According to data from EdgeProp, on February 22, MCL Land and CSC Land Group jointly sold 326 units out of the 501 units available at Elta, a project in Clementi Avenue 1. This translates to about 65% of sales at an average price of $2,537 per square foot.
90% of the buyers were Singaporeans, while the remaining 10% were permanent residents. The majority of buyers came from districts 19 (primarily Hougang, Serangoon, Sengkang, Punggol, and northeast region), 5 (Buona Vista, Clementi, Dover, and Pasir Panjang), and 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview, and Dairy Farm).
The most popular units among buyers were the two-bedroom units, with 98% of the 179 units sold at prices ranging from $1.388 million ($2,261 per square foot). 81% of the 108 three-bedroom units were also sold at prices starting from $2.198 million. The one-bedroom plus study units were also popular, with 78% of them being sold at prices starting from $1.158 million.
Over 60% of the units sold were one- and two-bedroom units, with prices below $2.2 million, according to Ismail Gafoor, CEO of PropNex. “The strong sales reflect buyers’ confidence in a development that seamlessly blends modern living with convenience and comfort,” says MCL Land CEO Lee Tong Voon. MCL Land is the Singapore-based development arm of Hongkong Land.
Elta is the last of three private condos launched on government land sales (GLS) sites at Clementi Avenue 1. According to Ken Low, managing partner of SRI, there are no more development plots available in the Clementi town center. He believes that one of the main reasons for the strong sales is the track record of the projects at Clementi Avenue 1, with 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. Meanwhile, the average selling price at Clavon has risen by 27% to $2,086 per square foot this year since its debut in December 2020.
Elta is situated 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. In addition to being close to the Clementi MRT Station on the East-West Line, the upcoming Cross Island Line, which will run from east to west of Singapore, will have a station at Clementi. According to Mark Yip, CEO of Huttons Asia, the upcoming Cross Island Line will improve the connectivity in Clementi and potentially increase the quality tenant pool for ELTA.
The most popular units among investors were the one- and two-bedroom units, according to Marcus Chu, CEO of ERA Singapore. He adds that Clementi and Queenstown have a healthy pool of HDB upgraders, with over 2,500 HDB units reaching their Minimum Occupation Period (MOP) since 2021, and an additional 1,100 units set to do so this year. Chu also believes that the development’s proximity to several nature parks, including Clementi Woods Park, West Coast Park, and Kent Ridge Park, has contributed to its popularity among buyers.
The weekend of February 22-23 also saw the launch of the 1,193-unit ParkTown Residence, which moved 1,041 units. Combined, Elta and ParkTown Residence sold more than 1,300 units, surpassing the 1,083 new homes sold for the entire month of January. According to PropNex’s Gafoor, the sales momentum seen towards the end of 2024 has carried into the new year, and they anticipate the primary market to remain relatively lively in 2025 amid improved sentiment.
When it comes to investing in a Singapore condo, financing plays a crucial role. With a variety of mortgage choices available in Singapore, it is essential for investors to have an understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework limits the amount of loan a borrower can obtain based on their income and existing debt obligations. To make well-informed decisions about financing, it is advisable to work with financial advisors or mortgage brokers who can provide valuable insights on navigating the TDSR and avoiding over-leveraging.
Huttons Data Analytics estimates that developers’ sales in February will exceed 1,500 units. According to Huttons, 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 year of 2024. They have revised their full-year projection for 2025 to between 7,500 and 8,500 units, up from their previous estimate of 7,000 to 8,000 units. They also estimate a full-year price growth between 4% and 7%.