The Clift (D1, 99 years, Far East Org)

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

March 21, 2024

A 495 sq ft, one-bedroom unit at The Clift along McCallum Street in District 1 will be on the block at Edmund Tie’s next auction on March 27.

The unit on the 23rd floor has a guide price of $1.2 million, which translates to $2,424 psf.

This owner’s sale marks the unit’s first appearance at an auction since its original purchase. Records indicate that the unit for sale was acquired for $950,000 ($1,919 psf) on March 20, 2020.

Joy Tan, executive director of auctions and sales at Edmund Tie, says the property is currently listed as the owner is restructuring part of his investment portfolio. She adds that the unit will be sold with an existing tenancy scheduled to end in November, which will provide the next owner with immediate rental income.

Tan says the unit’s proximity to the CBD makes it an attractive rental option for professionals working there, ensuring a robust pool of potential tenants. Alternatively, owner-occupiers can take advantage of the nearby F&B amenities, transportation convenience and proximity to lively entertainment areas.

Based on URA rental caveats tabulated by EdgeProp Singapore, the average monthly rent at The Clift over the past 12 months is approximately $8 psf per month, implying a rental yield of 4.8%.

Completed in 2011, The Clift is a 99-year leasehold, mixed-use development with 312 residential units and a single-storey retail podium. The residences comprise one- and two-bedroom simplexes of 495 sq ft to 818 sq ft from the 11th to 30th floor and one- and two-bedroom lofts of 753 sq ft to 1,076 sq ft from the 32nd floor to the 42nd floor.

In psf terms, prices ranged from $1.55 million ($1,895 psf) for an 818 sq ft unit on the 11th floor sold in December 2023 to $1.62 million ($2,090 psf) for a 775 sq ft unit on the 27th floor sold in September 2023.

The most recent resale transaction at The Clift was made on Jan 5. A 495 sq ft unit on the 14th floor was sold for $970,000 ($1,959 psf).

“There were quite a few transactions for this development,” says Tan. While it may not be a “rare find” in terms of sales velocity, she adds that the development remains a viable option in the current market.

Tan also observes that The Clift remains highly sought-after in the resale market, indicating its appeal to owner-occupiers and investors looking to diversify their portfolios with this type of property.

The Clift is situated across from Amoy Street Food Centre on Maxwell Road and is close to Guoco Tower in Tanjong Pagar. Additionally, it is located near the Telok Ayer Conservation Area, which has bars and eateries along Amoy Street, Telok Ayer Street, and Stanley Street. Ann Siang Hill, Ann Siang Road and Club Street, which are part of the Chinatown Conservation Area, are also nearby.

MRT stations in the vicinity include 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.

Other comparable high-rise apartments in the CBD are in the Tanjong Pagar area. They include the 646-unit Icon (completed in 2007), the 280-unit Altez (completed in 2014), and the 360-unit Skysuites @ Anson (completed in 2014).

Icon is the first high-rise residential development launched in Tanjong Pagar. In February, the latest transaction was for a 560 sq ft, one-bedroom unit that changed hands for $1.08 million ($1,930 psf).

Nearby at Altez on Enggor Street, an 861 sq ft one-bedroom duplex was sold for $1.55 million ($1,800 psf), based on a caveat lodged with URA Realis. Meanwhile, at Skysuites @ Anson on Enggor Street, the latest transaction was for a 667 sq ft two-bedder that changed hands for $1.595 million ($2,390 psf) in February.

More at: https://www.edgeprop.sg/property-new...ft-sale-12-mil