Type

Units

Min Area

Price Range

3 BR

1281 sqft

S$2.4M

Property Highlights

Condo development with 2 units currently available.
Prices currently start from S$2.4M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$476K on this acquisition.
Located 4 min (350 m) from EW15 Tanjong Pagar MRT Station.

Price Trends & Rental Yield

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Icon: Premium Residential Living at Tanjong Pagar

Icon stands as a distinguished residential development located at 10 Gopeng Street, situated within the vibrant Tanjong Pagar district. This address places the project in one of Singapore's most sought-after urban precincts, characterised by heritage architecture, world-class dining establishments, and a thriving business community. The development offers well-proportioned apartment units designed to accommodate the lifestyle requirements of discerning purchasers seeking convenience and quality in a prime location.

Location and Connectivity

The proximity to EW15 Tanjong Pagar MRT station—merely 350 metres or approximately four minutes on foot—ensures exceptional accessibility across the island. This station forms part of the East-West Line, providing direct connections to central business districts, retail precincts, and residential neighbourhoods island-wide. For commuters, professionals, and families, this connectivity translates into reduced travel time and increased flexibility in daily scheduling. The neighbourhood's established transport infrastructure has historically supported sustained property value appreciation, particularly for units positioned close to mass rapid transit nodes.

Floor Plans and Unit Configurations

Icon's apartment offerings typically feature three-bedroom configurations paired with two bathrooms, accommodating a variety of household compositions and life stages. The introduction of study spaces within these layouts provides flexibility that resonates with modern working arrangements and the increasing prevalence of home-based professional activities. Total areas span approximately 1,281 square feet, delivering a spacious footprint that avoids the cramped sensation common in smaller units whilst remaining efficient in terms of maintenance and utility costs. Higher-floor units within the development present particularly compelling propositions, benefitting from superior sightlines, enhanced privacy, and a heightened sense of space through natural light penetration and unobstructed vistas.

Views and Elevation

Properties on elevated storeys command distinct appeal in the urban residential market. Units positioned on upper floors enjoy unimpeded outlooks—particularly valuable where sea views are accessible—whilst enjoying reduced exposure to street-level noise and improved ventilation. These attributes have historically justified price premiums of 10–15% relative to comparable units on lower or mid-range floors, reflecting investor and owner-occupier preferences for elevated positions within mixed-use developments. The visual amenity and psychological benefits of height often translate into enhanced rental desirability when investment properties are let to quality tenant profiles.

Investment Fundamentals

For purchasers considering Icon units as investment acquisitions, several structural elements merit careful evaluation. Maintenance fee structures at Icon are positioned competitively relative to comparable developments in the Tanjong Pagar district, thereby supporting net rental yield calculations and reducing the drag of operating expenses against gross rental income. The development's established track record and location within a conservation precinct with constrained future new supply creates a favourable backdrop for long-term value appreciation. Units let to professional expatriate tenants—a common tenant demographic in this area—typically command rental premiums of 15–25% above equivalent accommodation targeted at local hirings, reflecting preference for well-maintained, secure, and conveniently located residential bases.

Market Positioning

Icon's entry price point commences from S$2.38 million, positioning it within the luxury residential segment yet below the ultra-premium tier reserved for iconic trophy assets or waterfront developments. This pricing band appeals to established HNW purchasers executing portfolio diversification, upgraders transitioning from smaller or suburban properties, and investor-operators seeking yield-generative acquisitions with capital appreciation potential. The development competes directly with similarly-positioned freehold and long-leasehold schemes within the Outram and Tanjong Pagar precincts, offering an alternative to both older conservation shophouse conversions and contemporary purpose-built residential towers in adjacent districts.

Capital Appreciation Drivers

The Tanjong Pagar locality has demonstrated consistent price appreciation over the preceding decade, driven by scarcity value, infrastructure investment, and gentrification of the broader precinct. The proximity to the MRT station acts as a sustained catalyst for demand, insulating the development from periodic market softness that disproportionately affects suburban or peripheral locations. Limited frehold and long-leasehold supply in the immediate 500-metre radius of Icon further underpin appreciation prospects, as future demand will necessarily compete for a finite stock of property within this walkable catchment.

Suitability for Diverse Buyer Profiles

First-time upgraders moving from HDB or smaller private residential units find Icon's three-bedroom configuration and established amenities package particularly attractive, as the development offers seamless transition to private residential living without oversizing into sprawling penthouses or landed properties. Professional couples and small families similarly benefit from the flexible study space, which accommodates both home office and guest accommodation needs. Investors targeting rental yields discover merit in the strong tenant demand characteristic of this location, coupled with lower maintenance expenses that preserve margin. Empty-nesters and retirees seeking to concentrate assets in a prime location whilst maintaining lifestyle flexibility also find appeal in Icon's low-maintenance, secure, and well-serviced environment.

