MCL Land and CSC Land Group are set to preview their latest residential project, Elta, on Friday, February 7. Located in Clementi Avenue 1, the 99-year leasehold development comprises 501 units housed in two 39-storey towers, with prices starting from S$1.16 million for a one-bedroom unit.

Unit Pricing and Size Breakdown

The pricing details for the various unit types at Elta are as follows:

• One-bedroom units (506 square feet) start at S$1.16 million (S$2,288 per square foot or psf).
• Two-bedroom units (614 to 807 sq ft) start at S$1.39 million (S$2,260 psf).
• Three-bedroom units (926 to 1,023 sq ft) start at S$2.2 million (S$2,373 psf).
• Four-bedroom units (1,184 to 1,507 sq ft) start at S$2.8 million (S$2,363 psf).
• Five-bedroom units (1,776 sq ft) start at S$3.89 million (S$2,189 psf).

Land Acquisition and Developer Partnership

Elta sits on a 144,788 sq ft site that was secured through a state tender in November 2023 for approximately S$633.45 million (S$1,250 psf per plot ratio). The site attracted six bids, with MCL Land and CSC Land Group emerging as the highest bidders. This marks their first joint development, with MCL Land, a subsidiary of Hongkong Land, holding 51% ownership, and CSC Land Group, a subsidiary of China Construction (South Pacific) Development Co, holding the remaining 49%.

Prime Location and Nearby Developments

Elta is strategically positioned within District 5, offering convenient access to key amenities:

• Walking distance to Clementi Bus Interchange and Clementi MRT Station.
• Close proximity to reputable schools and the National University of Singapore (NUS).
• Adjacent to previous government land sale projects, including Clement Canopy (505 units, launched in 2017) and Clavon (640 units, launched in 2020) by the UOL Group. Both projects have since been fully sold.

Market Trends and Competitive Pricing

Clavon, the most recent launch in District 5, sold 442 units (approximately 70% of the project) during its weekend launch in December 2020. Units were priced between S$1,480 and S$1,850 psf according to URA caveat.

Recent subsale transactions at Clavon in 2023 recorded prices ranging from S$1,800 to S$2,300 psf. Additionally, the median resale condo price in District 5 over the past six months stood at S$1,855 psf.

Sales Timeline and Completion

Elta will begin accepting bookings on February 22, 2025, and is projected for completion by 2028.

With its convenient location, competitive pricing, and strong developer backing, Elta is expected to attract strong interest from both investors and homeowners alike.