UOL's Clementi condo sees 80% of launched units sold

Average selling prices sit at $1,400 psf.

The Clement Canopy project enjoyed healthy sales at its launch recently, with 200 out of the 250 launched units sold.

According to OCBC Investment Research, the average selling prices for the units at an average selling price of $1,300 psf to $1,400 psf. It has yet to launch its other 255 units. 

The 99-year leasehold project is a 50:50 JV between UOL and Singapore Land and is located near the National University of Singapore and the Clementi MRT station. The consortium acquired the 140.3k sq ft site through a successful S$302.1m tender at a government land sale exercise in Dec 2015.

"The acquisition price translates to $615.04 psf and we estimate breakeven prices at $1.0k to $1.1k psf. Given the muted domestic residential market, we view this as a healthy launch performance and are encouraged at UOL’s continued ability to create value through projects with good location and product attributes," OCBC said.