Clementi condo Elta is being launched by MCL Land and CSC Land; prices start at rough

Clementi condo Elta is being launched by MCL Land and CSC Land; prices start at roughly S$2,200 per square foot

The Clementi project is the first collaborative effort between the two partners and consists of 501 units.

February 5, 2025

CONDOsingapore.com

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On Friday, February 7, MCL Land and CSC Land Group will begin previewing their Clementi project Elta. One-bedroom units will start at S$1.16 million.

The 99-year leasehold development, which is situated in Clementi Avenue 1, will consist of two 39-story blocks with 501 units.

Starting at S$1.16 million, or S$2,288 per square foot (psf), the smallest units are one-bedrooms, which are 506 square feet (sq ft).

The starting price for two-bedroom units with 614–807 square feet is S$1.39 million (S$2,260 psf); the starting price for three-bedroom units with 926–1,023 square feet is S$2.2 million (S$2,373 psf); and the starting price for four-bedroom units with 1,184–1,507 square feet is S$2.8 million (S$2,363 psf).

The 1,776 square foot, five-bedroom apartments start at S$3.89 million, or S$2,189 per square foot.

In November 2023, the 144,788 square foot site was purchased for almost S$633.45 million, or S$1,250 per plot ratio, in a state tender. Out of the six bids for the plot, it was the highest.

MCL Land, owned by Hong Kong Land, owns 51% of the joint venture, while CSC Land Group, a division of China Construction (South Pacific) Development Co., owns the remaining 49%. This is the first time they have developed together.

The National University of Singapore, schools, and the Clementi Bus Interchange and Clementi MRT station are all within walking distance of the District 5 project.

Along Clementi Avenue 1, Elta is also close to two other projects built on government land sale sites. The UOL group built the 640-unit Clavon, which was marketed in 2020, and the 505-unit Clement Canopy, which was introduced in 2017; both units are now completely sold.

At its weekend launch in December 2020, Clavon, the most recent new project in District 5, moved 442 units, or roughly 70% of the project. According to data from Urban Redevelopment Authority (URA) Realis, the units sold at the 2020 launch were priced between S$1,480 and S$1,850 psf, with an average price of S$1,640 psf.

The development's subsale transactions began in 2023, with prices ranging from S$1,800 to S$2,300 per square foot.

According to data from URA's Realis, the median price for a condo unit in District 5's resale market over the previous six months was S$1,855 per square foot.

On February 22, Elta will begin booking sales. By 2028, the project should be finished.