The Clift will be auctioned on the market for $1.6 mil
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One-bedroom loft units located at The Clift situated in McCallum Street in District 1 The property will be offered to auction by the bank at $1.6 million ($2,036 per square foot) on the 19th of January as per Edmund Tie who will conduct the auction.
The leasehold 99 year property is 786 sq feet located on the 32nd floor of the building, and is in an “well-kept property that is ready for occupancy with the potential new owners won’t have to invest a lot in repairs, especially if the property is used for rental,” says Joy Tan the senior director and the head of auctions as well as sales for Edmund Tie.
The duplex house has the ceiling height of a double volume in the living space as well as the master bedroom at the top. “With the ceiling’s double volume that the homeowner will feel a feeling of space. They can also decide to construct a deck with a study area on top to make the most of the space” says Tan.
The bedroom is located on the upper floor and the owner can use the lower level for entertaining guests, which will allow for complete privateness in her bedroom. She says and adds that the apartment provides “excellent view” over the CBD as well as Telok Ayer Conservation Area. Telok Ayer Conservation Area.
Similar-sized units within the development were priced between $3,500 and $5,150 in November of last year in accordance with URA caveats that were lodged. Tan believes that similar units using loft-style concepts could fetch rents of $4,600 per month, translating into a yield of around 3.4% based on the estimate that is $1.6 million.
The Clift is located in a convenient location and it is just a five minute walk from 3 train stations: Telok Ayer MRT Station located on the Downtown Line, Tanjong Pagar MRT Station located on the East-West Line and the upcoming Maxwell MRT Station on the Thomson-East Coast Line. The Clift is also surrounded by numerous eateries on Telok Ayer Street and is just a short distance from the amenities of 100AM Mall, which is located on Tras Street.
One of the most recently completed transactions that took place at the development occurred on December 16 when a 527 square foot unit on the 17th floor sold for $990,000 ($1,877 per square foot). On November 8 the 8th, a 495 square foot unit located on the 16th floor sold for $1.03 million ($2,080 per sq ft) in accordance with URA caveats that were lodged.