SINGAPORE (EDGEPROP) - Singapore-listed UOL Group and its subsidiary, United Industrial Corp (UIC) announced that about 70% of Clavon has been taken up on the first weekend of launch. This works out to about 442 out of a total of 640 units at the 99-year leasehold condo located at Clementi Avenue 1, which was launched on Dec 12.
Units were sold at an average price of $1,640 psf, according to UOL. Demand was seen across all unit types, including the large format units, such as the three-, four- and five-bedroom apartments. “We believe the buyers like the well-designed layouts with strong product attributes that meet changing lifestyles and integrate live, work and play,” says Jesline Goh, UOL Group chief investment and asset officer.
“For a project with over 600 units, to have sold more than 70% of the total in one day is outstanding, especially following the Controller of Housing’s restrictions on the reissue of options to purchase,” says Ismail Gafoor, CEO of PropNex.
Clavon has therefore clinched the title of “best-selling project for 2020” in terms of number of units sold on the first weekend of launch, says Lee Sze Teck, director of research at Huttons Asia. “Good take-up was observed across all unit types, especially the one- and two-bedroom units."
Alan Cheong, head of research at Savills Singapore, attributes the strong sales at Clavon to the quality of the project, the design and competitive pricing.
During the preview phase over the past fortnight, more than 1,330 cheques were collected as expressions of interest at Clavon. It seems that since Singaporeans can’t travel this year-end holiday, they are directing their energy to house hunting, notes Nicholas Mak, head of research and consultancy at ERA Realty.
Clavon is located near the 505-unit The Clement Canopy, also at Clementi Avenue 1, and jointly developed by UOL and UIC too. Launched towards the end of February 2017, the 99-year leasehold The Clement Canopy was fully sold by March 2019 and completed by end 2019.
Mak reckons the strong interest in Clavon could partly be due to the fact that there hasn’t been a new launch in the Clementi area since The Clement Canopy three years ago. “Clementi is a popular HDB estate among those who live in the west,” he says. Most of the buyers are predominantly HDB upgraders who like the Clementi area, given its proximity to amenities and the education cluster, he adds.
For instance, Clavon will be near the Clementi Mall, which is integrated with the bus interchange and Clementi MRT station. Its location at Clementi Avenue 1 puts it in the vicinity of top schools such as Nan Hua High School, NUS High School of Math and Science as well as University Town, the extension of the National University of Singapore (NUS), and linked to the main campus at Kent Ridge by a bridge.
Besides tertiary institutions, Clavon is located near one-north and Science Park 1 and 2, where many expatriates are working, notes PropNex’s Gafoor. Besides owner occupiers, the potential rentability to the expatriate workforce at one-north, the Science Parks is also an attraction to investors, he adds.
The duality of use – as an investment property or for owner occupation – appeals to homebuyers, notes ERA's Mak. Given that the project is scheduled to be completed only in September 2024, those who had purchased units for their own use may decide to rent it out instead in the future, while those who had intended to rent out their units, could decide to move in instead. “Intentions and lifestyles change over time,” he adds.