Two-bedroom loft unit at Icon for sale at $2.1 mil
Latest launches have actually driven up residential realty rates in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the current development, with units assumed to sell from $3,188 psf. One Bernam, launched in May 2021, has units averaging $2,528 psf, with some top-floor units yielding approximately $3,340 psf. One Bernam is already around 54% sold off.
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 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.
Nearby apartments consist of Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment is going to expand when upcoming ventures like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Road and the 215-unit Skywater Residences on Shenton Way are carried out.
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 space unit has an overview price of $2.1 million, that works out to $1,970 psf on the floor area.
Prices at Icon have actually increased as a result of boosted brand-new launches and also purchase activity in the spot. Based on a statistics of resell caveats by EdgeProp Singapore, the standard rate has actually increased from $1,668 psf in September 2020 to $1,788 psf last month.
In a similar way, leas have climbed 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 property owners at Icon find rental yields of around 4.6%.
Icon at Tanjong Pagar has a 40-storey plus 46-storey apartment block with 646 units. It was the first inner-city property development when it was released in 2003. The plan has a retail podium, Icon Village, with lessees such as CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.
The unit will be marketed with an occurring occupancy ending in December. The south-facing unit has a bottom level with a dwelling and dining space and also a double-volume ceiling. This ground even contains a room, standard bathroom, cooking area and also household sanctuary. The top level includes the en suite main bedroom.
The 99-year leasehold Icon was finished in 2007. It is well-located in the CBD moreover is easily close to 2 MRT stations: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Station on the Circle Line, set up for conclusion in 2026.
Future plans in the pipeline are anticipated to roll on this force and further increase rates, particularly as they are positioned as luxury, upmarket growths. These include Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.