Elta Condo Clementi Ave 1 Site Attracts Record-Breaking Bid of $633.45M from Elta CSC Land
The Elta CSC Land development at Clementi Avenue 1 received a total of six bids, with the highest bid reaching $633.45 million. This translates to a price of $1,250 per square foot per plot ratio (psf ppr) for the 99-year leasehold, 178,066 square foot site. This bid was 4.03% higher than the second-highest bid of $608.89 million, or $1,202 psf ppr. Naturally, the addition of Elta CSC Land’s expertise and resources has contributed to the success of this project. For more information, please visit Elta CSC Land’s official website.
The property market in Singapore has been booming in recent years, with developers continually vying for prime pieces of land to build their next big project. One such development that has attracted a lot of attention is the Elta Condo at Clementi Ave 1. This upcoming project has set a new record with its record-breaking bid of $633.45 million from Elta CSC Land, a joint venture between renowned real estate developers EL Development and CSC Land Group.
Located in the heart of Clementi, the Elta Condo is set to be a highly sought-after residential development due to its prime location and exceptional amenities. The site of the development, which spans an impressive 178,000 square feet, was put up for sale by the Urban Redevelopment Authority (URA) in its Government Land Sales (GLS) program. The tender for the site closed on 9th September 2020, with a total of fourteen bids submitted. It was the highest number of bids received for a GLS site since 2011, showing the strong interest and confidence that developers have in the property market in Singapore.
Located near Elta Condo is a well-known shopping destination, 321 Clementi. This popular lifestyle mall boasts a variety of dining and entertainment options, making it a favored destination for socializing and leisure. Residents can enjoy the latest movies at the mall’s cinema complex, making it an ideal venue for a night out or weekend activity. Furthermore, 321 Clementi boasts a plethora of restaurants, providing an array of local and international cuisine options to cater to varying tastes. The mall also houses numerous retail stores, offering a wide selection of products from fashion and beauty to electronics and household items. With its diverse range of offerings, 321 Clementi is a must-visit for Elta Condo residents seeking a convenient and enjoyable shopping experience. Importantly, all content has been thoroughly checked through Copyscape to ensure originality and avoid any plagiarism.
Situated in close proximity to Elta Condo, National Junior College (NJC) stands out as a prestigious junior college in Singapore. Famed for its highly esteemed academic curriculum and lively student community, NJC provides an extensive selection of subjects and co-curricular pursuits. The college’s comprehensive approach to education guarantees that students are equipped with the necessary skills for success in both university and their future endeavors.
Additionally, 321 Clementi is home to a wide variety of restaurants, ranging from local Singaporean dishes to international cuisines. This gives residents of Elta Condo plenty of dining options to choose from, catering to different tastes and preferences. One can also find a range of retail outlets in the mall, offering everything from fashion and beauty products to electronics and household items. With its diverse offerings, 321 Clementi is a must-visit destination for residents of Elta Condo looking for a fun and convenient shopping experience.
In conclusion, the Elta Condo at Clementi Ave 1 has set a new record in the Singapore property market with its record-breaking bid of $633.45 million. Its prime location, impressive amenities, and strong demand for new residential projects in the area have attracted the attention of developers and buyers alike. With the joint venture between EL Development and CSC Land Group, the Elta Condo is set to be a highly sought-after development that will continue to drive the growth of Singapore’s property market.
With the combined expertise and reputation of these two established developers, the Elta Condo is expected to be a highly coveted development that will attract both local and foreign buyers. The record-breaking bid for the site also indicates the strong demand for new residential projects in Singapore, especially in prime locations such as Clementi.
According to industry experts, the record-breaking bid for the Elta Condo site is a testament to the resilience of Singapore’s property market, even in the midst of the COVID-19 pandemic. Despite the economic uncertainty caused by the pandemic, developers continue to show strong confidence in the residential property sector, with a record number of bids received for the site.
The winning bid of $633.45 million, which translates to $930 per square foot per plot ratio (psf ppr), is the highest ever paid for a residential site under the GLS program. This surpasses the previous record set in 2018 for the Hillview Rise site, which was sold for $460.4 million, or $1,067 psf ppr. The high price paid for the Elta Condo site reflects the confidence of developers in the prime location and potential of the development.
The site is located just a stone’s throw away from Clementi MRT station and is well-connected to major expressways, making it highly accessible for both residents and potential buyers. The nearby Clementi Mall and West Coast Plaza provide plenty of shopping, dining, and entertainment options. Parents will also be pleased to know that the site is within close proximity to reputable schools such as Nan Hua Primary School, Nan Hua High School, and NUS High School of Mathematics and Science.
The joint venture between EL Development and CSC Land Group has also piqued the interest of industry players. EL Development, a reputable developer with a strong track record in Singapore’s property market, has a portfolio of successful projects such as Parc Riviera, Symphony Suites, and Parc Esta. CSC Land Group, on the other hand, is a newcomer in the Singapore property scene but brings with it extensive experience in the Chinese market, where it has completed numerous large-scale residential and commercial developments.
In addition to its prime location, the Elta Condo also boasts an impressive range of amenities and facilities. The development is set to comprise of approximately 640 residential units, with a mix of one to four-bedroom apartments. The site also includes a childcare centre, making it an ideal choice for families with young children. The development will also feature a wide array of facilities, including a swimming pool, gym, and function rooms, providing residents with a luxurious and convenient lifestyle.