One-bedder at The Clift for sale at $1.2 mil
Edmund Tie’s auction next on March 27 will feature a 495 sq ft one-bedroom apartment at the Clift on McCallum Street, in District 1.
The 23rd-floor unit has a price guide of $1.2m, which is $2,424 per square foot.
The unit is being sold by its owner for the first time since it was purchased. The records indicate that the unit was purchased for $950,000 ($1,919 per sq. ft.) on March 20, 2019.
Currently, the property is listed because its owner is restructuring a part of his portfolio. The property will be sold as it has a tenancy that is due to expire in November. This will give the new owner an immediate rental income.
Prices ranged in psf from $1.55m ($1,895psf), for an 818sq ft apartment on the 11thfloor sold in December 2023, to $1.62m ($2,090psf), for a 775sq ft apartment on the 27thfloor sold in September 2023.
The Clift’s most recent resale was on January 5. The price of a 495 sq ft apartment on the 14th level was $970,000 ($1,959 per sq ft).
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This development was the subject of a number of transactions. Although it is not a “rare” find in terms of the sales velocity, this development remains viable in the current market.
Tan observes, too, that The Clift is still highly sought after in the resale marketplace. This indicates its appeal to both owner-occupiers as well as investors who are looking to diversify portfolios by purchasing this type of property.
The Clift is located across from Amoy Street Food Centre and close to Guoco Tower, both in Tanjong Pagar. It is also located near the Telok Ayer conservation area which features bars and restaurants along Amoy Street and Telok Ayer Street. Ann Siang Hill and Ann Siang Road, which are both part of the Chinatown Conservation Area are also nearby.
Tanjong Pagar Station, on the East-West Line; Telok Ayer Station, on the Downtown Line; and Shenton Way Station, on the Thomson-East Coast Line are all MRT stations located nearby.
Tanjong Pagar is home to other high-rise apartment buildings in the CBD. The 646-unit Icon, the 280 units Altez and the 360 units Skysuites @ Aston (completed 2014) are among them.
Icon is Tanjong Pagar’s first high-rise development. In February, a 560 sq. ft., one-bedroom apartment changed hands for $1.08m ($1,930 per sq. ft.).
A duplex of 861 sq. ft. on Enggor Street was sold nearby for $1.55m ($1,800 per square foot), according to a caveat filed with URA Realis.
In February, a two-bedroom unit measuring 667 square feet changed hands at Skysuites @ Anson, located on Enggor Street. The transaction cost $1.595 Million ($2,390 per sq. ft.).
