Clementi 4-Room HDB Sold For Record $1.28 Million – Here’s What Makes It So Special
The previous record high for a 4-room flat in Clementi, $1.16 million for a unit at 441B Clementi Ave 3, was just broken today. A 4-room flat in the same vicinity, at block 445B, managed to fetch a new record price of $1.28 million. This is more than double its estimated original selling price of about $600,000.
The project in question is Clementi Crest, which was launched during the 2015 BTO exercise. The HDB project only recently reached its first Minimum Occupation Period (MOP). So far only two transactions have taken place in Clementi Crest, but it’s not hard to see this is going to be one of Clementi’s headline HDB developments – likely for many years to come.
Owners made approximately $600K or more
Clementi Crest 4-room HDBs were selling for between $478,000 to $621,000 during the May 2015 BTO exercise, while 5-room flats went for between $576,000 to $725,000.
This may been seen as expensive then considering 2015 was in the midst of a property price decline.
Assuming the owner paid around $600,000 given they are on the high floor, their raw gains would have been above $600,000 – possibly even around the $700,000 mark.
This is essentially double the amount paid.
Today, you’ll find homeowners listing their property from $999,000 as of this writing.
Why does Clementi Crest command record prices?
Mainly, the location. This project consists of two 40-storey blocks and 385 units of 4- and 5-room flats, and was built with focus on an “integrated lifestyle.” Clementi Mall, the major mall for the area, is within walking distance; and the mall is connected to Clementi MRT station (EWL, CRL.) The Clementi Market & Food Centre is also just across from this block, and other nearby amenities include 321 Clement and Grantral Mall (although these are much smaller than Clementi Mall.)
This location also provides good school access. From a check on OneMap.sg, there are also four Primary schools within one-kilometre enrolment distance. Clementi Primary School is the closest, also along Clementi Ave 3, followed by Pei Tong (Clementi Ave 5) and Nan Hua (Jalan Lempeng). Qifa Primary, along West Coast Avenue, is also within one kilometre.
The 40-storey blocks also have unimpeded views, as the surroundings tend to be low-rise. It’s quite rare to have this in dense mature estates like Clementi, and this likely contributes to the premium. The current record holder ($1.28 million) is located between the 34th to 36th floor, so the floor height likely contributed to the premium.
Clementi Crest is also quite new for a project in a mature estate like Clementi, being only around 10-years old. By coincidence, we have researched the Clementi area before in 2022 (for an unrelated property), and back then we found that many resale flats here are between 36 to 50 years old, with a subset of newer units at 16 to 20 years old.
While the price premium for age is usually right after the Minimum Occupancy Period (MOP) of five years, this is still a new-enough flat that its age can entice better offers.
Whilst high, the price point is not unreasonable
If this project were to be in a BTO launch today, it would likely fall under the Plus category, with a 10-year MOP and subsidy clawback. As is, it rivals the location of many Plus location projects with none of the drawbacks; and this particular part of Clementi, near the mall and MRT station, is likely to maintain its appeal even long into the future.
This project also makes us turn our attention to the recently launched ELTA, a fully private condo. While the two are both in Clementi, the Clementi Crest project is an even shorter distance to Clementi Mall and the MRT station; and yet even two-bedders (614 sq ft) at ELTA begin at around $1.34 million. In light of that, it’s unsurprising if some buyers decide that sub-$1.3 million for a much bigger 4-room flat, with comparable (if not better) location, might be a viable alternative.
For those looking to find a BTO in the area next time, you can also look forward to the Clementi site nearby coming out this month. Though as mentioned, it’ll likely face some resale restrictions given its location.
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