West life: New condo project in Clementi set to excite buyers

Clementi, a well-established and popular estate, is due to welcome another new private residential project. The site can potentially offer 500 dwelling units, and it is wedged right in the middle of two private residential projects along Clementi Avenue 1 – Clavon and The Clement Canopy, both of which are fully-sold.

In a government land sales (GLS) tender which closed on 7 November 2023, the latest Clementi Avenue 1 plot in District 5 garnered 6 bids in a hotly contested tender, fetching a top land bid price of $633.45 million. The top bid which is tabled by CSC Land Group (Singapore) Pte. Ltd. and Caspian Residential 3 Pte. Ltd. (an entity of MCL Land) works out to a land rate of $1,250 psf per plot ratio (psf ppr).

The last GLS site to be tendered for in the vicinity was the Clavon plot, which was awarded for $491.3 million ($788 psf ppr) in July 2019. Meanwhile, the other adjacent site, where The Clement Canopy sits was awarded in December 2015 for $302.1 million ($615 psf ppr).

Going by the healthy take-up at the Clavon and The Clement Canopy and a dearth of new launches in the Clementi area in recent years, the upcoming Clementi Avenue 1 project is expected to generate a lot of interest amongst prospective buyers, including HDB upgraders and investors. Looking at caveat data for new home sales at Clavon and The Clement Canopy, some 41% of the buyers have an HDB address – suggesting healthy upgraders’ demand for this locale.

Good for own stay, with decent rentability

Location-wise, Clementi is a well-developed neighbourhood and the upcoming project is surrounded by a number of schools, is near the Clementi town centre, and not far from the future Jurong Lake District (JLD). This makes the development suitable for own stay and potentially set to enjoy healthy leasing demand from workers and students.

The site is about 10 minutes’ drive to Jurong East and the one-north R&D precinct, and less than 15 minutes’ drive to Harbourfront area and the Mapletree Business City. These are all key employment hubs that could offer potential tenants to owners of the future condo project in Clementi Avenue 1, or provide greater convenience to owners who work at these locations. In addition, it is similarly a short drive from the future Greater Southern Waterfront, which will be transformed into an iconic waterfront residential and commercial destination. 

Meanwhile, schools in the vicinity include Clementi Primary, Pei Tong Primary, Nan Hua High School, NUS High School of Math and Science, the National University of Singapore, Singapore Polytechnic, as well as the Japanese Primary School and United World College of South East Asia (Dover Campus). The proximity to these education institutions could make the new project appealing to young families and expatriates. 

Bustling Clementi town

Apart from being near to plenty of schools, the site is also close to the Clementi town centre which is slightly over 10 minutes’ walk away. There, residents can find a range of amenities such as The Clementi Mall, Grantral Mall @ Clementi, the market and hawker centre, and the Clementi Polyclinic. Meanwhile, on the other side of the Ayer Rajah Expressway (AYE), there are the West Coast Plaza, Clementi West hawker centre, and the Clementi Woods Park for a dose of nature and greenery. Closer to home, there are also food court and supermarket at the nearby HDB housing estate.

Private homes in the Clementi planning area tend to be sought-after, as seen by recent launches. Clavon which was launched in 2020 is fully sold, while Ki Residences at Brookvale (also launched in 2020) and Parc Clematis which hit the market in 2019 are both close to selling out.

Connectivity

The nearest MRT station is at the Clementi town centre, where the bus interchange is situated as well. Residents can take a short walk to the Clementi MRT station (on the East-West Line) or catch a bus ride from the bus stop that’s steps away from the project. The truck route runs from the Bukit Batok Interchange, looping at Clementi Avenue 1, passing by the Clementi MRT station. In addition, the upcoming project is also easily accessible to the AYE via Clementi Avenue 2 – taking residents towards Jurong or the city centre.

The East-West Line takes commuters from the Clementi MRT station to Raffles Place in about 24 minutes. It also provides good connectivity to the northern and central parts of Singapore with the Jurong East interchange station (linked to the North-South Line) and the Buona Vista interchange station (connected to the Circle Line) being just one stop and two stops respectively, from the Clementi MRT station.

About the developer

MCL Land is a member of the Jardine Matheson Group under Hongkong Land Holdings. The Group owns and manages more than 850,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong, Singapore, Beijing and Jakarta. MCL Land is a leading residential developer with a legacy of iconic residential developments in Singapore and Malaysia. Some of its notable projects include Copen Grand EC, Leedon Green, J Gateway, Parc Esta, Margaret Ville, Lake Grande, and Sol Acres.

CSC Land is one of Singapore’s leading real estate developers with parentage to China State Construction Engineering Corporation (CSCEC), one of the world’s largest investment and construction conglomerates. Established in 1992, it has developed more than 200 residential projects to date in Singapore and received numerous building accolades. Some of its most recent projects include Twin Vew, Parc Greenwich, Verdale.