Two-bedroom loft unit at Icon for sale at $2.1 mil

The 99-year leasehold Icon was finalized in 2007. It is well-located in the CBD moreover is conveniently near to 2 MRT stations: Tanjong Pagar on the East-West Line and also the upcoming Prince Edward Terminal on the Circle Line, scheduled for conclusion in 2026.

Neighboring condominiums include Skysuites@Anson and also Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment is going to grow when upcoming ventures like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Roadway and even the 215-unit Skywater Properties on Shenton Way are carried out.

A1,066 sq ft unit at Icon on Gopeng Street will certainly be put on the block at Knight Frank’s upcoming auction on Aug 15. The two-bedroom loft space unit has a guide price of $2.1 million, that works out to $1,970 psf on the floor area.

The latest launches have actually increased housing property costs in Tanjong Pagar. TMW Maxwell on Maxwell Road is the latest property 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 approximately $3,340 psf. One Bernam is currently around 54% sold.

There have been 14 resale transactions at Icon this year, ranging from $1.04 million ($1,819 psf) for a 570 sq ft unit that was marketed on Feb 9 to $1.9 million ($1,535 psf) for a 1,238 sq ft unit that was sold off on April 14.

The Myst Condo floor plan

Also, leas have risen from a median rent of $4.82 psf each month in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, average leas at Icon stayed at $7.25 psf pm. Based on latest rental cautions, a lot of proprietors at Icon see leasing turnouts of about 4.6%.

Next assignments in the pipeline are expected to roll on this force and also even more increase costs, particularly as they are positioned as deluxe, upmarket growths. These include Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.

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

The unit is going to be marketed with an existing occupancy ending in December. The south-facing unit has a lower level with a dwelling and dining space and even a double-volume roof. This ground also has a bed room, standard bathroom, kitchen area and property sanctuary. The top ground includes the en suite main bedroom.

Prices at Icon have increased as a result of increased brand-new release and also purchase event in the place. Based upon a tabulation of resell caveats by EdgeProp Singapore, the standard rate has actually raised from $1,668 psf in September 2020 to $1,788 psf previous month.

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