MCL Land and CSC Land Group recently announced the successful sale of 326 units out of 501 at their joint venture project, Elta, on Clementi Avenue 1. This translates to a sales rate of around 65%, with an average price of $2,537 per square foot.
The majority of buyers were Singaporeans, making up 90% of the purchasers, while the remaining 10% were permanent residents. The highest number of buyers came from districts 19, 5, and 23, which cover areas such as Hougang, Serangoon, Sengkang, Punggol, Buona Vista, Clementi, Dover, Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview, and Dairy Farm.
Among the units sold, the two-bedroom apartments were the most popular, with 98% of the 179 units sold at an average price of $1.388 million ($2,261 psf). The three-bedroom units also saw strong demand, with 81% of the 108 units being sold at a starting price of $2.198 million. The one-bedroom plus study units were also in high demand, with 78% of them being snapped up at $1.158 million.
According to Ismail Gafoor, CEO of PropNex, more than 60% of the units sold were in the one- and two-bedroom categories, with prices below $2.2 million. He also noted that the robust sales reflect buyers’ confidence in Elta, which offers a perfect blend of modern living, convenience, and comfort. MCL Land CEO Lee Tong Voon also expressed his satisfaction with the sales numbers, stating that the strong response from buyers shows their trust in the development.
Elta is the last of three private condos to be launched on government land sales (GLS) sites on Clementi Avenue 1. The first two were The Clement Canopy with 505 units and Clavon with 640 units, both developed by UOL Group and Singapore Land Group. According to Ken Low, managing partner of SRI, there are no more development plots available in the Clementi town centre, contributing to the strong sales numbers at Elta.
One of the main reasons for the high demand for Elta is the track record of the previous projects on Clementi Avenue 1. Based on caveats lodged, the average selling price of The Clement Canopy has increased by 45% since its launch in 2017, while the average selling price at Clavon has risen by 27% since its debut in 2020.
Elta is located near various employment hubs, such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, Jurong Lake District, and the future Dover Knowledge District. In addition, it is also conveniently situated near Clementi MRT Station on the East-West Line and the upcoming Cross Island Line. Mark Yip, CEO of Huttons Asia, believes that the new MRT line will enhance connectivity in Clementi and potentially increase the quality of tenants for Elta.
Huttons’ Data Analytics estimates that the most significant group of Elta buyers came from the HDB upgraders in Clementi and Queenstown. With over 2,500 HDB units reaching their Minimum Occupation Period (MOP) this year and another 1,100 units doing so in 2025, this will continue to drive demand for private properties in the area.
Investing in a Singapore condo requires careful consideration of not just the property itself, but also its maintenance and management. Due to the shared ownership and facilities in condos, there are usually maintenance fees to cover the upkeep of common areas. While this may increase the overall cost of ownership, it is a necessary expense to ensure that the property remains well-maintained and retains its value. To make things easier for investors, it is beneficial to engage a property management company to handle the day-to-day management of the condo. This allows for a more passive investment as the management company takes care of the property on behalf of the owner.
Elta is also situated near several nature parks, including Clementi Woods Park, West Coast Park, and Kent Ridge Park, providing residents with easy access to green spaces. ERA Singapore CEO Marcus Chu notes that these factors, combined with Clementi’s excellent connectivity and amenities, make it an attractive destination for both homeowners and investors.
It is crucial for international investors to familiarize themselves with the regulations and limitations surrounding property ownership in Singapore. The purchase of condos is generally accessible to foreigners with minimal restrictions, unlike landed properties which have stricter ownership guidelines. However, foreign buyers are obligated to pay the Additional Buyer’s Stamp Duty (ABSD), currently set at 20%, for their initial property acquisition. Nonetheless, the reliable stability and promising growth potential of the Singapore real estate market continue to entice foreign investment. If you are interested in investing in Singapore, consider browsing listings for a Singapore Condo.
The first weekend of the project’s launch saw the simultaneous launch of another project, ParkTown Residence, which sold 1,041 units out of 1,093 units. Together, Elta and ParkTown Residence sold more than 1,300 units, surpassing the total number of new homes sold in January. This strong sales momentum from the end of 2024 has continued into the new year, and PropNex’s Gafoor expects the primary market to remain active in 2025.
Huttons Data Analytics estimates that developer sales in February will exceed 1,500 units, with a total of between 2,500 and 2,700 units being sold in the first two months of 2025. This is equivalent to 39% of the total new sales in 2024, leading Huttons to revise its full-year projection for 2025 to between 7,500 and 8,500 units. They also predict a price growth of between 4% and 7% for the year.