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

Prices at Icon have actually climbed due to boosted brand-new release and also deal activity in the place. Based upon a tabulation of resale caveats by EdgeProp Singapore, the common rate has raised from $1,668 psf in September 2020 to $1,788 psf previous month.

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

There have certainly 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 off on April 14.

Newport Residences condo price

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 unit has a guide cost of $2.1 million, which works out to $1,970 psf on the floor surface area.

Recent launches have driven up residential realty prices in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the latest property development, with units assumed to sell 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 at the moment about 54% sold.

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

The unit is going to be sold with a presenting occupancy concluding in December. The south-facing unit has a lower level with a dwelling and eating area and also a double-volume roof. This level similarly contains a room, common bathroom, kitchen as well as property sanctuary. The top ground consists of the en suite master bedroom.

Upcoming assignments in the pipeline are expected to ride on this force and further boost costs, particularly as they are placed as luxury, upmarket growths. These include Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.

In a similar way, rents have climbed from a median rent of $4.82 psf monthly in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, average rental fees at Icon stayed at $7.25 psf pm. Based upon latest rental cautions, the majority of landlords at Icon see rental returns of roughly 4.6%.