Last month, a one-bedroom duplex unit at The Clift was sold for $1.45 million ($1,897 psf), resulting in a loss of $513,500. The seller had purchased the unit from the developer in November 2011 for $1.964 million ($2,569 psf).
We used our analytics tool, Is it a Good Deal?, to assess if the buyer of the 764-sq ft duplex secured a good deal.
Walking distance to four MRT stations and numerous food centres
The Clift is located along McCallum Street, and within District 1 and the Downtown Core Planning Area. The 99-year leasehold condo obtained its temporary occupation permit (TOP) in 2011, making it 14 years old. However, the land lease for The Clift started in 2004, leaving it with a remaining lease of 78 years.
The Clift comprises 312 units, consisting of one-bedroom and two-bedroom flats ranging in size from 495 sq ft to 1,076 sq ft.
This well-located development is a short walk from four MRT stations, namely Telok Ayer, Tanjong Pagar, Shenton Way, and Maxwell MRT Stations (see Map 1). The four stations provide residents with convenient access to the Downtown, East–West, and Thomson–East Coast Lines.
Source: EdgeProp LandLens (as at 13 May 2025)
Other amenities within walking distance include China Square Food Centre, Lau Pa Sat, Maxwell Food Centre, Amoy Street Food Centre, and Kada. Furthermore, there are several shops on the first storey of The Clift.
The main drawback of The Clift is the lack of nearby primary schools. Cantonment Primary School is the only school within a 1km radius (see Screenshot 1).
Source: EdgeProp Is it a Good Deal (as at 13 May 2025)
Our tool also indicated that the transacted price of $1,897 psf is not only lower than the average prices for The Clift and District 1, but also below that of several neighbouring condos (see Screenshot 2). The low transacted price for the subject unit could explain the loss experienced by the seller.
Our tool also highlighted that the remaining land lease of 78 years could be a drawback of this 99-year leasehold development.
Source: EdgeProp Is it a Good Deal (as at 13 May 2025)
Only three unprofitable transactions this year
Thus far this year, only three unprofitable transactions have been recorded for The Clift, fewer than the four profitable ones. This year’s losses range from approximately $76,000 to $731,000 (see Table 1), while profits range from approximately $1,100 to $844,000.
Source: EdgeProp Buddy (as at 13 May 2025)
In comparison, The Clift has recorded 255 profitable and 78 unprofitable transactions since its launch in 2006. Profits have ranged from approximately $1,100 to $844,000. Interestingly, both transactions that yielded the highest and lowest profits occurred this year.
Meanwhile, losses since the launch of The Clift have ranged from $3,900 to $966,000. The loss of $513,500 for the subject unit ranks seventh among the most unprofitable transactions for the condo (see Table 2).
Source: EdgeProp Buddy (as at 13 May 2025)
Subject unit is a one-bedroom duplex
The seller purchased the subject unit on the 34th storey from the developer in November 2011 for $1.964 million ($2,569 psf) and sold it for $1.45 million ($1,897 psf) last month, resulting in a loss of $513,500.
This means the seller held the subject unit for approximately 13 years, indicating that sellers may not necessarily earn a profit even after holding the property for many years.
The subject unit is a one-bedroom duplex measuring 764 sq ft. The living and dining areas, as well as the kitchen, are located on the lower level of the duplex, while the bedroom and bathroom are on the upper level (see Floor Plan 1). The duplex has only one bathroom, which may be inconvenient for occupants and their guests, especially those with mobility issues.
Source: EdgeProp Research
The unit that generated this year’s highest loss of $731,000 is another one-bedroom duplex. However, at 775 sq ft, it is slightly larger than the subject unit (764 sq ft). Similar to the subject unit, the living area, dining room, and kitchen are located on the lower level, while the bedroom and bathroom are on the upper level (see Floor Plan 2).
Source: EdgeProp Research
Both sellers purchased their duplexes from the developer in 2011 before selling them this year. The unit that yielded the record-high loss of $731,000 was bought by the seller in October 2011 for $2.071 million ($2,672 psf) and sold in February for $1.34 million ($1,729 psf).
The sellers of both duplexes experienced losses because they received lower-than-average prices when they sold their units this year and had paid higher-than-average prices when they purchased them in 2011.
At the time of writing, the average price for The Clift stands at $1,983 psf for this year (see Chart 1). However, the subject unit was sold at $1,897 psf, while the most unprofitable unit transacted at $1,729 psf.
In 2011, the seller of the subject unit bought it for $2,569 psf, while the seller of this year’s most unprofitable unit purchased it at $2,672 psf. In contrast, the average price for The Clift at that time was $2,208 psf.
Furthermore, both owners bought their units when the average price for The Clift was near its peak. The average price for the condo reached $2,208 psf in 2011 before increasing further to a record high of $2,373 psf in 2012. However, the average price dipped to $2,370 psf in 2013 before declining further to $2,067 psf in 2014. Since then, the average price for The Clift has not exceeded the $2,100 psf threshold.
