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 to two MRT terminals: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Station on the Circle Line, planned for completion in 2026.
Nearby apartments include Skysuites@Anson and also Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment is going to expand 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 completed.
Upcoming assignments in the pipeline are expected to progress on this force and also even more boost rates, particularly as they are positioned as luxury, upmarket growths. These consist of Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.
There have been 14 resale transactions at Icon this year, ranging 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.
Latest launches have actually increased housing realty costs in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the most recent 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 selling for up to $3,340 psf. One Bernam is already around 54% sold off.
Similarly, rental fees have increased from a typical rent of $4.82 psf monthly in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, mean rental fees at Icon stayed at $7.25 psf pm. Based upon latest rental caveats, many proprietors at Icon find rental returns of around 4.6%.
Icon at Tanjong Pagar has a 40-storey and 46-storey residence 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 occupants which include CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
The unit is going to be marketed with an existing tenancy ending in December. The south-facing unit has a bottom level with a living and eating space and also a double-volume ceiling. This floor even has a bed room, standard bath room, cooking area and residential shelter. The top level includes the en suite main bedroom.
A1,066 sq ft unit at Icon on Gopeng Street will be placed on the block at Knight Frank’s forthcoming auction on Aug 15. The two-bedroom loft space unit has a guide cost of $2.1 million, which works out to $1,970 psf on the floor surface area.
Prices at Icon have actually risen because of enhanced brand-new release and transaction event in the location. Based on an inventory of resell caveats by EdgeProp Singapore, the average price has actually boosted from $1,668 psf in September 2020 to $1,788 psf previous month.
