MCL Land, CSC Land Group sell 65% of Elta units at average price of $2,537 psfThe sale of 326 out of the 501 units at Elta, a joint venture between MCL Land and CSC Land Group at Clementi Avenue 1, has attracted much attention. This translates to about 65% of sales at an average price of $2,537 psf.On top of that, 90% of the buyers are Singaporeans while the remaining 10% are permanent residents. Notably, districts 19, 5 and 23 brought in the highest number of buyers. District 19 primarily covers Hougang, Serangoon, Sengkang, Punggol and the northeast region while district 5 consists of Buona Vista, Clementi, Dover and Pasir Panjang. Finally, district 23 covers Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview and Dairy Farm.Most notably, the two-bedroom units were the most sought after among buyers with 98% of the 179 units sold at prices from $1.388 million ($2,261 psf). Meanwhile, 81% of the three-bedroom units were also taken up at prices from $2.198 million. Additionally, the one-bedroom plus study units proved to be popular, with 78% of them being sold at prices starting from $1.158 million.Get the Latest Details on Available Units and Prices for ELTAShifting focus to the buyers, over 60% of the units sold were one- and two-bedroom types transacted at prices below $2.2 million. This information was shared by Ismail Gafoor, CEO of PropNex. “The robust sales underscore buyers’ confidence in a development that seamlessly blends modern living with convenience and comfort.” MCL Land CEO, Lee Tong Voon added that “The strong sales demonstrate buyers’ trust in a project that combines contemporary living with ease and comfort.” It is important to note that MCL Land is the development arm of Hongkong Land located in Singapore.However, Elta is not the only project available in Clementi Avenue 1. The other two projects were The Clement Canopy with 505 units and Clavon with 640 units. Like Elta, these were jointly developed by UOL Group and Singapore Land Group. However, there are no available plots for further development in the Clementi town centre according to Ken Low, managing partner of SRI.Inspecting the track record of projects at Clementi Avenue 1, two-bedroom units were being leased at $4,200 to $4,700 per month or $5.60 psf to $6.42 psf per month in January and February. This information is gathered from data provided by EdgeProp Landlens and URA Realis. The latest rental transaction at Clavon was for a 764 sq ft, two-bedroom unit that went for $4,600 or $6.02 psf per month (source: EdgeProp Landlens). For more information, you can browse new landed propertyThis project’s location is right in the educational belt with schools such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School (Independent). Aside from that, tertiary institutions such as NUS, Singapore Polytechnic and United World College of South East Asia (Dover Campus) are also located nearby.Looking at the advantages, Marcus Chu, CEO of ERA Singapore believes that Elta has benefited greatly from the healthy pool of HDB upgraders located in Clementi and Queenstown. Furthermore, over 2,500 HDB units have reached their Minimum Occupation Period (MOP) this year with an additional 1,100 units set to do so. Chu added that “The development is also well-connected to several nature parks, including Clementi Woods Park, West Coast Park, and Kent Ridge Park, offering residents easy access to green spaces.”It is clear that this project has a lot of advantages that have made it a popular project among investors. This is evident in the 60% of units that are one- and two-bedroom types that were sold to investors. Additionally, Singaporeans made up 90% of the buyers while the remaining 10% were permanent residents. If you are looking for a project that is well-connected and convenient, then Elta may be a good option for you.
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