Two-bedroom loft unit at Icon for sale at $2.1 mil
The 99-year leasehold Icon was finalized in 2007. It is well-located in the CBD moreover is conveniently near two MRT terminals: Tanjong Pagar on the East-West Line and also the upcoming Prince Edward Terminal on the Circle Line, set up for completion in 2026.
A1,066 sq ft unit at Icon on Gopeng Street will certainly be put on the block at Knight Frank’s forthcoming public auction on Aug 15. The two-bedroom loft space unit has a guide cost of $2.1 million, which calculates to $1,970 psf on the floor surface area.
Prices at Icon have risen as a result of boosted brand-new launches and purchase event in the location. Based on a statistics of resell cautions by EdgeProp Singapore, the common price has increased from $1,668 psf in September 2020 to $1,788 psf last month.
Neighboring apartments include Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment will develop when upcoming plans like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Roadway and the 215-unit Skywater Properties on Shenton Way are carried out.
Also, rents have risen from a median rent of $4.82 psf each month in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, average rental fees at Icon remained at $7.25 psf pm. Based upon latest rental caveats, most landlords at Icon observe rental yields of roughly 4.6%.
Coming plans in the pipeline are expected to ride on this force and also further increase rates, particularly as they are positioned as luxury, upmarket developments. These include Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.
Latest launches have increased residential realty rates in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the most recent property development, with units expected to sell off from $3,188 psf. One Bernam, introduced in May 2021, has units averaging $2,528 psf, with some top-floor units yielding approximately $3,340 psf. One Bernam is currently around 54% marketed.
Icon at Tanjong Pagar has a 40-storey and 46-storey apartment block with 646 units. It was the very first inner-city development when it was launched in 2003. The plan has a retail podium, Icon Village, with renters including CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.
There have been 14 resale transactions at Icon this year, varying from $1.04 million ($1,819 psf) for a 570 sq ft unit that was marketed on Feb 9 to $1.9 million ($1,535 psf) for a 1,238 sq ft unit that was sold off on April 14.
The unit will be sold with an existing tenancy ending in December. The south-facing unit has a lower level with a dwelling and dining space and also a double-volume ceiling. This floor also includes a bedroom, standard bath room, kitchen area and household shelter. The upper level includes the en suite main bedroom.