Two-bedroom loft unit at Icon for sale at $2.1 mil
A1,066 sq ft unit at Icon on Gopeng Street will certainly be put on the block at Knight Frank’s upcoming 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.
Icon at Tanjong Pagar has a 40-storey along with 46-storey flat block with 646 units. It was the very first inner-city project when it was released in 2003. The venture has a retail podium, Icon Village, with renters such as CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
Similarly, rents have actually risen from an average rent of $4.82 psf per month 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 property managers at Icon observe rental returns of around 4.6%.
Prices at Icon have actually climbed as a result of boosted brand-new launches and also transaction event in the area. Based upon a statistics of resell caveats by EdgeProp Singapore, the standard price has actually increased from $1,668 psf in September 2020 to $1,788 psf last month.
There have been 14 resale proceedings at Icon this year, ranging from $1.04 million ($1,819 psf) for a 570 sq ft unit that was marketed on Feb 9 to $1.9 million ($1,535 psf) for a 1,238 sq ft unit that was reselled on April 14.
Upcoming plans in the pipeline are anticipated to roll on this impulse and further boost prices, specifically as they are positioned as deluxe, upmarket developments. These include Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.
Latest launches have actually driven up residential realty costs in Tanjong Pagar. TMW Maxwell on Maxwell Road is the most up to date development, with units assumed to sell from $3,188 psf. One Bernam, introduced in May 2021, has units averaging $2,528 psf, with some top-floor units yielding up to $3,340 psf. One Bernam is currently about 54% sold off.
The 99-year leasehold Icon was completed in 2007. It is well-located in the CBD moreover is conveniently near to two MRT terminals: Tanjong Pagar on the East-West Line and also the upcoming Prince Edward Station on the Circle Line, planned for completion in 2026.
The unit is going to be offered with a presenting occupancy finishing in December. The south-facing unit has a lower level with a living and eating room and also a double-volume roof. This floor similarly consists of a bed room, common bathroom, cooking area and also property shelter. The upper level consists of the en suite master bedroom.
Nearby apartments consist of Skysuites@Anson and also Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment will grow when upcoming projects like 351-unit One Bernam on Bernam Street, the 246-unit Newport Residences on Anson Road along with the 215-unit Skywater Apartments on Shenton Way are finished.