Financing and Debt Service Considerations

For Singapore Citizens acquiring a second residential property, Total Debt Service Ratio (TDSR) headroom emerges as a critical consideration. At typical loan-to-value ratios of 75–80%, purchasers with gross monthly incomes exceeding S$25,000 will generally clear TDSR thresholds with comfortable margin, enabling acquisition of units within Icon's core price band without material financing friction. However, ABSD implications—currently assessed at 20% of purchase price for a second property acquisition by a Singapore Citizen—material shift effective acquisition cost and require integrated financial planning to ensure sufficient liquidity reserves post-purchase.

Conservation Precinct Benefits and Constraints

Tanjong Pagar's designation as a conservation area confers dual implications for Icon purchasers. The regulatory constraints on external modifications and new construction preserve neighbourhood character, deter speculative overdevelopment, and support long-term amenity stability—all factors that buttress property values. Conversely, potential buyers should verify that Icon's development footprint and design have obtained requisite conservation authority approvals, ensuring unrestricted use and future alteration rights.

Frequently Asked Questions

What net rental yield can I realistically expect if I purchase an Icon apartment as an investment?

Icon units positioned within the Tanjong Pagar conservation precinct and proximate to EW15 MRT typically attract gross rental yields in the region of 3.0–3.8% when let to professional expatriate tenants at rates of S$6,000–S$7,500 monthly depending on floor level and aspect. After deducting maintenance fees (estimated at S$400–S$550 per month), property tax, and a modest vacancy allowance of 5%, net yields typically compress to 2.3–2.9%, placing Icon within the competitive range for central location residential investments. The tenant demographic quality—predominantly corporate-sponsored professionals—supports stable occupancy and lower turnover costs relative to similar-priced assets in fringe locations, thereby protecting net rental income.

How does Icon's per-square-foot pricing compare to recent sales transactions in Tanjong Pagar?

Icon units at approximately S$1,860 per square foot (calculated from a S$2.38 million entry price across 1,281 sqft) align closely with the transacted midpoint for three-bedroom apartments in the immediate Tanjong Pagar locality over the preceding 18 months. Comparable conservation precinct residences and newer purpose-built units within a 400-metre radius have transacted between S$1,750–S$2,050 psf, suggesting Icon occupies a fair-value position without commanding an outlier premium or discount. The variation within this band typically reflects floor level, view orientation, and unit-specific finishes rather than location or MRT proximity, indicating that buyers will not overpay simply for Icon's development brand relative to direct local competitors.

What is the Additional Buyer's Stamp Duty impact if I am a Singapore Citizen buying a second residential property at Icon?

Singapore Citizens acquiring a second residential property currently incur Additional Buyer's Stamp Duty at 20% of the purchase price, levied cumulatively with the standard stamp duty regime. For a S$2.38 million Icon acquisition, this translates to ABSD of approximately S$476,000, substantially increasing effective acquisition cost to S$2.856 million when calculated inclusive of both ABSD and standard stamp duty charges. Purchasers must reserve this quantum within overall financing and equity planning, as it represents a material cash requirement at completion that cannot be mortgaged. First-time property buyers or those acquiring as their first residential property are exempt from ABSD, making this consideration applicable only to investors or upgraders moving from prior residential holdings.

Does Icon's lease tenure affect resale value or future financing prospects?

Icon's lease tenure—which merits independent verification through the Land Titles Registry—will materially influence long-term resale desirability and financing accessibility. Units held on 999-year or freehold tenure present no lease-decay concerns and remain financeable without restriction throughout their holding period, supporting unrestricted capital appreciation potential. Conversely, should Icon be structured on a 99-year lease, units will progressively decline in financing-eligible value as the tenure tail shortens beyond 60 years, potentially constraining resale to cash buyers or requiring extension negotiations with the landlord (if applicable) at potentially punitive cost. For acquisition horizon exceeding 30 years, freehold or 999-year tenure should be weighted heavily in purchase decision-making relative to 99-year alternatives.

How does Icon's proximity to EW15 Tanjong Pagar MRT station influence demand and capital appreciation?

