Two-bedroom loft unit at Icon for sale at $2.1 mil
The latest launches have actually increased housing realty prices in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the most up to date development, with units assumed to sell off from $3,188 psf. One Bernam, released in May 2021, has units averaging $2,528 psf, with some top-floor units selling for up to $3,340 psf. One Bernam is at the moment about 54% offered.
The 99-year leasehold Icon was completed in 2007. It is well-located in the CBD furthermore is easily close to 2 MRT stations: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Terminal on the Circle Line, set up for conclusion in 2026.
In a similar way, rental fees have climbed from a typical rent of $4.82 psf monthly in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, median rental fees at Icon stood at $7.25 psf pm. Based upon more recent rental cautions, most proprietors at Icon find rental yields of about 4.6%.
Icon at Tanjong Pagar has a 40-storey plus 46-storey condo block with 646 units. It was the first inner-city project when it was introduced in 2003. The venture has a retail podium, Icon Village, with tenants such as CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.
Surrounding condominiums include Skysuites@Anson and also Altez on Enggor Street and Lumiere on Mistri Road. The non commercial catchment will grow when upcoming ventures like 351-unit One Bernam on Bernam Street, the 246-unit Newport Residences on Anson Roadway and the 215-unit Skywater Apartments on Shenton Way are carried out.
The unit is going to be marketed with a presenting tenancy concluding in December. The south-facing unit has a lower level with a living and dining room and a double-volume roof. This ground also includes a room, common toilet, kitchen as well as property shelter. The top ground contains the en suite master bedroom.
Prices at Icon have actually increased due to enhanced brand-new release and transaction event in the location. Based upon an inventory of resell caveats by EdgeProp Singapore, the standard rate has actually raised from $1,668 psf in September 2020 to $1,788 psf last month.
Upcoming projects in the pipeline are anticipated to progress on this force and further boost prices, specifically as they are positioned as high-end, upmarket developments. These include Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.
A1,066 sq ft unit at Icon on Gopeng Street will be put on the block at Knight Frank’s future auction on Aug 15. The two-bedroom loft unit has a guide price of $2.1 million, that works out to $1,970 psf on the floor area.
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 sold off on April 14.