Two-bedroom loft unit at Icon for sale at $2.1 mil
The unit will be sold with a presenting occupancy ending in December. The south-facing unit has a bottom level with a dwelling and eating room and even a double-volume roof. This ground even includes a bedroom, common toilet, cooking area and property sanctuary. The top level contains the en suite master bedroom.
Icon at Tanjong Pagar has a 40-storey plus 46-storey apartment block with 646 units. It was the first inner-city project when it was released in 2003. The venture has a retail podium, Icon Village, with renters including CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
Upcoming plans in the pipeline are anticipated to ride on this impulse and further boost prices, especially as they are positioned as luxury, upmarket growths. These include Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.
Similarly, leas have risen from a median 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 recent rental cautions, a lot of property managers at Icon see rental returns of around 4.6%.
There have certainly been 14 resale transactions 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 on April 14.
Recent launches have actually driven up non commercial property costs in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the most recent development, with units projected 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 as much as $3,340 psf. One Bernam is currently around 54% marketed.
Prices at Icon have actually increased due to boosted brand-new launches and also deal activity in the place. Based on a tabulation of resale caveats by EdgeProp Singapore, the average cost has enhanced from $1,668 psf in September 2020 to $1,788 psf previous month.
Neighboring condos consist of Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment is going to 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 Residences on Shenton Way are finished.
The 99-year leasehold Icon was finalized in 2007. It is well-located in the CBD moreover is effortlessly close to 2 MRT stations: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Station on the Circle Line, scheduled for conclusion in 2026.
A1,066 sq ft unit at Icon on Gopeng Street will be put on the block at Knight Frank’s approaching public auction on Aug 15. The two-bedroom loft space unit has a guide rate of $2.1 million, that figures out to $1,970 psf on the floor surface area.
