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Thread: The Clift (D1, 99 years, Far East Org)

  1. #21

    Default The Clift unit fetches 36% less just after a year

    Business Times - 30 May 2009
    The Clift unit fetches 36% less just after a year
    Bought for $1.65m by the seller, the 19th floor unit is auctioned for $1.047m. By Kalpana Rashiwala
    A TWO-BEDROOM apartment on the 19th level of The Clift, at the corner of Telok Ayer and McCallum streets, was sold at a DTZ auction this week for about $1,350 per square foot (psf) - 36 per cent lower than the $2,129 psf the seller is said to have paid for it barely a year ago. The 99-year-leasehold unit was put up for auction by the mortgagee, understood to be Citibank.


    Analysts reckon the $1.047 million the 775-sq-ft unit fetched was probably not enough to cover the loan the seller took for the property when he bought it for $1.65 million in the sub-sale market in July 2008.


    At Thursday's auction at Amara Hotel, there were initially no takers when the auctioneer called for an opening price of $1.08 million. A lower counter offer was made by a bidder and after close to 20 bids from about five parties, an Indonesian investor walked away with the property.


    This was not the first time the 19th floor unit featured at an auction. It was offered in March and April this year, with price expectations of $1.1 to $1.2 million, BT understands.


    However, the mortgagee bank's reserve price could not be met then. Market watchers reckon the bank probably cut its reserve price for this week's auction.


    Since March, three other units on the 21st and 22nd levels of The Clift, which is still under construction on the former Natwest Centre site, have changed hands at between $1,111 and $1,218 psf, according to caveats information.


    The 43-storey tower - with shop units at street level and apartments above - was designed by the renowned Japanese design firm Super Potato.


    Two other mortgagee properties also changed hands at DTZ's auction. A couple of adjoining first-storey shop units at Grandlink Square in Guillemard Road each fetched $300,000 or $1,546 psf of strata area. They were sold with vacant possession to a Singaporean investor who already owns units in the freehold development, BT understands.


    DTZ managed to find a buyer prior to this week's auction for another mortgagee sale property that was listed for the auction. The 5,188-sq-ft ramp-up factory unit on the second level of Northlink Building in Admiralty Street, Sembawang sold for $520,000. The property is on a site with a remaining lease of about 50 years.

  2. #22
    Join Date
    May 2006
    Posts
    8,129

    Default

    http://www.businesstimes.com.sg/sub/...35483,00.html?

    Published May 30, 2009

    The Clift unit fetches 36% less just after a year

    Bought for $1.65m by the seller, the 19th floor unit is auctioned for $1.047m. By Kalpana Rashiwala


    A TWO-BEDROOM apartment on the 19th level of The Clift, at the corner of Telok Ayer and McCallum streets, was sold at a DTZ auction this week for about $1,350 per square foot (psf) - 36 per cent lower than the $2,129 psf the seller is said to have paid for it barely a year ago.


    OTHER DEALS
    Since March, three other units on the 21st and 22nd levels of The Clift, which is still under construction, have changed hands at between $1,111 and $1,218 psf, according to caveats information.


    The 99-year-leasehold unit was put up for auction by the mortgagee, understood to be Citibank.

    Analysts reckon the $1.047 million the 775-sq-ft unit fetched was probably not enough to cover the loan the seller took for the property when he bought it for $1.65 million in the sub-sale market in July 2008.

    At Thursday's auction at Amara Hotel, there were initially no takers when the auctioneer called for an opening price of $1.08 million. A lower counter offer was made by a bidder and after close to 20 bids from about five parties, an Indonesian investor walked away with the property.

    This was not the first time the 19th floor unit featured at an auction. It was offered in March and April this year, with price expectations of $1.1 to $1.2 million, BT understands.

    However, the mortgagee bank's reserve price could not be met then. Market watchers reckon the bank probably cut its reserve price for this week's auction.

    Since March, three other units on the 21st and 22nd levels of The Clift, which is still under construction on the former Natwest Centre site, have changed hands at between $1,111 and $1,218 psf, according to caveats information.

    The 43-storey tower - with shop units at street level and apartments above - was designed by the renowned Japanese design firm Super Potato.

    Two other mortgagee properties also changed hands at DTZ's auction. A couple of adjoining first-storey shop units at Grandlink Square in Guillemard Road each fetched $300,000 or $1,546 psf of strata area. They were sold with vacant possession to a Singaporean investor who already owns units in the freehold development, BT understands.

    DTZ managed to find a buyer prior to this week's auction for another mortgagee sale property that was listed for the auction. The 5,188-sq-ft ramp-up factory unit on the second level of Northlink Building in Admiralty Street, Sembawang sold for $520,000. The property is on a site with a remaining lease of about 50 years.

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  3. #23

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    With the recent hot hot sales of Marina Bay Suites at 2400psf, do you guys think the upside for The Clift (currently at 1500 psf) is fairly optimistic?

    A flip of $500psf can make a decent profit of $400-500K

  4. #24
    Join Date
    Nov 2008
    Posts
    1,393

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    the clift should be compared with the prices of lumiere and icon - it's not marina bay

  5. #25

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    Depends. If Marina bay prices go beyond normal investors (eg: more than 4k psf), then maybe people will go for Clift.


    Quote Originally Posted by gfoo
    the clift should be compared with the prices of lumiere and icon - it's not marina bay

  6. #26

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    It's just 5 to 10 mins walk to Marina Bay..how could the price differ so much?

  7. #27
    Join Date
    Nov 2008
    Posts
    1,393

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    well if u think so, and you like the clift then buy lah. no one will have done as much reaearch as the person interested in a project, so you'll already have doe your assessment

  8. #28

    Default

    The view and location. Cliff got no view, no garden, no shopping centre, nothing. And Sail location is far superior. I can't think of many developments that boost 2 MRTs station at your doorstep. Walking more than 10 mins is considered far already. It makes a difference when you walk everyday.

    It is just too bad, I didn't get one unit there. IMO, it is still cheap considering the location. Went to view a condo near newton/novena. Cannot remember which one already. The one with the transparent sky gym. Near orchard but location still not very ideal. I was quite disgusted by the pricing of the studio. 2.2 to 2.3k psf. I rather get Sail/MBR anytime.


    Quote Originally Posted by Blue
    It's just 5 to 10 mins walk to Marina Bay..how could the price differ so much?

  9. #29

    Default

    Obviously, The Clift cannot compare to MBS, MBR, The Sail, One Shenton prices or psf. But if any of these developments' psf goes up again. The Clift should follow suit and that's when we start to profit take. At the last transacted psf of $1420 for a 2 bedder, I personally see a lot more upside than downside risk.

    Probly targeting to exit at 1800 or 1900psf will be very sweet profit of $300K+.

  10. #30

    Default

    Quote Originally Posted by Squall8888
    The view and location. Cliff got no view, no garden, no shopping centre, nothing. And Sail location is far superior. I can't think of many developments that boost 2 MRTs station at your doorstep. Walking more than 10 mins is considered far already. It makes a difference when you walk everyday.

    It is just too bad, I didn't get one unit there. IMO, it is still cheap considering the location. Went to view a condo near newton/novena. Cannot remember which one already. The one with the transparent sky gym. Near orchard but location still not very ideal. I was quite disgusted by the pricing of the studio. 2.2 to 2.3k psf. I rather get Sail/MBR anytime.
    If for own stay, certainly should look elsewhere. If for invest / rent, The Clift is definitely one gd choice.

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