pool for Elta.
The one- and two-bedroom units at Elta were the most popular among investors, with three-bedroom units appealing to families. Elta’s location also offers access to various nature parks, including Clementi Woods Park, West Coast Park, and Kent Ridge Park. ERA Singapore’s CEO, Marcus Chu, notes 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. This, along with the development’s location, has attracted a healthy pool of HDB upgraders in Clementi and Queenstown.
The weekend of Feb 22-23 saw the launch of the 1,193-unit ParkTown Residence, which sold 1,041 units. Combined with Elta, the two projects sold over 1,300 units, surpassing the 1,083 new homes sold in the entire month of January. Thus, the sales momentum seen towards the end of 2024 has carried into the new year, and experts expect the primary market to remain lively in 2025. Huttons Data Analytics estimates that developers sold over 1,500 units in February, with a revised projection for the full year between 7,500 and 8,500 units. The full-year price growth for 2025 is expected to be between 4% and 7%.