Elta, a joint venture project by MCL Land and CSC Land Group, saw strong sales on Feb 22 with 326 out of 501 units sold at an average price of $2,537 psf. This translates to about 65% of the units sold. Majority of the buyers were Singaporeans, making up 90% of the buyers while the remaining 10% were permanent residents.
The most popular units among buyers were two-bedrooms, with 98% of the 179 units sold at prices starting from $1.388 million ($2,261 psf). Some 81% of the 108 three-bedrooms have also been taken up at prices starting from $2.198 million. The one-bedroom plus study units were also popular, with 78% snapped up from $1.158 million.
The three-bedrooms were popular among families, with the average household size being 3.1. Bigger or extended families purchased the four-bedroom units.
The project’s location near employment nodes such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, Jurong LakeDistrict and the future Dover Knowledge District, as well as its proximity to Clementi MRT Station on the East-West Line and the upcoming Cross Island Line, attributed to the strong sales.
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With schools such as Nan Hua High School, NUS High School of Mathematics and Science, and Anglo-Chinese School (Independent) nearby, Elta is said to be situated in the educational belt. Tertiary institutions such as NUS, Singapore Polytechnic and United World College of South East Asia (Dover Campus) are also nearby.
Projects at Clementi Avenue 1 are popular with investors given the profile of tenants – primarily international students and professionals. Over 60% of the units sold were the one- and two-bedders at Elta.
The weekend of Feb 22-23 also saw the launch of the 1,193-unit ParkTown Residence, which moved 1,041 units. Collectively, Elta and ParkTown Residence sold more than 1,300 units, surpassing the 1,083 new homes sold for the entire month of January.
Huttons Data Analytics estimates developers’ sales in February to exceed 1,500 units. The total sales for the first two months of 2025 — estimated to be between 2,500 and 2,700 units — is equivalent to 39% of the total new sales of 6,469 units for the entire 2024. As such, Huttons is revising its full-year projection for 2025 to between 7,500 and 8,500 units from its earlier estimate of 7,000 to 8,000. Its full-year price growth for 2025 is between 4% and 7%.
Overall, the robust sales of Elta demonstrate buyers’ confidence in a development that offers modern living, convenience, and comfort. With its location and amenities, it is expected to remain a sought-after destination for both homeowners and investors.