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 easily near 2 MRT stations: Tanjong Pagar on the East-West Line and the upcoming Prince Edward Terminal on the Circle Line, scheduled for conclusion in 2026.

Icon at Tanjong Pagar has a 40-storey and 46-storey residence block with 646 units. It was the first inner-city property development when it was launched in 2003. The project has a retail podium, Icon Village, with occupants which include CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.

Also, leas have increased from a typical rent of $4.82 psf per month in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, mean rents at Icon remained at $7.25 psf pm. Based upon more recent rental cautions, most property owners at Icon see rental returns of roughly 4.6%.

A1,066 sq ft unit at Icon on Gopeng Street will certainly be put on the block at Knight Frank’s approaching public auction on Aug 15. The two-bedroom loft space unit has an overview cost of $2.1 million, that figures out to $1,970 psf on the floor area.

Midtown Bay floor plan

Coming assignments in the pipeline are anticipated to roll on this impulse and also further increase prices, particularly as they are positioned as high-end, upmarket developments. These consist of Newport Residences, Skywater Residences, plus the 748-unit Marina View Residences on Marina View.

The unit is going to be offered with an occurring occupancy concluding in December. The south-facing unit has a lower level with a living and dining space and even a double-volume roof. This floor also contains a bedroom, standard toilet, kitchen as well as residential sanctuary. The upper level consists of the en suite master bedroom.

There have certainly 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 off on April 14.

Surrounding apartments include Skysuites@Anson and also Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment will expand when upcoming projects like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Road along with the 215-unit Skywater Properties on Shenton Way are finished.

Prices at Icon have risen because of increased brand-new launches and transaction event in the place. Based upon an inventory of resale cautions by EdgeProp Singapore, the common rate has actually raised from $1,668 psf in September 2020 to $1,788 psf last month.

Recent launches have actually increased non commercial real estate costs in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the latest property development, with units projected to sell off from $3,188 psf. One Bernam, released in May 2021, has units averaging $2,528 psf, with some top-floor units yielding approximately $3,340 psf. One Bernam is currently about 54% sold.

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