Two-bedroom loft unit at Icon for sale at $2.1 mil
Prices at Icon have increased because of boosted new launches as well as transaction event in the area. Based on an inventory of resale cautions by EdgeProp Singapore, the standard cost has actually raised from $1,668 psf in September 2020 to $1,788 psf previous month.
Icon at Tanjong Pagar has a 40-storey along with 46-storey residence block with 646 units. It was the very first inner-city project when it was launched in 2003. The plan has a retail podium, Icon Village, with lessees which include CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
Next assignments in the pipeline are expected to ride on this force and also further increase costs, particularly as they are positioned as deluxe, upmarket growths. These include Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.
Similarly, rents have increased from a median rent of $4.82 psf per month in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, average rental fees at Icon stood at $7.25 psf pm. Based upon latest rental cautions, many landlords at Icon find leasing yields of about 4.6%.
Recent launches have driven up non commercial property prices in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the current property development, with units expected to sell off from $3,188 psf. One Bernam, released in May 2021, has units averaging $2,528 psf, with some top-floor units selling for approximately $3,340 psf. One Bernam is already about 54% sold.
Neighboring condominiums consist of Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment is going to grow when upcoming ventures like 351-unit One Bernam on Bernam Street, the 246-unit Newport Residences on Anson Roadway and the 215-unit Skywater Properties on Shenton Way are completed.
A1,066 sq ft unit at Icon on Gopeng Street will be put on the block at Knight Frank’s forthcoming public auction on Aug 15. The two-bedroom loft unit has a guide cost of $2.1 million, which figures out to $1,970 psf on the floor area.
The 99-year leasehold Icon was finished in 2007. It is well-located in the CBD furthermore is easily near to two MRT terminals: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Terminal on the Circle Line, planned for conclusion in 2026.
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 offered on Feb 9 to $1.9 million ($1,535 psf) for a 1,238 sq ft unit that was sold on April 14.
The unit will be marketed with an existing tenancy concluding in December. The south-facing unit has a bottom level with a dwelling and dining room and a double-volume ceiling. This level similarly has a room, standard toilet, cooking area and property shelter. The upper ground includes the en suite main bedroom.