Two-bedroom loft unit at Icon for sale at $2.1 mil
The unit will be offered with an occurring tenancy ending in December. The south-facing unit has a bottom level with a living and eating room and also a double-volume ceiling. This ground similarly consists of a room, standard bathroom, cooking area as well as property shelter. The top ground includes the en suite main bedroom.
Similarly, rental fees have actually risen from a median rent of $4.82 psf monthly in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, average rents at Icon remained at $7.25 psf pm. Based on latest rental caveats, a lot of landlords at Icon find rental yields of around 4.6%.
Latest launches have driven up residential property prices in Tanjong Pagar. TMW Maxwell on Maxwell Road is the current development, with units assumed to sell from $3,188 psf. One Bernam, introduced in May 2021, has units averaging $2,528 psf, with some top-floor units selling for up to $3,340 psf. One Bernam is already approximately 54% sold off.
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 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.
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 space unit has an overview price of $2.1 million, which calculates 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 effortlessly near two MRT terminals: Tanjong Pagar on the East-West Line as well as the upcoming Prince Edward Station on the Circle Line, set up for completion in 2026.
Surrounding apartments include Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment will develop when upcoming plans like 351-unit One Bernam on Bernam Road, the 246-unit Newport Residences on Anson Road along with the 215-unit Skywater Apartments on Shenton Way are carried out.
Coming projects in the pipeline are expected to roll on this impulse and further increase prices, particularly as they are placed as high-end, upmarket growths. These consist of Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.
Icon at Tanjong Pagar has a 40-storey plus 46-storey apartment block with 646 units. It was the very first inner-city development when it was launched in 2003. The venture has a retail podium, Icon Village, with occupants such as CS Fresh grocery store, Two Men Bagel House and Alice Boulangerie.
Prices at Icon have actually increased because of raised brand-new launches as well as transaction event in the area. Based upon an inventory of resale caveats by EdgeProp Singapore, the common rate has boosted from $1,668 psf in September 2020 to $1,788 psf last month.
