Clementi low-floor 5-room unit sells for $1.3m: Why the high price?

Have you ever noticed how million-dollar HDB resales are usually for units perched on the highest floors? It makes sense, considering the panoramic views and sense of privacy that come with them. However, a recent sale in Clementi Avenue 3 defies this trend.

A unit on a lower floor was sold for a staggering S$1.3 million, setting a new record for the estate of Clementi.

So, what exactly is driving these sky-high prices for low-floor units?

Clementi Avenue 3 - the most expensive HDB in Clementi (for now)

The unit in question is located in Clementi Cascadia, a newer development in the area. Specifically, the transaction involved a unit in Block 440C, between the 4th and 6th floors of the 40-floor building.

Despite being on a low floor, the unit fetched a whopping price of S$1,077.94 per square foot (psf) for a total area of 1,206 square feet. The lease for Clementi Cascadia started in 2018, leaving 93 years and 3 months on the 99-year lease, making it an attractive long-term investment.

Low floors, high price - what gives?

The short answer is location, location, location.

Clementi Cascadia's prime position plays a significant role in its high valuation. The project's connectivity is unmatched, situated just a 2-3 minute walk from Clementi MRT station and the nearby bus interchange. This convenience extends further with West Coast (U/C) and Dover MRT stations just 1.7 kilometres away, enhancing accessibility for residents.

But location isn't the only selling point.

The project sits next door to a trio of major malls — Clementi Mall, Grantral, and 321 Mall. These malls cater to various needs, from grocery shopping and dining to electronics and entertainment.

For those who prefer hawker food over air-conditioned malls, the Clementi Town Centre, located right behind Clementi Mall, and the popular Clementi 448 Market & Food Centre, just a 5-minute walk from Clementi Cascadia, are significant attractions.

Families with children find Clementi Cascadia especially appealing due to its proximity to numerous educational institutions. The project is within walking distance of several preschools, primary schools, secondary schools, a junior college, and other tertiary institutes.

This convenience is invaluable for parents prioritising quality education for their children.

Here's a quick look at the educational institutions nearby:

• Preschools: PCF Sparkletots (450m), Sunflower Preschool (550m)
• Primary schools: Clementi Primary (next door), Qifa Primary (1.3km), Pei Tong Primary (0.5km), Nan Hua Primary (0.9km)
• Secondary schools: Clementi Town Secondary (0.4km), Nan Hua High (1.3km), New Town Secondary (14 min by bus)
• Junior college: Anglo-Chinese Junior College (19 min by MRT)
• Tertiary institutes: Singapore Polytechnic (10 min by MRT), Ngee Ann Polytechnic (30 min by MRT), Anglo-Chinese School (Independent) (20 min by MRT/bus)

Additionally, the Rail Corridor, a 24km trail from Tanjong Pagar Railway Station to Woodlands Train Checkpoint, offers a green escape for nature lovers.

However, for those who prefer staying closer to home, Clementi Cascadia's rooftop gardens provide an excellent alternative.

Unlike most HDB flats with rooftop gardens on a single level, these gardens are spread across levels 2, 3, and 4, offering residents multiple relaxing green spaces and enhancing their living experience.

A trade-off worth considering?

While the unit's low-floor placement might raise some concerns about noise disturbance from the rooftop gardens and the nearby MRT tracks, the undeniable advantages associated with the location might make it a worthwhile trade-off for many buyers.

The previous top resale transaction in Clementi

Given all these factors, it is not surprising that Clementi Cascadia consistently ranks among the top sales in the estate. Before this S$1.3 million sale, the previous record in Clementi was held by another 5-room unit in Clementi Cascadia, which sold for S$1.28 million in January 2023. This latest transaction represents a 1.56 per cent increase in overall price and a 5.24 per cent rise in price per square foot.

Clementi Cascadia is not the only development setting records. Clementi Ridges has also been making headlines with high-value transactions. Both projects have been competing for the most expensive resale transactions in Clementi, particularly for 5-room units, which consistently fetch prices above S$1.2 million.

Looking at sales trends in Clementi Cascadia over the past three years, average psf prices have climbed by 15.44 per cent. There has been a 6.73 per cent increase in average psf from last year to this year alone.

ALSO READ: 5-room HDB flat sold for $1.3m in Boon Keng, setting new all-time high for the town

This article was first published in 99.co.