IN Singapore, it is unusual to find a private condominium located close to both top secondary and tertiary education institutions. A rarity is the 505-unit The Clement Canopy at Clementi Avenue 1. Since its launch in February, about 50% of the units have been sold. “There is healthy interest across all the unit types from both owner-occupiers and investors,” says Anthony Wong, general manager for marketing at UOL Group.
The Clement Canopy is adjacent to NUS High School of Mathematics and Science as well as Nan Hua High School. In the neighbourhood is the National University of Singapore campus. Singapore University of Social Sciences, formerly known as SIM University or UniSIM, is on Clementi Road, next to Ngee Ann Polytechnic. Today, SUSS is considered Singapore’s sixth and newest autonomous university.
Besides Ngee Ann Polytechnic, the other tertiary education institution in the area is Singapore Polytechnic. Meanwhile, the School of Science and Technology, on Technology Drive, which was established in 2010 as a specialised independent secondary school, offers a four-year applied-learning curriculum that prepares students for the Singapore-Cambridge GCE O-Level examination.
The popular Nan Hua Primary School is located on Jalan Lempeng. “Where else in Singapore can you find top schools — from primary to tertiary [level] — within a five-minute drive of an established HDB town centre?” says Ryan Yeo, associate deputy division director at Knight Frank Property Network, who has been marketing residential developments in Clementi for the past 17 years.
Among the most popular two-bedroom unit types at The Clement Canopy is the one that has two en suite bedrooms located on either side of the living room. According to Daniel Lim, associate senior group director at Huttons Asia, these units attract investors as they can rent them out easily. Homebuyers with young children take on a long-term view in the development. “When you buy a home in Clementi, you need not move for the next 15 to 20 years as all the good schools are within the neighbourhood,” says Lim.
When it is completed, the units at The Clement Canopy appeal not just to students or faculty members of the educational institutions, but also professionals and researchers working in the one-north knowledge cluster, he notes. After all, one-north is just a five-minute drive from the condo.
Meanwhile, located on Jalan Lempeng and next door to Nan Hua Primary School is the 755-unit The Trilinq. The 99-year leasehold condo is expected to be completed soon.
The project has a wide range of units, from 527 sq ft, one-bedders to four-bedroom apartments of 1,722 sq ft. The project is 75% sold, with prices ranging from S$1,122 to S$1,518 psf.
In the vicinity of The Trilinq are two older condos, Regent Park, a 276-unit, 99-year leasehold development by Far East Organization that was completed in 1998, and Park West, a 99-year leasehold, 432-unit project completed in 1986.
At Regent Park, a 904 sq ft, two-bedroom unit was sold for S$818,000 (S$905 psf) on Feb 6. Last December, an 807 sq ft, two-bedroom unit fetched S$840,000 (S$1,041 psf), whereas over at Park West, a 1,249 sq ft, three-bedroom unit was sold for S$980,000 (S$785 psf). A 1,894 sq ft, three-bedroom unit fetched S$1.3 million (S$691 psf).
Both three-bedroom units were sold in February. Those who bought units in these two projects were attracted by their proximity to Nan Hua Primary School, notes Knight Frank’s Yeo.
Besides the top schools, there are many other amenities in Clementi town, such as Clementi Mall, a shopping centre linked to the Clementi MRT station and bus interchange. Farther from the town centre is West Coast Plaza, another shopping complex with retail and F&B offerings.
For now, The Clement Canopy is the only private condo project on Clementi Avenue 1. Recognising the potential of the area, UOL Group bid S$302.1 million, or S$615 psf per plot ratio, beating five other bidders for The Clement Canopy site.
Knight Frank’s Yeo sees the project as having first-mover advantage. And, homebuyers and investors at The Clement Canopy will also enjoy the advantage of living in a private condo surrounded by Singapore’s top secondary schools and tertiary institutions.
This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on April 10, 2017.