Two-bedroom loft unit at Icon for sale at $2.1 mil
A1,066 sq ft unit at Icon on Gopeng Street will certainly be put on the block at Knight Frank’s future auction on Aug 15. The two-bedroom loft space unit has a guide rate of $2.1 million, which calculates to $1,970 psf on the floor area.
Prices at Icon have actually risen as a result of enhanced new launches and transaction event in the area. Based upon an inventory of resell cautions by EdgeProp Singapore, the average cost has increased from $1,668 psf in September 2020 to $1,788 psf last month.
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 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 unit will be offered with an occurring occupancy concluding in December. The south-facing unit has a lower level with a living and eating area and a double-volume ceiling. This ground even includes a room, standard bath room, kitchen and property sanctuary. The top ground includes the en suite master bedroom.
Similarly, rents have risen from a median rent of $4.82 psf per 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 more recent rental cautions, many property owners at Icon find leasing yields of roughly 4.6%.
The 99-year leasehold Icon was finished in 2007. It is well-located in the CBD moreover is effortlessly near two MRT terminals: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Terminal on the Circle Line, scheduled for completion in 2026.
Recent launches have increased housing property 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 selling for approximately $3,340 psf. One Bernam is already around 54% offered.
Neighboring apartments include Skysuites@Anson and also Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment will grow when upcoming plans like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Roadway along with the 215-unit Skywater Apartments on Shenton Way are finished.
Coming plans in the pipeline are anticipated to roll on this impulse and further boost rates, especially as they are positioned as deluxe, upmarket projects. These include Newport Residences, Skywater Residences, plus the 748-unit Marina View Residences on Marina View.
Icon at Tanjong Pagar has a 40-storey and 46-storey residence 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 lessees including CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.