One-bedders in Tanjong Pagar see renewal of interest

By Tan Chee Yuen
/ The Edge Property |
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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 recent transaction at the project was for a 495 sq ft, one-bedroom unit on the 11th floor that was sold for $950,000 ($1,919 psf), according to a caveat lodged on Aug 16. The same unit was last sold for $888,000 ($1,793 psf) six years ago.
In September 2012, a 1,076 sq ft, two-bedroom loft fetched $3.32 million, or a whopping $3,085 psf. That was the highest psf price achieved in the 42-storey tower since it was launched for sale a decade ago in July 2006. Typical units at The Clift are one- and two-bedroom apartments of 495 to 829 sq ft and two-bedroom lofts of 1,076 sq ft.
Further down Tanjong Pagar in the Spottiswoode Park neighbourhood is Spottiswoode Suites, a 183- unit condo project jointly developed by Centurion Group and Lian Beng Group. The freehold project is expected to be completed next year. It was launched for sale in January 2013, just a few days before the government introduced a hike in the additional buyer’s stamp duty. As at end-July, 143 units were sold. That number should increase following the recent sale of a 441 sq ft, one-bedroom-plus-study unit on the 22nd floor of the 36-storey tower. The unit was transacted at $1.04 million ($2,359 psf), according to a caveat lodged on Aug 18.
When the project was first launched, units were sold at an average of $2,222 psf. In the neighbourhood are projects that are already fully sold and completed, such as the 251-unit Spottiswoode 18, which obtained Temporary Occupation Permit in 2015, and the 351-unit Spottiswoode Residences, which was completed in 2014.
This article appeared in The Edge Property pullout, Issue 744 (Sep 5, 2016) of The Edge Singapore.

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