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 placed on the block at Knight Frank’s forthcoming auction on Aug 15. The two-bedroom loft unit has an overview cost of $2.1 million, which figures out to $1,970 psf on the floor surface area.
The 99-year leasehold Icon was finished in 2007. It is well-located in the CBD and is easily close to two MRT stations: Tanjong Pagar on the East-West Line and the upcoming Prince Edward Terminal on the Circle Line, planned for completion in 2026.
Next projects in the pipeline are anticipated to progress on this impulse and even more increase rates, specifically as they are placed as luxury, upmarket growths. These include Newport Residences, Skywater Residences, plus the 748-unit Marina View Residences on Marina View.
Latest launches have actually increased non commercial real estate rates in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the current development, with units assumed to sell off from $3,188 psf. One Bernam, introduced in May 2021, has units averaging $2,528 psf, with some top-floor units yielding as much as $3,340 psf. One Bernam is already approximately 54% sold.
Icon at Tanjong Pagar has a 40-storey and 46-storey apartment block with 646 units. It was the first inner-city development when it was introduced in 2003. The plan has a retail podium, Icon Village, with tenants which include CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
Neighboring condominiums include Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment is going to develop 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.
The unit is going to be marketed with an existing occupancy concluding in December. The south-facing unit has a lower level with a living and dining space and a double-volume ceiling. This ground also contains a bed room, standard bathroom, cooking area and property sanctuary. The top ground includes the en suite master bedroom.
There have certainly been 14 resale proceedings at Icon this year, varying from $1.04 million ($1,819 psf) for a 570 sq ft unit that was offered on Feb 9 to $1.9 million ($1,535 psf) for a 1,238 sq ft unit that was sold off on April 14.
Prices at Icon have actually risen as a result of raised brand-new launches and also purchase activity in the location. Based on a record of resell caveats by EdgeProp Singapore, the common price has raised from $1,668 psf in September 2020 to $1,788 psf last month.
In a similar way, rental fees have increased from a typical rent of $4.82 psf monthly in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, average rents at Icon stayed at $7.25 psf pm. Based upon latest rental cautions, the majority of property managers at Icon see leasing turnouts of about 4.6%.