Is it a Good Deal?: A condo in Tanjong Pagar sold at a loss of $516,000
At the time of writing, the sale of the subject unit is Altez’s only transaction for this year (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Last month, a one-bedroom duplex on the 32nd storey in Altez was sold for $1.5 million ($1,742 psf), resulting in a loss of approximately $516,000. The seller had purchased the 861-sq ft unit from the developer in April 2012 for $2.016 million ($2,341 psf).
We used our analytics tool, Is it a Good Deal?, to assess whether the buyer of this condo unit along Enggor Street had secured a good deal.
Short walk to Tanjong Pagar MRT Station
Altez is a 99-year leasehold condo whose land lease commenced in 2008, leaving it with a remaining lease of around 81 years. However, the condo obtained its temporary occupation permit (TOP) in 2014, making it 12 years old. The development features 280 units ranging in size from 527 sq ft to 1,184 sq ft.
Located along Enggor Street, Altez is within the Downtown Core Planning Area and District 2. It is also a short walk from Tanjong Pagar MRT Station (East-West Line), Guoco Tower, Tanjong Pagar Plaza, 100AM, Amara Singapore, Sofitel Singapore City Centre, Carlton City Hotel Singapore, Oasia Hotel Downtown Singapore and Orchid Hotel (see Map 1). The condo is also a short drive from the Ayer Rajah Expressway and Marina Coastal Expressway.
Apart from Tanjong Pagar MRT Station, Altez is also within walking distance of the upcoming Prince Edward Road MRT Station (Circle Line). When the latter begins operations later this year, residents of Altez will have access to an additional MRT line.
Source: EdgeProp LandLens
The key locational drawback of Altez is the lack of nearby schools. Cantonment Primary School is the only school within a 1km radius (see Screenshot 1).
Source: EdgeProp Is it a Good Deal (as at 1 April 2026)
Our tool also indicates that the transacted price for the subject unit is significantly below the average for District 2 (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 1 April 2026)
Two losses above $1 million
At the time of writing, Altez has chalked up 44 profitable transactions, with profits ranging from approximately $5,000 to $319,000. In comparison, 28 unprofitable transactions have been recorded, with losses ranging from around $10,000 to $1.213 million. Hence, the loss of $516,000 for the subject unit falls in the middle of the loss spectrum.
Altez has recorded two losses above $1 million. Notably, both units involved were purchased in 2011 and sold in 2021 (see Table 1). In contrast, the condo has only achieved one transaction yielded a profit exceeding $300,000.
A reason for the eye-watering losses could be that the sellers purchased their units in 2011 when the average price of Altez peaked at $2,559 psf (see Chart 1). The sellers sold their units in 2021. From 2011 to 2021, the average price of the condo declined by 17.6% to $2,108 psf.
Source: EdgeProp Market Trends (as at 1 April 2026)
The loss experienced by the seller of the subject unit could be due to the above-average purchase price. The unit was purchased in 2012 for $2,341 psf, when the average price of Altez was $2,276 psf. At the time of writing, this is the lone resale transaction for Altez this year.
Subject unit is a duplex
The subject unit is a one-bedroom duplex measuring 861 sq ft. The lower level comprises a living/dining area and a kitchen, while the bedroom and bathroom are located on the upper level (see Floor Plan 1).
Source: EdgeProp Research
Meanwhile, the unit involved in the highest loss of $1.213 million is a two-bedroom duplex measuring 1,173 sq ft. The lower level comprises a living/dining area, kitchen and powder room, while the upper level includes an en-suite master bedroom, a second bedroom, a common bathroom and a balcony (see Floor Plan 2).
Source: EdgeProp Research
Surrounded by 99-year leasehold condos
There are 12 completed condos, representing around 2,500 units, within a 500m radius of Altez. Among these condos, only Onze @ Tanjong Pagar and The Arris are freehold developments, while the remaining 10 are 99-year leasehold developments.
Among the leasehold neighbours, Icon and Skysuites @ Anson are the nearest to Altez (see Map 2). However, Icon is seven years older, having obtained its TOP in 2007. In contrast, Skysuites @ Anson obtained its TOP in 2014, the same year as Altez. Additionally, the land leases of both Altez and Skysuites @ Anson commenced in 2008.
Source: EdgeProp LandLens (as at 1 April 2026)
Like Altez, Skysuites @ Anson is located along Enggor Street within District 2. However, Skysuites @ Anson (360 units) is a larger development compared to Altez (280 units).
Notably, the average resale price of Skysuites @ Anson ($2,228 psf) has consistently trended above that of Altez ($1,742 psf) and 99-year leasehold condos in District 2 ($1,952 psf) (see Chart 2). In contrast, average resale price for Altez has dipped below the average for District 2 in several years, including the current year.
Since 2020, the average resale price of 99-year leasehold condos in District 2 has fallen by 9.3%. Notably, Skysuites @ Anson recorded a smaller decline of 5.8%, while Altez saw a larger drop of 13.8%.
Source: EdgeProp Market Trends (as at 1 April 2026)
Conclusion
Despite its strong central location and proximity to Tanjong Pagar MRT Station, Altez has faced pricing pressure, likely due to competition from nearby developments, as there are 10 completed 99-year leasehold condos within walking distance. Furthermore, Icon and Skysuites @ Anson are adjacent to Altez.
The $516,000 loss incurred by the seller of the subject unit could be attributed to its higher-than-average purchase price. In addition, the average price of Altez has fallen from $2,276 psf in 2012, when the unit was purchased, to this year’s average of $1,742 psf. However, the loss is significantly lower the record-high loss of $1.213 million.
To learn more about this transaction, and whether it represents a good deal, click here.
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