Two-bedroom loft unit at Icon for sale at $2.1 mil
The 99-year leasehold Icon was finished in 2007. It is well-located in the CBD furthermore is effortlessly near to 2 MRT stations: Tanjong Pagar on the East-West Line and the upcoming Prince Edward Station on the Circle Line, planned for conclusion in 2026.
Next projects in the pipeline are expected to roll on this impulse and further boost costs, especially as they are placed as high-end, upmarket developments. These consist of Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.
A1,066 sq ft unit at Icon on Gopeng Street will certainly be placed on the block at Knight Frank’s future public auction on Aug 15. The two-bedroom loft unit has an overview price of $2.1 million, which figures out to $1,970 psf on the floor area.
Similarly, rental fees 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, median rents at Icon stayed at $7.25 psf pm. Based upon more recent rental caveats, most landlords at Icon see leasing yields of around 4.6%.
The unit is going to be marketed with an occurring tenancy finishing in December. The south-facing unit has a bottom level with a dwelling and eating space and a double-volume ceiling. This floor even includes a bed room, common toilet, cooking area as well as residential sanctuary. The top level consists of the en suite master bedroom.
Surrounding condominiums include Skysuites@Anson and also Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment is going to develop when upcoming ventures like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Roadway and even the 215-unit Skywater Residences on Shenton Way are carried out.
There have certainly been 14 resale transactions at Icon this year, extending from $1.04 million ($1,819 psf) for a 570 sq ft unit that was sold on Feb 9 to $1.9 million ($1,535 psf) for a 1,238 sq ft unit that was sold on April 14.
Prices at Icon have actually risen as a result of boosted brand-new release as well as transaction activity in the area. Based on an inventory of resale cautions by EdgeProp Singapore, the common cost has boosted from $1,668 psf in September 2020 to $1,788 psf last month.
The latest launches have driven up non commercial realty rates in Tanjong Pagar. TMW Maxwell on Maxwell Road is the latest development, with units projected to sell from $3,188 psf. One Bernam, introduced in May 2021, has units averaging $2,528 psf, with some top-floor units selling for as much as $3,340 psf. One Bernam is at the moment about 54% sold.
Icon at Tanjong Pagar has a 40-storey and 46-storey apartment block with 646 units. It was the first inner-city project when it was introduced in 2003. The plan has a retail podium, Icon Village, with lessees which include CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.