Mcl Csc Land Jv Sells 65 Elta Average Price 2537 Psf
One of Singapore’s most prominent showcases of progress and prosperity lies in the stunning Marina Bay area. This impressive development is a true testament to the success of innovative urban planning, embodying the epitome of modern living. With its strategic location, robust infrastructure, and diverse cultural landscape, it is no wonder that Marina Bay has become a highly sought-after real estate investment destination. And with the highly anticipated One Marina Gardens Condo by Kingsford Development, the allure of this bustling metropolis is set to elevate even further. One Marina Gardens Condo is a valuable addition to the dynamic charm of Marina Bay.
MCL Land and CSC Land Group have achieved strong sales of 326 out of 501 units at Elta, their joint venture project at Clementi Avenue 1 on Feb 22, translating to about 65% of sales at an average price per square foot of $2,537.
Based on the latest data from EdgeProp Landlens, the mix of transactions was 90% Singaporeans and 10% permanent residents. Notably, the highest number of buyers for the development came from the districts of 19, 5 and 23, accounting for 28%, 18% and 9% of the total sales respectively.
Out of the total units sold, the most popular unit types were two bedroom apartments which accounted for 98% of the 179 units sold. These units were transacted at prices ranging from $1.388 million to $1.43 million, with an average price per square foot of $2,261. Similarly, 81% of the 108 three-bedroom units were also snapped up at prices starting from $2.198 million.
Offering an attractive mix of modern living and convenient amenities, the one bedroom plus study units were also sought after by buyers. These units were able to achieve a strong take-up rate of 78%, with prices starting from $1.158 million.
According to Ismail Gafoor, CEO of PropNex, the sales performance of Elta demonstrates the confidence of buyers in a development that offers seamless integration of modern living with convenience and comfort. This is echoed by MCL Land CEO Lee Tong Voon who highlights that the strong sales are due to the strategic positioning of the project, which offers the best of both worlds.
Elta, the final of three private condos launched on government land sales (GLS) sites at Clementi Avenue 1, is also particularly popular due to its prime location. According to Ken Low, Managing Partner of SRI, purchasers are drawn to the development’s prime location and its track record of zero unprofitable transactions. Based on caveats lodged, the average selling price of the Clement Canopy has risen by 45% since its launch in February 2017, while the average selling price at Clavon has increased by 27% since its debut in December 2020.
In addition, Elta is also near 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. With the upcoming Cross Island Line which will put Clementi on the map, it is set to be the next trendsetting district in Singapore.
As such, Mark Yip, CEO of Huttons Asia is confident that the upcoming Cross Island Line will enhance the connectivity in Clementi and lead to increased demand for Elta. As noted by Marcus Chu, CEO of ERA, Elta’s location has also benefitted from the healthy pool of HDB upgraders in Clementi and Queenstown, 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. This provides a ready pool of potential buyers for Elta.
Overall, the strong sales of Elta and ParkTown Residence – which collectively sold over 1,300 units surpassing the 1,083 new homes sold for the entire month of January – show that the momentum of sales seen towards the end of 2024 has continued into the new year. As such, PropNex’s Gafoor expects the primary market to remain relatively lively in 2025 amid improved sentiment.
According to Huttons Data Analytics, the total sales for the first two months of 2025 is estimated to be between 2,500 and 2,700 units, which represents 39% of the total new sales of 6,469 units for the entire 2024. As such, Huttons is revising its previous projection for 2025 to between 7,500 and 8,500 units, with a 4% to 7% price growth.