Two-bedroom loft unit at Icon for sale at $2.1 mil
Prices at Icon have actually increased due to raised brand-new launches and also purchase event in the location. Based on a statistics of resell cautions by EdgeProp Singapore, the standard rate has increased from $1,668 psf in September 2020 to $1,788 psf previous month.
Coming plans in the pipeline are expected to progress on this force and further increase rates, especially as they are placed as luxury, upmarket projects. These consist of Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.
The unit will be offered with an occurring tenancy concluding in December. The south-facing unit has a lower level with a living and dining space and also a double-volume ceiling. This level also contains a room, common toilet, kitchen and residential sanctuary. The top level contains the en suite master bedroom.
Recent launches have actually increased non commercial realty prices in Tanjong Pagar. TMW Maxwell on Maxwell Road is the latest property development, with units expected to sell off from $3,188 psf. One Bernam, launched 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 already approximately 54% sold off.
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 an overview price of $2.1 million, which figures out to $1,970 psf on the floor surface area.
The 99-year leasehold Icon was completed in 2007. It is well-located in the CBD furthermore is conveniently near to two MRT stations: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Terminal on the Circle Line, set up for completion in 2026.
Also, rental fees have 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, average rental fees at Icon stood at $7.25 psf pm. Based upon more recent rental cautions, many property managers at Icon see leasing yields of roughly 4.6%.
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 offered on Feb 9 to $1.9 million ($1,535 psf) for a 1,238 sq ft unit that was reselled on April 14.
Surrounding apartments 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 Residences on Shenton Way are carried out.
Icon at Tanjong Pagar has a 40-storey and 46-storey flat block with 646 units. It was the very first inner-city property development when it was released in 2003. The venture has a retail podium, Icon Village, with tenants which include CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.