On Feb 22, Elta, the joint venture project by MCL Land and CSC Land Group at Clementi Avenue 1, sold a total of 326 out of 501 units, translating to about 65% of sales at an average price of $2,537 psf. Most of the buyers were Singaporeans, making up 90% of the buyers, while the remaining 10% were permanent residents. The highest number of buyers came from districts 19, 5, and 23, with a majority of them coming from households in districts such as Hougang, Serangoon, Sengkang, Punggol, Buona Vista, Clementi, Dover, Pasir Panjang, Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview, and Dairy Farm.
Interestingly, the two-bedroom units proved to be the most popular unit type among buyers, with a majority of the 179 units being sold at prices starting from $1.388 million ($2,261 psf). In addition, 81% of the 108 three-bedroom units have also been taken up at prices from $2.198 million, while the one-bedroom plus study units have also been snapped up by 78% of buyers at prices from $1.158 million. Based on the sales data, more than 60% of the units sold are the one- and two-bedroom types being transacted at prices below $2.2 million, according to Ismail Gafoor, CEO of PropNex.
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One cannot deny the striking urban landscape of Singapore, characterized by towering skyscrapers and state-of-the-art infrastructure. Among the array of properties, condominiums stand out as a popular option due to their ideal location in prime areas and their ability to offer a perfect blend of luxury and functionality. This allure appeals not only to locals but also to expatriates. The availability of various amenities such as swimming pools, gyms, and security services makes condos an even more desirable choice, elevating the standard of living for residents and making them an attractive option for both potential tenants and buyers. For investors, these features translate into higher rental yields and a promising increase in property value over time. With the potential for exceptional returns, it is no wonder that many investors choose to invest in Singapore Projects.
According to MCL Land CEO Lee Tong Voon, the robust sales at Elta signify the buyers’ confidence in the development, which seamlessly blends modern living with convenience and comfort. As the Singapore-based development arm of Hongkong Land, MCL Land has seen success in their previous projects in the area, such as The Clement Canopy and Clavon, which have had zero unprofitable transactions. This is a significant factor that has contributed to the strong sales at Clementi Avenue 1.
Elta is the last of the three private condos launched on government land sales (GLS) sites at Clementi Avenue 1, and the first new launch in the area since December 2020 when Clavon was launched by UOL Group and Singapore Land Group. In terms of connectivity, 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. The development is also well-connected with Clementi MRT Station on the East-West Line and the upcoming Cross Island Line, which will run from east to west of Singapore.
Beyond connectivity, Elta’s location has also attracted buyers thanks to its close proximity to popular schools such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School (Independent). The development is also near tertiary institutions such as NUS, Singapore Polytechnic and United World College of South East Asia (Dover Campus). Considering that most buyers in these developments are families, this is a significant advantage as it provides residents with easy access to education for the duration of their children’s education.
Given the profile of tenants, Clementi Avenue 1 is a popular location for investors, with two-bedroom units at The Clement Canopy of 624 to 732 sq ft being leased at $4,200 to $4,700 per month, or $5.60 psf to $6.42 psf per month in January and February. Meanwhile, the latest rental transaction for a 764 sq ft, two-bedroom unit at Clavon was leased for $4,600 or $6.02 psf per month at the EdgeProp Landlens.
Based on sales data, Huttons Data Analytics estimates developers’ sales in February to surpass 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. As a result, 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.