One-bedder at The Clift for sale at $1.2 mil

Edmund Tie’s next auction, on March 27, will include a 495-square-foot one bedroom unit at Clift located along McCallum Street District 1 in District 1.

The unit on floor 23 has a suggested price of $1.2M, which equates to $2.424 psf.

This is the first time that this unit has been sold at auction since it was originally purchased. Records indicate the unit to be sold was purchased at $950,000 ($1,919/sf) March 20, 2020.

 

The owner has listed the property as he is reorganizing a portion of his investment portfolio. The unit will have a tenant who is scheduled to leave in November. Therefore, the next owner can expect an immediate rental.

 

In psf prices, prices ranged anywhere from $1.55mil ($1,895psf), which was the price of an 818 sqft unit sold on the 11thfloor in December 2023 up to $1.62mil ($2,090psf), which was the price of a 775 square ft on the 27thfloor in September 2023.

 

The Clift had its most recent sale on Jan. 5, 2019. A 495 sq. ft. unit on 14th floor, sold for $970,000 (1,959 sq. ft. per sq. ft.).

 

A number of transactions were made for this development. It may not be “rare”, but the development is still viable.

 

Tan says that The Clift has a high demand in the resale markets, which indicates its appeal amongst investors and owners who want to diversify their property portfolios.

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The Clift lies across the street from Amoy Street Food Centre at Maxwell Road. It’s also near Guoco Tower located in Tanjong Pagar. Also, it’s located near Telok Ayer Conservancy Area. This area has bars and eating places along Amoy Street Telok Ayer Street Stanley Street. Ann Siang Hill Ann Siang Road Club Street are also near. They are all part the Chinatown Conservation Area.

 

Tanjong Pagar Station (East-West Line), Telok Ayer Station (Downtown Line), and Shenton Way Station (Thompson-East Coast Line) are MRT Stations in the area.

 

Tanjong Pagar also has high-rises that are comparable. There are the 646 units Icon which was completed in 2007; the 280 units Altez which was completed in 2014; and the Skysuites @ anson, a 360-unit development that also finished in 2014.

 

Icon was the first high rise residential development in Tanjong Pagar. In February, the most recent transaction was a 560 square foot, one bedroom unit which sold for $1.08million ($1,930 per square foot).

 

Based on a caveat submitted to URA Realis and a sale of an 861 square foot duplex with ONE bedroom for $1.55M ($1,800 psf) in Altez, Enggor Street.

 

Skysuites @ Anson in Enggor Street saw the latest deal for a 2 bedroom apartment measuring 667 sq.ft., which was sold for $1.595M ($2,390/sq.ft.) in February.


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