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 upcoming public auction on Aug 15. The two-bedroom loft space unit has an overview cost of $2.1 million, which calculates to $1,970 psf on the floor area.
Recent launches have increased housing real estate rates in Tanjong Pagar. TMW Maxwell on Maxwell Road is the latest property development, with units assumed to sell from $3,188 psf. One Bernam, released in May 2021, has units averaging $2,528 psf, with some top-floor units yielding as much as $3,340 psf. One Bernam is currently approximately 54% marketed.
In a similar way, rental fees have increased from a median rent of $4.82 psf monthly 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 upon recent rental cautions, most property owners at Icon see leasing returns of around 4.6%.
Icon at Tanjong Pagar has a 40-storey along with 46-storey residence block with 646 units. It was the very first inner-city property development when it was introduced in 2003. The plan has a retail podium, Icon Village, with tenants such as CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
The 99-year leasehold Icon was finalized in 2007. It is well-located in the CBD and is easily near 2 MRT stations: Tanjong Pagar on the East-West Line and the upcoming Prince Edward Station on the Circle Line, set up for completion in 2026.
Neighboring apartments consist of Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment is going to expand when upcoming ventures like 351-unit One Bernam on Bernam Street, the 246-unit Newport Residences on Anson Road and the 215-unit Skywater Apartments on Shenton Way are completed.
Prices at Icon have climbed as a result of raised brand-new release and also transaction activity in the area. Based upon an inventory of resale caveats by EdgeProp Singapore, the standard rate has actually increased from $1,668 psf in September 2020 to $1,788 psf previous month.
The unit is going to be sold with an occurring occupancy ending in December. The south-facing unit has a bottom level with a living and dining space and a double-volume ceiling. This level even consists of a room, common bathroom, kitchen area and property shelter. The upper level contains the en suite master bedroom.
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 offered on Feb 9 to $1.9 million ($1,535 psf) for a 1,238 sq ft unit that was sold on April 14.
Upcoming projects in the pipeline are anticipated to roll on this force and even more increase rates, especially as they are positioned as luxury, upmarket growths. These consist of Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.