The one-bedroom loft unit at The Clift (pictured) spans 786 sq ft (Credit: Edmund Tie)
SINGAPORE (EDGEPROP) - A one-bedroom loft unit at The Clift, located along McCallum Street in District 1, will be put up for bank auction for $1.6 million ($2,036 psf) on Jan 19, according to Edmund Tie, which is handling the auction.
The 99-year leasehold property spans 786 sq ft on the 32nd floor of the development, and is in a “well-kept, move-in condition and the new owner will not need to spend much on renovations, especially if it is for rental purposes,” says Joy Tan, senior director, head of auction and sales at Edmund Tie.
The living and dining area (Credit: Edmund Tie)
The duplex unit boasts double volume ceiling height in the living room, with the master bedroom located on the upper level. “With the double volume ceiling, the owner will be able to feel a good sense of spaciousness, and choose to build a furniture deck with a study area above to maximise the space,” adds Tan.
With the bedroom located on the upper level, the resident will be able to use the lower level to entertain guests, allowing for full privacy in the bedroom, she notes, adding that the unit offers “excellent panoramic views” of the CBD and the Telok Ayer Conservation Area.
The master bedroom is located on the upper level of the unit (Credit: Edmund Tie)
Similar-sized units at the development fetched $3,500 to $5,150 in November last year, based on URA caveats lodged. Tan estimates that similar units with a loft concept would be able to fetch rents of $4,600 a month, which would translate to a rental yield of about 3.4% based on the guide price of $1.6 million.
The Clift is situated in an accessible location, and is within a five-minute walk to three train stations: Telok Ayer MRT Station on the Downtown Line, Tanjong Pagar MRT Station on the East-West Line and the upcoming Maxwell MRT Station on the Thomson-East Coast Line. It is also surrounded by a wide option of eateries along Telok Ayer Street and is a short walk to the amenities at 100AM Mall on Tras Street.
The view from the unit at the Clift, a 99-year leasehold property located at Mccallum Street (Credit: Edmund Tie)
The most recent transaction at the development was on Dec 16, when a 527 sq ft unit on the 17th floor changed hands for $990,000 ($1,877 psf). On Nov 8, a 495 sq ft unit on the 16th floor transacted at $1.03 million ($2,080 psf), based on URA caveats lodged.