Two-bedroom loft unit at Icon for sale at $2.1 mil
The unit will be offered with a presenting occupancy ending in December. The south-facing unit has a bottom level with a living and dining area and a double-volume roof. This level similarly contains a bedroom, common toilet, kitchen area and household shelter. The upper ground includes the en suite main bedroom.
There have been 14 resale proceedings 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 reselled on April 14.
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, mean leas at Icon stood at $7.25 psf pm. Based upon latest rental caveats, a lot of landlords at Icon find leasing yields of approximately 4.6%.
A1,066 sq ft unit at Icon on Gopeng Street will certainly be placed 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, which calculates to $1,970 psf on the floor surface area.
Icon at Tanjong Pagar has a 40-storey and 46-storey residence block with 646 units. It was the very first inner-city project when it was launched in 2003. The plan has a retail podium, Icon Village, with tenants such as CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.
The 99-year leasehold Icon was completed in 2007. It is well-located in the CBD furthermore is conveniently close to 2 MRT terminals: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Terminal on the Circle Line, planned for conclusion in 2026.
Prices at Icon have climbed due to raised new release and also transaction activity in the spot. Based on an inventory of resell caveats by EdgeProp Singapore, the average cost has boosted from $1,668 psf in September 2020 to $1,788 psf last month.
Nearby condominiums 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 Road, the 246-unit Newport Residences on Anson Roadway and even the 215-unit Skywater Properties on Shenton Way are carried out.
The latest launches have actually increased non commercial real estate prices in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the current development, with units assumed to sell off from $3,188 psf. One Bernam, launched in May 2021, has units averaging $2,528 psf, with some top-floor units yielding up to $3,340 psf. One Bernam is at the moment around 54% sold.
Coming plans in the pipeline are anticipated to roll on this force and also further increase rates, especially as they are placed as deluxe, upmarket growths. These consist of Newport Residences, Skywater Residences, plus the 748-unit Marina View Residences on Marina View.