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 effortlessly near two MRT terminals: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Station on the Circle Line, planned for conclusion in 2026.
Icon at Tanjong Pagar has a 40-storey along with 46-storey flat block with 646 units. It was the first inner-city development when it was launched in 2003. The project has a retail podium, Icon Village, with renters including CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
Prices at Icon have increased due to enhanced new release as well as purchase activity in the spot. Based upon a record of resale caveats by EdgeProp Singapore, the standard cost has boosted from $1,668 psf in September 2020 to $1,788 psf last month.
There have certainly been 14 resale proceedings at Icon this year, varying 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.
Recent launches have driven up non commercial real estate prices in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the most up to date property development, with units assumed to sell off from $3,188 psf. One Bernam, launched in May 2021, has units averaging $2,528 psf, with some top-floor units yielding as much as $3,340 psf. One Bernam is currently approximately 54% offered.
Similarly, rental fees have actually increased from a median rent of $4.82 psf monthly in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, mean rents at Icon stood at $7.25 psf pm. Based on more recent rental caveats, a lot of proprietors at Icon see rental returns of around 4.6%.
Upcoming projects in the pipeline are anticipated to ride on this momentum and even more boost prices, especially as they are positioned as luxury, upmarket developments. These consist of Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.
A1,066 sq ft unit at Icon on Gopeng Street will be put on the block at Knight Frank’s forthcoming auction on Aug 15. The two-bedroom loft space unit has a guide price of $2.1 million, that works out to $1,970 psf on the floor area.
Nearby apartments consist of Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment is going to grow when upcoming plans like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Roadway and the 215-unit Skywater Apartments on Shenton Way are finished.
The unit is going to be offered with a presenting tenancy ending in December. The south-facing unit has a lower level with a living and eating area and a double-volume roof. This floor also consists of a room, standard bath room, kitchen area and also residential shelter. The upper level consists of the en suite master bedroom.