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 furthermore is easily near to two MRT stations: Tanjong Pagar on the East-West Line and the upcoming Prince Edward Terminal on the Circle Line, set up for conclusion in 2026.

Nearby condos consist of Skysuites@Anson and also Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment is going to grow when upcoming plans like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Roadway along with the 215-unit Skywater Apartments on Shenton Way are finished.

There have been 14 resale proceedings 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.

The unit will be offered with a presenting occupancy ending in December. The south-facing unit has a lower level with a dwelling and dining space and also a double-volume roof. This ground even includes a bedroom, standard bath room, kitchen area and residential shelter. The upper level includes the en suite main bedroom.

In a similar way, rental fees have risen from a typical 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 remained at $7.25 psf pm. Based upon recent rental caveats, many property managers at Icon observe rental returns of around 4.6%.

Recent launches have actually increased non commercial property rates in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the current 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 selling for as much as $3,340 psf. One Bernam is currently around 54% sold off.

TMW Maxwell condominium

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

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

Prices at Icon have actually climbed as a result of boosted new launches as well as deal activity in the area. Based on a statistics of resell cautions by EdgeProp Singapore, the common price has actually boosted from $1,668 psf in September 2020 to $1,788 psf last month.

Future plans in the pipeline are expected to ride on this momentum and further increase costs, particularly as they are placed as deluxe, upmarket growths. These consist of Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.

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