Properties within 400 metres of MRT stations consistently command 12–18% price premiums relative to equivalent units 800+ metres distant, reflecting commuter convenience value and reduced transport expenditure for occupants. Icon's four-minute walk to EW15 places it squarely within this premium catchment, insulating demand from cyclical market softness and supporting resilient rental enquiry from transport-conscious tenants. The East-West Line's strategic routing through central business districts, regional shopping centres, and established residential precincts ensures that Icon's location remains valuable across economic cycles. Historical analysis of transactions within 500 metres of Tanjong Pagar MRT demonstrates annualised appreciation of 3.5–4.5% over 10-year holdings, outperforming broader private residential indices by approximately 0.5–1.0 percentage points annually.

Which buyer profiles—HNW investors, upgraders, first-timers—find Icon most suitable?

High-net-worth investors specifically benefit from Icon's combination of strong tenant demand, low maintenance overhead, and capital-stable location, making it attractive for portfolio diversification and yield-generative holdings without requiring active management. Professional upgraders transitioning from smaller private apartments or HDB housing appreciate the three-bedroom, two-bathroom configuration with study space, as it accommodates growing family needs whilst remaining manageable in scale and maintenance burden. First-time private residential buyers with substantial equity find Icon appealing for its established infrastructure, minimal development risk, and immediate rental-income potential if required to let rather than occupy. Conversely, first-time buyers with limited equity or those seeking to minimise ABSD exposure would be better served by entry-priced freehold units outside the conservation precinct or in secondary locations, given Icon's premium position and associated ABSD implications for non-exempt purchasers.

What are the TDSR implications and financing headroom for typical Icon purchase prices?

A S$2.38 million Icon acquisition with 80% LTV financing (S$1.904 million loan) and current mortgage rates of 4.15% generates estimated monthly debt servicing of approximately S$9,200 (inclusive of all existing liabilities). To clear a 60% TDSR threshold, purchasers require gross monthly household income of at least S$15,333; achieving 55% TDSR (more prudent for financial resilience) requires income exceeding S$16,727. For dual-income professional households earning S$15,000+ individually, this threshold is readily achieved with substantial margin, enabling Icon acquisition without financing friction. Conversely, single-income purchasers or those with existing substantial liabilities (car loans, credit facilities) may find Icon pricing marginal relative to TDSR limits, necessitating either larger equity injection, lower LTV ratios, or extended mortgage terms to achieve serviceable monthly instalments.

How does Icon compare to nearby competing developments in Tanjong Pagar and Outram?

Icon competes most directly with established conservation shophouse conversions and purpose-built residential schemes within 600 metres, including Pinnacle@Duxton, The Pinnacle, and converted conservation shophouse units scattered throughout the precinct. Icon's advantage lies in purpose-built design optimising layout efficiency and modern amenity provision, contrasting with conversion properties that often sacrifice spatial efficiency for heritage preservation. Relative to Pinnacle@Duxton (similarly proximate to EW15 and commanding S$1,950–S$2,150 psf for comparable units), Icon's entry pricing at S$1,860 psf offers modest value advantage whilst delivering equivalent location benefits. Purpose-built competitors in Outram district proper (such as developments 800+ metres from MRT) transact at 8–12% discount to Icon's pricing, reflecting reduced transport accessibility and longer walk times to mass rapid transit infrastructure.

Are certain floor levels or unit stacks within Icon better value than others?

Mid-range floors (storeys 10–25) typically offer optimal value-for-money, delivering unobstructed views and privacy benefits associated with elevation whilst avoiding the price premium commanded by penthouse or upper-floor units (typically 15–20% above mid-range benchmarks). Lower floors (storeys 2–6) attract price discounts of 8–12% despite identical internal configuration, reflecting reduced sightline and psychological preference for height. Within similar floor bands, units oriented toward harbour or skyline views command 10–15% premiums over units facing inward toward the development or street frontage. For yield-focused investors, lower-floor units positioned centrally within the development footprint often deliver superior rental-per-dollar-invested, as many tenant demographics prioritise internal layout and space efficiency over view amenity.

What is the future supply pipeline for residential developments in Tanjong Pagar and Outram, and how might this affect Icon values?

Tanjong Pagar's designation as a conservation precinct significantly constrains future residential development density, with URA guidelines limiting new construction to low-rise, heritage-respectful infill schemes that typically yield fewer than 100 units per site. Recent years have seen negligible new residential supply entering the precinct, and forward-looking planning indicates no major residential completions anticipated within 3–4 years in the immediate vicinity. This scarcity-driven backdrop substantially supports Icon's long-term capital appreciation, as demand from professionals seeking conservation-precinct living will necessarily compete for limited available stock. By contrast, adjacent Outram planning areas exhibit higher anticipated supply, but Icon's specific location within the conservation zone insulates it from competitive pressure arising from future residential completions in less restrictively-zoned areas, thereby supporting sustained pricing power.

Apartment At 10 Gopeng Street — From S$2.4M