UOL, SingLand project first to launch this year

Developers optimistic over Clementi condo offering two- to four-bedders, citing pick-up in demand last year

Singapore's first condominium to hit the market this year will be The Clement Canopy, a 50:50 joint venture between UOL Group and Singapore Land. It is expected to be open for preview on Saturday.

The developers are optimistic about demand for the 505-unit development in Clementi Avenue 1, as new home sales picked up last year.

"It is the right time to launch... we do see very good traction for our other projects and take-up rate as a whole had been quite healthy last year," said Mr Liam Wee Sin, deputy group chief executive at UOL.

The Clement Canopy comprises two 40-storey blocks with two- to four-bedroom units from 635 sq ft to 1,539 sq ft. The average price will range from $1,330psf to $1,360 psf, the developers said yesterday.

About 40 per cent - or 194 units - of the apartments are two-bedders ranging in size from 635 sq ft to 732 sq ft. They will be priced at between $850,000 and $1.2 million.

Prices for the three-bedroom units start from $1.28 million, and $1.62 million for the four-bedders.

An artist's impression of The Clement Canopy. About 40 per cent - or 194 units - of the 505 units are two-bedders, and in a departure from the market norm, there are no one-bedroom units.
An artist's impression of The Clement Canopy. About 40 per cent - or 194 units - of the 505 units are two-bedders, and in a departure from the market norm, there are no one-bedroom units. PHOTO: UOL AND SINGLAND

In a departure from the market norm, there are no one-bedroom units - popular with investors in other recent launches.

"Not having one-bedroom units results in a more conducive ambience and a less crowded environment, thereby differentiating our product," Mr Liam noted.

Amenities at the 99-year leasehold project include swimming pools and smart home features.

The developers hope to build on the improving sales momentum last year, when 7,972 new homes were sold, up from 7,440 in 2015.

However, analysts said the project will face competition from previously launched projects.

"The Trilinq is selling at around $1,400 psf and it is nearer to the Clementi MRT station. There's also a bit of competition from Parc Riviera (in West Coast Vale) which is around $1,200 psf," said Mr Wong Xian Yang, head of research and consultancy at OrangeTee.

International Property Advisor chief executive Ku Swee Yong said the indicative average price at The Clement Canopy is "a good starting price to test the market".

UOL believes the project commands "good rental potential", given its proximity to schools such as the NUS High School of Mathematics and Science and Yale-NUS College, as well as Jurong Lake District, - earmarked as the second CBD.

Savills Singapore research head Alan Cheong estimates the project could move 180 units in the first two weeks after launch, saying: "There is still ample liquidity and some pent-up demand in the market."

Booking of units starts on Feb 25.

A version of this article appeared in the print edition of The Straits Times on February 08, 2017, with the headline 'UOL, SingLand project first to launch this year'. Print Edition | Subscribe