Investor's Choice : ICON, best value for money

GOOD DEAL! THE CHEAPEST ICON on the market in term of psf!! Only 1580psf !!!

Spacious 2 bedrm loft 1259sq ft The Icon Above the Sky Terrace on 31st floor at only $1580psf = $1.99 million, is it a good buy now? Rental is $6,000 per month until 7 Mar 2011

The reasons to support this good BUY are:

1. Compared to the last transacted price of the similar size Icon units, the asking price is very attractive.
Transacted Price
10 Gopeng Street #32-xx  Sold $1,695psf  1044sqft  $1770k  26 Aug 10
10 Gopeng Street #46-xx  Sold $2,174psf  1001sqft  $2176k  11 Aug 10
10 Gopeng Street #36-xx  Sold $1,649psf  1076sqft  $1775k  21 May 10

2. Altez by Far East transact at average $2200psf with the highest psf at $2400psf and 76 Shenton already transacted average also $2200psf. Icon, which is situated nearby, most likely will appreciate to $2000-2100psf.
3. Sail are moving very fast at min $2100psf just for a Low Floor Unit. Those on the high floor with good facing are asking $3000psf.
4. Risk is lower as compared to Sail and MBR

5. With the same amount of purchase price of $1.99million, you will find it difficult to get even a 2 bedroom high floor at the Sail (883sqft) , when the market runs, every $100psf jump Icon (1259sqft) will make more $$$ than the Sail or MBR.

6. HDB at Pinnacle sold at $750K direct to 1st timer, how much they need to sell in order to make money? Min $1 Mil for a HDB flat.

7. New launches such as Silver Sea at East Coast, CityScape at Farrer Park and Trizon at Holland are priced at about $1500psf. With the similar psf, Icon which is located at the CBD is surely a better buy.

8. Projects at the Outer Core such as Southbank & Citylights are going at $1,500 psf, who will have a better rental income?  Definitely, Icon in the town will be able to rent our higher & faster.

9. How much can you lose at this type of $psf, most of the 1st owners have sold their properties, the 2nd owner will not be looking at selling cheap too.

10.  This is a very high floor unit, which is above sky terrace. These units was the choice units last launched by developer.

11. Icon has full condo facilities but it has the lowest maintenance fee compared to the other surrounding projects. Only $153/month.

12. Icon is very tenable because it is located in the CBD and surrounded by amenities. In the previous downturn, Icon was rented out faster and had a better rental than The Sail. Rental at Icon is solid and never goes below $5,000 for a 2 bedroom loft.

13. It has a good layout (squarish layout) that is also a reason why it is tenable.

14. Future Water Entertainment at CBD will take place near Icon as the current container port will be moved to Pasir Panjang. This new development near Icon will help the price of surrounding residential units to appreciate further. Meanwhile the Casino developments near the Sail and MBR are done.

Source : Santi Wijaya & Adrian Pascal Rumantir

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