A two-bedroom loft unit at Icon is for sale for $2.1 million
A 1,066 square foot unit located at Icon located on Gopeng Street will be put on the market in Knight Frank’s auction on August 15. The two-bedroom loft is expected to fetch $2.1 million that works out to $1,970 per sq ft of floor area.
The property will be offered for sale with a tenancy that will expire in December. The unit that faces south is on the lower floor, which has a dining and living space as well as a ceiling with a double volume. This floor also has an additional bedroom, bathroom, kitchen, and a shelter for the household. The second floor is the master bedroom that has an en suite.
Lumina Grand condo has a total area of 16,623.7 sq m, an estimated Gross Floor Area (GFA) of 49,872 sq m, and a maximum GFA of 49,872. with approval granted under the Confirmed List 1st Half 2022 Government Land Sales GLS.
Icon located in Tanjong Pagar has a 40-storey and 46-storey block of apartments with 646 units. This was the initial city-wide development that was built when it was first opened in 2003. It features a retail plaza, Icon Village which houses tenants such as CS Fresh supermarket, Two Men Bagel House and Alice Boulangerie.
This 99-year leasehold Icon is completed as of 2007. It is conveniently located inside The CBD and is located near the 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.
The nearby condos include Skysuites@Anson, Altez located on Enggor Street and Lumiere on Mistri Road. The area of residential development will expand as upcoming developments like the 351 units of One Bernam located on Bernam Street and the 246 unit Newport Residences located on Anson Road and the 215-unit Skywater Residences located on Shenton Way are completed.
Recent developments have pushed up the prices of residential real estate for Tanjong Pagar. TMW Maxwell on Maxwell Road is the most recent development which is that are expected to sell for $3,188 per sq ft. One Bernam which was announced at the end of May in 2021 offers units selling for $2,528 psf with top floor units that are selling for $3,340 per square foot. One Bernam has 55% sold.
The upcoming projects that are in the pipeline are expected to benefit from this momentum, and will further increase prices, particularly as they are advertised as premium, high-end developments. They are Newport Residences, Skywater Residences and seven-48 units at Marina View Residences located on Marina View.
Pricing at Icon have increased because of the increased number of new launches and transactions activity in the region. Based on a study of resales caveats provided by EdgeProp Singapore, the average price has risen from $1,668 in September of 2020 to $1,788 psf in the month of September.
The rents, too, have risen from a median of $4.82 per month, psf in 3Q2020, to a peak of $7.29 psf per month in 1Q2023. The last quarter, the median rent at Icon was $7.25 per sq ft. Based on the latest rent caveats, the majority of tenants at Icon have rent yields of around 4.6%.
It has been a total of 14 resales transaction in Icon this year, with prices ranging in price from $1.04 million ($1,819 per sq ft) for an 570 sq ft unit which was sold on February 9. The price range was from $1.9 million ($1,535 per square foot) for 1 238 sq ft of space which is sold April 14.