Source: EdgeProp Market Trends (as at 13 May 2025)
Another one-bedroom unit measuring 775 sq ft generated this year’s highest profit of $844,150. The seller bought the unit on the 12th storey in August 2006 for $830,850 ($1,072 psf) and sold it in January for $1.675 million ($2,161 psf).
In contrast to the two unprofitable transactions, the seller of the profitable unit purchased it at a lower-than-average price of $1,072 psf in 2006, while the average price for The Clift was $1,159 psf. The seller also sold the unit at a higher-than-average price of $2,161 psf this year, compared to the current average price of $1,983 psf.
The owner of the profitable unit also benefited from the overall price appreciation for the condo. From 2006 to this year, the average price for The Clift surged by 71.1%.
One 99-year leasehold neighbour obtained TOP in the same year
Among the four nearby 99-year leasehold condos, only One Shenton obtained its TOP in the same year as The Clift (see Screenshot 3). Furthermore, the land lease for One Shenton commenced in 2005, a year after The Clift.
Another key similarity is that both condos are mid-size developments, with The Clift and One Shenton featuring 312 and 341 units, respectively.
Source: EdgeProp Is it a Good Deal (as at 13 May 2025)
One Shenton is located along Shenton Way, which is within District 1 and the Downtown Core Planning Area. The 99-year leasehold condo is also within walking distance of Shenton Way, Downtown, and Telok Ayer MRT Stations, providing residents with easy connections to the Thomson-East Coast and Downtown Lines (see Map 2).
Other nearby amenities include China Square Food Centre, Lau Pa Sat, Amoy Street Food Centre, Marina Bay Link Mall, as well as the shops on the first storey of One Shenton.
Like The Clift, One Shenton faces the drawback of having only one nearby primary school, namely Cantonment Primary School, which is approximately 1.3 km away.
Source: EdgeProp LandLens (as at 13 May 2025)
One Shenon has more unprofitable transactions than The Clift
So far this year, One Shenton has chalked up five unprofitable transactions, more than the three recorded for The Clift. Losses for One Shenton range from approximately $31,000 to $667,000, indicating that the highest loss for One Shenton is still lower than that for The Clift ($731,000).
While both condos have each recorded four profitable transactions thus far this year, the highest profit for The Clift ($844,150) exceeds that for One Shenton ($668,000). Profits for One Shenton range from approximately $130,000 to $668,000.
Furthermore, One Shenton has recorded 112 unprofitable transactions since its launch, more than its 101 profitable transactions. In contrast, The Clift has chalked up 255 profitable transactions since launch, far exceeding its 78 unprofitable transactions.
One Shenton’s highest loss of $667,320 for this year involved a 1,593-sq ft unit on the 35th storey. The unit features an en-suite master bedroom, two additional bedrooms, and a common bathroom. It also includes a private lift and bay windows in all three bedrooms (see Floor Plan 3).
Source: EdgeProp Research
The seller purchased the three-bedroom unit from the developer in February 2007 for $3.547 million ($2,227 psf) and sold it in March for $2.88 million ($1,808 psf), resulting in a loss of $667,320.
Average price for The Clift trending above One Shenton but below District 1
The poor profitability performance of One Shenton could be due to a 2.7% decline in its average price since its launch in 2007 (see Chart 2). In contrast, the average price for The Clift has jumped by 71.1% since its launch in 2006. This could explain why the average price for One Shenton ($1,862 psf) has trended below that for The Clift ($1,983 psf) since 2011.
Source: EdgeProp Market Trends (as at 13 May 2025)
Furthermore, the average resale prices for The Clift ($1,983 psf) and One Shenton ($1,862 psf) have consistently trended below that for 99-year leasehold condos in District 1 that are aged between 11 and 20 years ($1,990 psf) (see Chart 3).
Source: EdgeProp Market Trends (as at 13 May 2025)
The average resale price for 99-year leasehold condos in District 1, aged between 11 and 20 years, has also consistently trended above that for comparable condos in the Central Region and islandwide (see Chart 4).
However, the average resale price for such condos in District 1 ($1,990 psf) slipped below that for the Central Region ($1,999 psf) this year. This could be because the average price for such condos in District 1 fell by 12.8% since 2020. In contrast, the average resale price for similar condos in the Central Region rose by 5.7% over the same period. Meanwhile, the average resale price for comparable condos across the island increased by 20.5% since 2020 to $1,678 psf.
Source: EdgeProp Market Trends (as at 13 May 2025)
Conclusion
A recent transaction for The Clift generated a loss of $513,500. However, this loss is lower than this year’s highest loss of $731,000 and the record-high loss of $965,600 since the condo’s launch. The seller of the subject unit incurred a loss because they had bought the one-bedroom duplex at a higher-than-average price and sold it at a lower-than-average price.
In contrast, the seller of this year’s most profitable unit bought it at a price lower than The Clift’s average and sold it at an above-average price.
The average resale price for The Clift has trended below that for similar leasehold condos in District 1, which could explain the 78 unprofitable transactions recorded for the condo. At the same time, the average price for The Clift is trending above that for the nearby One Shenton. Hence, The Clift has significantly more profitable transactions than One Shenton, despite the many similarities between the two condos.
To learn more about this transaction, and whether it is a good deal, click here.
