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 and is easily close to two MRT terminals: Tanjong Pagar on the East-West Line and the upcoming Prince Edward Terminal on the Circle Line, scheduled for completion in 2026.

Icon at Tanjong Pagar has a 40-storey plus 46-storey apartment block with 646 units. It was the very first inner-city property development when it was launched in 2003. The project has a retail podium, Icon Village, with tenants including CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.

Coming plans in the pipeline are expected to progress on this force and even more increase costs, specifically as they are positioned as deluxe, upmarket projects. These include Newport Residences, Skywater Residences, plus the 748-unit Marina View Residences on Marina View.

The latest launches have increased housing realty costs in Tanjong Pagar. TMW Maxwell on Maxwell Road is the current 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 selling for approximately $3,340 psf. One Bernam is already approximately 54% sold off.

In a similar way, leas have actually climbed from an average rent of $4.82 psf per 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 cautions, many proprietors at Icon observe leasing yields of roughly 4.6%.

Neighboring apartments include Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment is going to develop when upcoming plans like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Roadway and even the 215-unit Skywater Apartments on Shenton Way are carried out.

Sky Eden Bedok, Bedok Central

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 off on April 14.

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

Prices at Icon have climbed due to enhanced brand-new launches and transaction activity in the location. Based on a statistics of resale caveats by EdgeProp Singapore, the standard price has raised from $1,668 psf in September 2020 to $1,788 psf last month.

The unit will be offered with an occurring tenancy finishing in December. The south-facing unit has a bottom level with a dwelling and dining area and a double-volume ceiling. This floor even consists of a room, common toilet, kitchen area as well as property shelter. The upper level consists of the en suite master bedroom.


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