In a joint venture project by MCL Land and CSC Land Group, 326 out of 501 units at Elta located at Clementi Avenue 1 were sold on February 22, equating to 65% of the units at an average price of $2,537 psf. The majority of buyers were Singaporeans at 90%, while the remaining 10% were permanent residents. The top three districts with the highest number of buyers were districts 19, 5, and 23. The two-bedroom units were the most popular among buyers, with 98% of the 179 units sold at an average price of $2,261 psf. The three-bedroom units had 81% sold at an average price of $2,198 million, while the one-bedroom plus study units were also popular with 78% of units sold at an average price of $1,158 million.
The robust sales at Elta demonstrate buyers’ confidence in a development that offers a seamless blend of modern living, convenience, and comfort, according to MCL Land CEO Lee Tong Voon. MCL Land is the development arm of Hongkong Land based in Singapore. The project at Clementi Avenue 1 is the last development plot available in the area, with the two earlier projects, The Clement Canopy and Clavon, having been launched by UOL Group and Singapore Land Group on government land sale sites.
Elta is located in a prime spot near various employment nodes, 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. It also enjoys excellent connectivity with access to the East-West Line at Clementi MRT Station and the upcoming Cross Island Line that will run from east to west across Singapore.
The two-bedroom units at The Clement Canopy have been leased at $4,200 to $4,700 per month, while at Clavon, the latest rental transaction was for a 764 sq ft, two-bedroom unit leased for $4,600 per month. Elta is also near various schools, including Nan Hua High School, NUS High School of Mathematics and Science, Anglo-Chinese School (Independent), and tertiary institutions such as NUS, Singapore Polytechnic, and United World College of South East Asia (Dover Campus).
Based on data from EdgeProp Landlens and URA Realis, 60% of the units sold at Elta were the one- and two-bedroom types, which are popular with international students and professionals. Additionally, Elta has attracted many HDB upgraders from Clementi and Queenstown, with over 2,500 HDB units having reached their Minimum Occupation Period (MOP) since 2021 and an estimated 1,100 units set to do so this year.
Investing in real estate requires careful consideration, with one of the most important factors being the location. This is particularly true for properties in Singapore. Condos that are situated in central areas or those that are in close proximity to essential amenities such as schools, shopping malls, and public transportation hubs have shown to appreciate in value over time. Some prime locations in Singapore that have consistently seen growth in property values include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas are highly sought after and continue to attract investors due to their potential for growth. Additionally, condos located near reputable schools and educational institutions are highly desirable for families, making them a smart investment choice. For more information on upcoming Singapore projects, please visit Singapore Projects.
The weekend of February 22-23 also saw the launch of ParkTown Residence, with 1,041 units sold out of the 1,193 units. With over 1,300 units sold between Elta and ParkTown Residence, February has seen a strong sales momentum that is expected to continue through 2025, with improved sentiment in the primary market. Developers are projected to have sold more than 1,500 units in February, and Huttons Data Analytics forecasts full-year sales to be between 7,500 and 8,500 units, with a price growth of between 4% and 7%.