MCL Land and CSC Land Group will start previews for their Clementi project Elta on Friday (Feb 7), with prices starting at S$1.16 million for one-bedroom units.
Located in Clementi Avenue 1, the 99-year leasehold development will house 501 units in two 39-storey blocks.
The smallest units, one-bedders at 506 square feet (sq ft), are priced from S$1.16 million, or S$2,288 per square foot (psf).
Two-bedroom units of 614 to 807 sq ft start at S$1.39 million (S$2,260 psf); three-bedroom units of 926 to 1,023 sq ft start at S$2.2 million (S$2,373 psf); four-bedders, sized from 1,184 to 1,507 sq ft, start at S$2.8 million (S$2,363 psf).
The five-bedroom units, at 1,776 sq ft, are priced from S$3.89 million or S$2,189 psf.
The 144,788 sq ft site was acquired in a state tender in November 2023 for nearly S$633.45 million, or S$1,250 psf per plot ratio. It was the highest bid among six vying for the plot.
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Hongkong Land-owned MCL Land has a 51 per cent share in the joint venture, and CSC Land Group, a subsidiary of China Construction (South Pacific) Development Co, holds the other 49 per cent. This is their first joint development.
The District 5 project is within walking distance of Clementi Bus Interchange and Clementi MRT station, and near schools and the National University of Singapore.
Elta also stands near two other projects developed on government land sale sites along Clementi Ave 1. The 505-unit Clement Canopy, launched in 2017, and the 640-unit Clavon, marketed in 2020, were built by the UOL group; both are now fully sold.
Clavon, the most recent new launch in District 5, moved 442 units or about 70 per cent of the project at its weekend launch in December 2020. The average price there was S$1,640 psf; the units sold at the 2020 launch were priced between S$1,480 and S$1,850 psf, data from Urban Redevelopment Authority (URA) Realis showed.
Subsale transactions at the development surfaced from 2023; prices ranged from S$1,800 to S$2,300 psf.
Over the last six months, the median price for a condo unit in the resale market in District 5 was S$1,855 psf, according to data from URA’s Realis.
Elta will start booking sales on Feb 22. The project is expected to be completed by 2028.
