MCL Land and CSL Land preview Elta on Feb 7; units priced from $2,189 psf

The upcoming launch of Elta, which is jointly developed by MCL Land and CSC Land Group, will mark the third new condominium to be built along Clementi Avenue 1 in recent years. The 501-unit project is set to preview on Feb 7, with a public sales launch on Feb 22.

Elta consists of two 39-storey residential towers with a mix of one-bedroom-plus-study units sized from 506 sq ft, to 1,776 sq ft five-bedroom units. There are also 36 four-bedroom dual-key units of 1,313 sq ft each.

The joint developers have indicated that one-bedroom-plus-study units will be priced from $1.158 million ($2,288 psf); two-bedroom units from 614 sq ft will be from $1.388 million ($2,261 psf); while three-bedroom units will start from 926 sq ft and are priced from $2.198 million ($2,374 psf). Larger units, such as four-bedders of 1,184 sq ft, will be priced from $2.798 million ($2,363 psf), while 1,776 sq ft five-bedders will start from $3.888 million ($2,189 psf).

Final project at Clementi Avenue 1

Elta sits on a 144,788 sq ft government land sale (GLS) site that the joint-venture (JV) partners won in November 2023 after submitting the highest of six bids received at the close of the tender. Their bid price of $633.45 million translated to $1,250 psf per plot ratio (ppr).

The project marks the first JV between Singapore-based developer MCL Land, a wholly owned subsidiary of Hongkong Land, and CSC Land, a China Construction (South Pacific) Development subsidiary.

There are 36 two-bedroom-plus-study units of 807 sq ft at Elta.

There was strong interest in the site because it was the third and final available GLS site along Clementi Avenue 1. “There is a limited number of land parcels for future private residential developments in the mature Clementi estate,” says Mark Yip, CEO of Huttons Asia. “With part of Dover Forest retained as a nature park, other development parcels are only located at Clementi Avenue 6 and Clementi Close.”

The first residential development site of 140,286 sq ft at Clementi Avenue 1 was purchased for $302.1 million ($615 psf ppr) in 2015 by a joint venture between UOL Group and Singapore Land Group (SingLand). The land parcel is adjacent to NUS High School and Nan Hua High School. The site has since been developed into the 505-unit The Clement Canopy.

Launched in February 2017 at an average price of $1,323 psf, Clement Canopy was fully sold by March 2019, and the project was completed later that year. Based on caveats lodged in January, two units changed hands at an average price of $1,917 psf, 44.9% above the average launch price.

Elta also offers 36 four-bedroom dual-key units of 1,313 sq ft.

UOL-SingLand also obtained the second GLS site at Clementi Avenue 1 in July 2019 with a winning bid of $491.3 million ($788 psf ppr). The project was launched as the 640-unit Clavon in December 2020, and 70% of the units were sold at an average price of about $1,640 psf on the first weekend of sales.

Clavon was fully sold by September 2022 and completed last year. Based on caveats lodged in January, units have changed hands at an average price of $2,060 psf, or 25.6% above the average launch price.

Strong underlying housing demand in Clementi

“The ability of Clavon and Clement Canopy to be fully sold within two years of their launch is a testament to the desirability of this part of Clementi,” says Huttons’ Yip.

MCL Land and CSC Land are confident of the neighbourhood’s vibrancy and popularity with homebuyers. They point to its proximity to Nan Hua Primary School, Anglo-Chinese School (Independent), NUS High School of Math and Science, Singapore Polytechnic, National University of Singapore, and United World College of South East Asia.

Clementi Avenue 1 is accessible via buses, and Clementi MRT Station (on the East-West Line) is nearby. According to a representative of the JV, the site’s orientation offers panoramic views of the CBD, Pandan Reservoir, and the sea.

The living room of the four-bedroom dual-key show unit at Elta.

The representative adds that the location also benefits from its proximity to business hubs such as Jurong Lake District and one-north, as well as green spaces like Clementi Woods Park and Clementi Forest.

The JV expects buyers to be a mix of upgraders and those looking to downsize from landed homes in the West Coast area. “We are targeting families and professionals who want to live close to schools in Clementi and the nearby business districts of Jurong Lake and one-north, as well as those who want the convenience of modern amenities and nature at their doorstep,” they say.

Marcus Chu, CEO of ERA Singapore, adds that since 2021, nearly 1,800 flats in the Clementi area have completed their minimum occupation period (MOP). “This provides a solid base of potential HDB upgraders looking for a private home in the vicinity,” he suggests.

Elta concoction

The condo’s name, Elta, is a fusion of the words “elevated” and “alta”, the Latin word for “tall” or “lofty”, says the developer. The design architect for Elta is P&T Consultants, with Index Design as the interior designer and EcoPlan Asia as the landscape architect.

CSC Land knows the West Coast area well. In May 2018, CSC Land launched its maiden residential project, the 520-unit Twin Vew at West Coast Vale. On the launch weekend, the developer sold 85% of the units at an average of $1,399 psf.

Twin Vew was fully sold and completed in 2021. This year so far, the average transacted price is $1,792 psf, 28% above the launch price.

The master bedroom of the four-bedroom dual-key unit at Elta.

CSC Land’s second project was the 258-unit Verdale at De Souza Avenue, off Jalan Jurong Kechil in District 21 of the Rest of Central Region (RCR). The project was launched in September 2020 and units were sold at an average price of $1,720 psf.

Verdale was completed in 2023. Between October 2024 and January, units changed hands for an average of $2,042 psf, or 18.7% higher than its average launch price four years ago.

Besides Elta, CSC Land is a joint-venture partner with GuocoLand and Hong Leong Holdings in the upcoming launch of the 477-unit Lentor Central Residences at Lentor Hills estate.

Meanwhile, MCL Land and Sinarmas Land launched the 552-unit Nava Grove last November, which chalked up 65% sales on its first weekend. To date, the project is 72% sold at an average price of $2,446 psf, based on caveats lodged.

Potential buyers

Huttons’ Yip notes that Clementi is a proven location in terms of rentability and price appreciation. The sweet spot for buyers of a new condo unit today is between $1.5 million and $2.5 million, he adds.

At Elta, more than half (57%) of the units are two- and three-bedders, which fall within this price range.

ERA’s Chu points out that the two-bedroom units have an efficient dumbbell layout, with the bedrooms flanking the living area. The fact that the kitchen can be enclosed is a “rare feature for smaller-sized units today”, he adds.

The living room of the five-bedroom show unit, which spans 1,776 sq ft.

Chu observes that the three- and four-bedroom units at Elta will likely appeal to HDB upgraders given their spacious living and dining area, along with natural ventilation in all the bathrooms and kitchens.

Chu opines that global economic uncertainty and elevated trade tensions are expected to keep interest rates high for a “prolonged period” and might erode homebuyers’ confidence. “With rising home prices, developers are more sensitive in balancing buyers’ affordability and sizes of new homes. Hence, we see smaller units with efficient layouts and designs that provide flexible uses to owners,” he says.

This year, more than 12,000 units (including executive condos) are slated for launch. In addition to Elta, projects set to enter the market later this quarter include the 477-unit Lentor Central Residences, Aurelle of Tampines, the 760-unit EC project in Tampines, and the 1,193-unit ParkTown Residence.

“We think the ample supply of launches lined up will benefit prospective buyers given the range and variety of projects,” says Ismail Gafoor, CEO of PropNex.