SINGAPORE (EDGEPROP) - A five-bedroom dual-key penthouse at Icon @ Pasir Panjang will be put up for auction by Knight Frank on June 29. The property is an owner’s sale and has a guide price of $2.68 million ($1,500 psf).
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Icon @ Pasir Panjang is a freehold mixed-use development located along Pasir Panjang Road in District 5. Developed by Fragrance Realty and completed in 2015, the five-storey development is made up of residential and commercial components.
The five-bedroom penthouse up for auction measures 1,786 sq ft, making it the largest unit in the development. According to Karen Ker, assistant manager of the auction team at Knight Frank, the owner plans to sell the property as they are relocating to another country. The penthouse unit is being sold with an existing tenancy which will expire in August. The owner had purchased the unit for $2.14 million ($1,200 psf) in April 2013.
Icon @ Pasir Panjang is a freehold development with a conserved shophouse front (Credit: Samuel Isaac Chua)
There are 18 residential units at Icon @ Pasir Panjang, located from the third floor onwards. Residential unit sizes range from 366 sq ft for a one-bedroom unit to 1,786 sq ft for a five-bedroom penthouse. There are a total of 31 strata shophouse units on the first and second floors, with tenants including restaurants, a nail salon and a massage parlour.
Located at the topmost floor with a dual-key layout, the unit that is up for auction has two separate entrances. The lower level of the penthouse consists of two bedrooms, a study area that opens to the living and dining areas, kitchen and common bathroom. The upper level houses the master bedroom with an en suite bathroom, a second bedroom and a common bathroom. There is also an outdoor roof terrace.
In addition to the penthouse, the seller also owns a 1,335 sq ft shophouse at the same development. The corner unit, which is located on the second floor, will also be put up for auction by Knight Frank on June 29 at a guide price of $5.97 million ($4,472 psf). The shophouse is an F&B unit that comes with a kitchen, attached toilet and storeroom. It is being sold with vacant possession, as the lease for the current tenant, held by the operator of an F45 gym, expires at the end of June.
The penthouse features an outdoor terrace area, accessible from the upper floor (Credit: Knight Frank)
The latest residential transaction at Icon @ Pasir Panjang was in December 2020, when a 969 sq ft, three-bedroom unit on the fifth floor was sold for $1.2 million ($1,239 psf). The apartment was purchased for $1.3 million ($1,342 psf) in July 2014, meaning the owner suffered a loss of around $99,700. Prior to that, no units had been sold since October 2014.
URA data shows that the penthouse unit up for auction was leased out from last August with a monthly rent of $5,100. This means that assuming the unit up for auction continues to be leased out at the same rate, it could potentially provide a gross rental yield of around 2% per annum, based on the guide price.
The dual-key penthouse measures 1,786 sq ft and comprises two levels (Credit: Knight Frank)
Icon @ Pasir Panjang is located adjacent to the Viva Vista shopping mall, and is a 10-minute walk away from Haw Par Villa MRT Station on the Circle Line.
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