One-bedders in Tanjong Pagar see renewal of interest

By Tan Chee Yuen / The Edge Property | September 2, 2016 12:05 PM SGT
Activity in the Tanjong Pagar neighbourhood has picked up in recent weeks. At Icon, considered the first inner-city apartment development in the Tanjong Pagar area, two units changed hands in the week of Aug 16 to 23.
One was a 570 sq ft, one-bedroom unit on the 20th floor that fetched $988,000 ($1,732 psf), based on a caveat lodged on Aug 17. The unit last changed hands for $985,000 ($1,727 psf) in April 2010.
The other unit that was sold in August was a 700 sq ft, one-bedroom loft that was sold for $1.13 million ($1,615 psf), according to a caveat lodged on Aug 18. The unit was last purchased for $1.25 million ($1,787 psf) in July 2012.
In August, a 570 sq ft, one-bedroom unit at Icon was sold for $988,000 ($1,732 psf), while a 700 sq ft,
one-bedroom loft was sold for $1.13 million ($1,615 psf).
The 646-unit Icon, developed by one of Singapore’s largest property developers, Far East Organization, was one of the best-selling residential projects when it was first launched. That was in 2003, right after SARS, and many units were snapped up at an average price of $650 psf. The 99-year leasehold condominium located on Gopeng Street and just a short walk from the Tanjong Pagar MRT station, was completed in 2007.
The commercial podium of the project, Icon Village, contains many F&B outlets, retail and convenience stores. Icon is close to the 100AM mall and Amara Hotel as well as the new mall at the upcoming Tanjong Pagar Centre.
At the peak of the market, a 1,119 sq ft, two-bedroom penthouse at Icon was sold for close to $2.82 million ($2,515 psf), according to a caveat lodged in October 2010.
The next project in the neighbourhood developed by Far East Organization was The Clift, a 312-unit, 99-year leasehold condo on McCallum Street, just across the road from the Amoy Street Food Centre and a short walk from the Tanjong Pagar MRT station. The 42-storey condo tower was completed in 2011.
The Clift has seen a revival of interest since March this year. The most...