Two-bedroom loft unit at Icon for sale at $2.1 mil
By Timothy Tay
/ EdgeProp Singapore |
A1,066 sq ft unit at Icon on Gopeng Street will be put on the block at Knight Frank’s upcoming auction on Aug 15. The two-bedroom loft unit has a guide price of $2.1 million, which works out to $1,970 psf on the floor area.
The unit will be sold with an existing tenancy ending in December. The south-facing unit has a lower level with a living and dining space and a double-volume ceiling. This floor also contains a bedroom, common bathroom, kitchen and household shelter. The upper level consists of the en suite master bedroom.
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 launched in 2003. The project has a retail podium, Icon Village, with tenants such as CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.
The 99-year leasehold Icon was completed in 2007. It is well-located in the CBD and is conveniently close to two MRT stations: Tanjong Pagar on the East-West Line and the upcoming Prince Edward Station on the Circle Line, scheduled for completion in 2026.
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Nearby condos include Skysuites@Anson and Altez on Enggor Street and Lumiere on Mistri Road. The residential catchment will grow when upcoming projects like 351-unit One Bernam on Bernam Street, the 246-unit Newport Residences on Anson Road and the 215-unit Skywater Residences on Shenton Way are completed.
Recent launches have driven up residential real estate prices in Tanjong Pagar. TMW Maxwell on Maxwell Road is the latest development, with units expected to sell from $3,188 psf. One Bernam, launched in May 2021, has units averaging $2,528 psf, with some top-floor units selling for up to $3,340 psf. One Bernam is currently about 54% sold.
Upcoming projects in the pipeline are expected to ride on this momentum and further boost prices, especially as they are positioned as luxury, upmarket developments. These include Newport Residences, Skywater Residences, and the 748-unit Marina View Residences on Marina View.
Prices at Icon have risen due to increased new launches and transaction activity in the area. Based on a tabulation of resale caveats by EdgeProp Singapore, the average price has increased from $1,668 psf in September 2020 to $1,788 psf last month.
Similarly, rents have risen from a median rent of $4.82 psf per month in 3Q2020 to a high of $7.29 psf pm in 1Q2023. Last quarter, median rents at Icon stood at $7.25 psf pm. Based on recent rental caveats, most landlords at Icon see rental yields of approximately 4.6%.
There have been 14 resale transactions 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.
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