Last month, a one-bedroom duplex on the 32nd storey in The Clift was sold for $1.3 million ($1,677 psf), resulting in a loss of approximately $815,769. The seller had purchased the 775-sq ft unit in June 2011 for $2.116 million ($2,730 psf).

We used our analytics tool, Is it a Good Deal?, to assess whether the buyer of this unit in the 99-year leasehold condo along McCallum Street had secured a good deal.

In the heart of Tanjong Pagar

The Clift is a 99-year leasehold condo that obtained its temporary occupation permit (TOP) in 2011, making it 15 years old. The condo has a remaining lease of approximately 77 years, as its land lease commenced in 2004. It features 312 one-bedroom and two-bedroom units ranging from 495 sq ft to 1,076 sq ft.

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The Clift is located along McCallum Street, and within District 1 and the Core Central Region (CCR). Its location in the Downtown Core Planning Area means residents do not have to commute far if they work in the CBD. Furthermore, Tanjong Pagar MRT Station — which is only one stop from Raffles Place MRT Station — is a short walk from The Clift. Other MRT stations within walking distance include Telok Ayer, Shenton Way and Maxwell (see Map 1). Hence, residents have easy access to the East-West, Downtown and Thomson-East Coast MRT lines.

Other amenities within a 500m radius include Lau Pa Sat, Maxwell Food Centre, Amoy Street Food Centre, Tanjong Pagar Xchange, International Plaza and Guoco Tower.

Cantonment Primary School is the only school within a 1km radius of The Clift, which is its main locational drawback (see Screenshot 1).

Another drawback is its relatively short remaining lease of around 77 years, which could have contributed to the loss experienced by the seller. Additionally, the transacted price is lower than the average price for the district and several neighbouring condos (see Screenshot 2).

Only three losses above $800,000

At the time of writing, 261 profitable and 85 unprofitable transactions have been recorded for The Clift. Profits range from approximately $1,100 to $844,150, while losses range from around $3,800 to $965,600.

Notably, the sale of the subject unit represents the only transaction for The Clift this year and the third-highest loss for the condo (see Table 1).

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The subject unit is a one-bedroom duplex measuring 775 sq ft. The lower level comprises the living and dining areas, as well as the kitchen. Meanwhile, the upper level features a bedroom and a bathroom (see Floor Plan 1).

The loss of $815,769 experienced by the seller of the subject unit could be because they paid a higher-than-average price of $2,730 psf when they purchased the unit in June 2011. That year, the average price for The Clift was significantly lower at $2,208 psf (see Chart 1).

Additionally, the average price of The Clift has fallen since reaching its peak of $2,373 psf in 2012. Since then, it has declined by 29.2% to this year’s average price of $1,677 psf.

The seller of the subject unit held the property for about 15 years. In contrast, the seller of the unit that yielded the highest loss of $965,600 held it for around three years. The seller bought the 1,076-sq ft unit in June 2012 for $2.865 million ($2,662 psf) and sold it in January 2015 for $1.9 million ($1,765 psf).

The record-high loss could be because the seller paid a higher-than-average price and sold at a lower-than-average price. The seller paid $2,662 psf for the unit in 2012 when The Clift’s average price was $2,373 psf. In 2015, the seller sold the unit for $1,765 psf when the condo’s average price was $2,056 psf. Additionally, the average price of The Clift fell by 13.4% from 2012 to 2015.

The unit involved in the record-high loss is a two-bedroom duplex measuring 1,076 sq ft. The lower level features the living and dining areas, the kitchen, as well as a bedroom and a bathroom. The second bedroom and bathroom are located on the upper level (see Floor Plan 2).

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Source: EdgeProp Research

Ten profitable transactions last year

Of the 261 profitable transactions recorded for The Clift, ten occurred last year, yielding profits ranging from approximately $1,100 to $844,150. Notably, last year’s highest profit is not only a record high for the condo, but also the only transaction that resulted in a profit exceeding $800,000. At the time of writing, only three transactions at The Clift have yielded profits above $700,000 (see Table 2).

The unit involved in this record-high profitable transaction is a one-bedroom unit on the 12th storey. The seller sold the 775-sq ft unit in January 2025 for $1.675 million ($2,161 psf). One reason for the profit could be that the seller paid a lower-than-average price of $830,850 ($1,072 psf) when they purchased it in August 2006. That year, the average price for The Clift was $1,159 psf.

Few neighbouring condos

There are six completed condos within a 500m radius of The Clift, namely Emerald Garden, International Plaza, One Shenton, Robinson Suites, V on Shenton and Wallich Residence (see Map 2). Robinson Suites is a freehold development, while Emerald Garden has a tenure of 999 years. Similar to The Clift, the remaining four condos are 99-year leasehold developments.

Like The Clift, One Shenton also obtained its TOP in 2011. In comparison, V on Shenton and Wallich Residence are six years younger, having obtained their TOP in 2017. Meanwhile, International Plaza is significantly older, having obtained its TOP in 1976.

Additionally, One Shenton features 341 units, slightly more than the 312 units at The Clift. V on Shenton (510 units) is significantly larger, while International Plaza (210 units) and Wallich Residence (181 units) are smaller developments.

With the exception of this year, the average resale price of The Clift has consistently trended above that of One Shenton (see Chart 2). However, this year has seen only one transaction for each condo, which may not be representative of their average resale prices for the entire year.

Interestingly, One Shenton chalked up a stronger price growth of 14.2% from 2020 to 2025, compared to 7.1% for The Clift. However, the price growth for both condos surpassed that of 99-year leasehold condos, which saw their average resale price fall by 9.7%.

Conclusion

The Clift benefits from a prime location in the heart of Tanjong Pagar and close proximity to key amenities and transport nodes, but its price performance has been relatively lacklustre in recent years. This could be attributed to lease decay as the 99-year leasehold development has a remaining lease of 77 years.

The significant loss incurred for the subject unit highlights the risks of entering the market at a higher-than-average price. This loss is the third-highest recorded for The Clift. However, this unprofitable transaction is the condo’s only transaction thus far this year. Given that The Clift recorded 10 profitable transactions last year, it may still achieve some profitable transactions this year.

To learn more about this transaction, and whether it represents a good deal, click here.

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