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 auction on Aug 15. The two-bedroom loft unit has a guide cost of $2.1 million, that figures out to $1,970 psf on the floor surface area.
The unit will be sold with a presenting tenancy finishing in December. The south-facing unit has a lower level with a living and dining space and even a double-volume ceiling. This ground even consists of a bed room, common toilet, kitchen and also property sanctuary. The top level consists of the en suite main bedroom.
Latest launches have actually increased housing realty rates in Tanjong Pagar. TMW Maxwell on Maxwell Roadway is the most recent development, with units projected to sell from $3,188 psf. One Bernam, released in May 2021, has units averaging $2,528 psf, with some top-floor units selling for as much as $3,340 psf. One Bernam is already around 54% marketed.
Icon at Tanjong Pagar has a 40-storey plus 46-storey residence block with 646 units. It was the very first inner-city 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.
Future plans in the pipeline are anticipated to roll on this force and further increase rates, especially as they are placed as high-end, upmarket growths. These consist of Newport Residences, Skywater Residences, also the 748-unit Marina View Residences on Marina View.
Also, leas have climbed from a median rent of $4.82 psf each month in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, average leas at Icon remained at $7.25 psf pm. Based on latest rental caveats, many proprietors at Icon see rental turnouts of approximately 4.6%.
Surrounding condominiums include Skysuites@Anson and also 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 Road, the 246-unit Newport Residences on Anson Road and the 215-unit Skywater Properties on Shenton Way are finished.
The 99-year leasehold Icon was completed in 2007. It is well-located in the CBD furthermore is easily near two MRT terminals: Tanjong Pagar on the East-West Line and also the upcoming Prince Edward Station on the Circle Line, scheduled for completion in 2026.
Prices at Icon have actually risen as a result of raised brand-new launches as well as transaction event in the location. Based on a tabulation of resell caveats by EdgeProp Singapore, the common rate has increased from $1,668 psf in September 2020 to $1,788 psf last month.
There have certainly been 14 resale proceedings at Icon this year, ranging 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 on April 14.