Two-bedroom loft unit at Icon for sale at $2.1 mil
Icon at Tanjong Pagar has a 40-storey and 46-storey flat block with 646 units. It was the very first inner-city development when it was introduced in 2003. The venture has a retail podium, Icon Village, with lessees which include CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
Next plans in the pipeline are anticipated to ride on this force and even more boost prices, particularly as they are placed as high-end, upmarket projects. These include Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.
Latest launches have driven up residential real estate prices in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the latest property development, with units expected to sell from $3,188 psf. One Bernam, introduced in May 2021, has units averaging $2,528 psf, with some top-floor units yielding as much as $3,340 psf. One Bernam is at the moment about 54% sold.
The unit will be sold with an existing occupancy ending in December. The south-facing unit has a bottom level with a dwelling and dining space and a double-volume roof. This ground even has a bed room, common bathroom, kitchen as well as residential sanctuary. The top ground includes the en suite master bedroom.
Prices at Icon have actually risen due to increased brand-new launches and transaction activity in the location. Based on a record of resell cautions by EdgeProp Singapore, the common cost has boosted from $1,668 psf in September 2020 to $1,788 psf last month.
Surrounding apartments include Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment is going to expand when upcoming plans like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Road along with the 215-unit Skywater Apartments on Shenton Way are finished.
There have certainly been 14 resale proceedings 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 on April 14.
A1,066 sq ft unit at Icon on Gopeng Street will certainly be put on the block at Knight Frank’s upcoming 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 surface area.
The 99-year leasehold Icon was finished in 2007. It is well-located in the CBD furthermore is conveniently near 2 MRT stations: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Terminal on the Circle Line, set up for conclusion in 2026.
Similarly, rental fees have risen from a typical rent of $4.82 psf monthly in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, average leas at Icon stood at $7.25 psf pm. Based upon latest rental cautions, many property managers at Icon see rental yields of approximately 4.6%.
