Icon stands as one of Singapore’s most recognisable address-within-an-address: a 99-year leasehold tower rising from 10 Gopeng Street in the heart of Tanjong Pagar, District 2, completed in 2007 and developed by Far East Organization through its subsidiary Lucky Pinnacle Pte Ltd. At 646 units spread across a single high-rise block, the development occupies a compact site yet delivers an outsized premium lifestyle proposition anchored by immediate proximity to Tanjong Pagar MRT station on the East–West Line — a mere 180 metres on foot — and a secondary connection to Maxwell MRT on the Thomson–East Coast Line just 500 metres away. The twin-MRT catchment places virtually every corner of the island within 30 minutes, a commuting advantage that sustains both owner-occupier demand and a deep corporate expatriate rental pool. With approximately 75 years of lease remaining as of 2026, Icon sits at the intersection of established CBD address value, competitive yields, and the real but quantifiable headwind of leasehold decay — a balance that rewards buyers who enter with clear-eyed expectations rather than speculative fervour.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
Tanjong Pagar’s transformation from a Victorian-era port district into Singapore’s most ambitious mixed-use CBD precinct has been one of the defining urban stories of the last two decades. The precinct now juxtaposes colonial conservation shophouses with supertall office towers and the record-breaking Tanjong Pagar Centre — itself home to Wallich Residence, the country’s highest residential floors. Icon was an early bet on this vision; Far East Organization launched it in 2002 before the area’s full potential had materialised, meaning original buyers entered at land costs that look extraordinary by today’s benchmarks. By the time Icon achieved its TOP in 2007, the neighbourhood had already re-rated materially, and successive waves of office and F&B densification have continued to compress the gap between “fringe CBD” and “core CBD.”
The broader Core Central Region (CCR) market delivered its strongest new-home sales in four years in 2025, with developers moving roughly 1,915 units — a figure that reflects both pent-up demand and the measured return of affluent local upgraders who had sat out the previous two years of elevated interest rates. In Q1 2026 the CCR posted a 0.6% quarter-on-quarter price increase, a modest but directionally positive signal. PropNex projects approximately 2,500 CCR units across ten launches for full-year 2026, meaning the competitive set for tenant and buyer dollars will expand — but the scarcity of freehold or long-lease CBD product keeps well-located 99-year assets like Icon from being commoditised out of the market. For context, new freehold launches on Anson Road are currently pricing in from S$3,012 per square foot, a premium of roughly 70% over Icon’s prevailing secondary-market band of S$1,589–S$2,355 psf, which underscores the deep value inherent in established leasehold stock for buyers who are not anchored to tenure absolutism.
Within District 2 specifically, the median unlevered resale return over the 2014–2024 decade was recorded at approximately 10.1% — the lowest among CCR sub-markets in the dataset — largely reflecting the maturity of the precinct and the fact that the area’s most dramatic capital re-rating happened in the 2003–2013 window. Investors entering today should calibrate expectations toward yield rather than aggressive capital growth, while understanding that the CBD address provides a structural floor on demand that many OCR and RCR precincts cannot replicate.
We track 143 sales and 1719 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the ICON dashboard.
- Average sale price: $1,338,736 across 143 transactions
- Estimated gross rental yield: 4.1%
- District 2 PSF ranking: Value tier (top 82%)
- 99 yrs lease commencing from 2002 · CCR · D2 · 646 units
About ICON
ICON is a 99 yrs lease commencing from 2002 condominium, located at GOPENG STREET in District 2 (Anson, Tanjong Pagar) (Core Central Region), developed by LUCKY PINNACLE PTE LTD (FAR EAST), comprising 646 residential units, completed in 2007.
With approximately 75 years remaining on its 99-year lease, the property qualifies for full bank financing and CPF usage.
Unit Mix Distribution
Transaction data breakdown by bedroom type at ICON:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 79 | $1,817 psf | $1,088,376 |
| 2 BR | 50 | $1,775 psf | $1,554,913 |
| 3 BR | 14 | $1,697 psf | $1,979,421 |
Sales Market Overview
ICON has recorded 143 sale transactions with an average transaction price of $1,338,736, ranging from $980,000 to $2,380,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 31 | $1,666 psf | $1,276,897 | — |
| 2022 | 20 | $1,770 psf | $1,361,350 | ↑ 6.2% |
| 2023 | 32 | $1,843 psf | $1,371,465 | ↑ 4.1% |
| 2024 | 30 | $1,890 psf | $1,387,476 | ↑ 2.6% |
| 2025 | 20 | $1,807 psf | $1,339,989 | ↓ 4.4% |
| 2026 | 10 | $1,722 psf | $1,231,750 | ↓ 4.7% |
ICON ranks in the top 82% of condos in District 2 by average PSF.
Compared to the CCR average of $2,447 psf, ICON trades 26.8% below the segment benchmark.
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Rental Market Overview
ICON has recorded 1719 rental transactions with monthly rents averaging $4,526/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| Studio | 2 | $3,650/mo | $3,100/mo | $4,200/mo |
| 1 BR | 1208 | $4,042/mo | $2,200/mo | $7,171/mo |
| 2 BR | 509 | $5,676/mo | $3,700/mo | $8,505/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2021 | 334 | $3,731/mo |
| 2022 | 380 | $4,320/mo |
| 2023 | 312 | $5,108/mo |
| 2024 | 319 | $4,786/mo |
| 2025 | 304 | $4,741/mo |
| 2026 | 70 | $4,714/mo |
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Investment Analysis
Based on average rents and sale prices, ICON delivers an estimated gross rental yield of 4.1%. This places it among the higher-yielding condos in Singapore.
Competing Condos in District 2
Side-by-side comparison against the most actively traded condos in District 2 (Anson, Tanjong Pagar):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| ONE BERNAM | 99 yrs lease commencing from 2019 | 364 | $2,587 psf | 357 |
| NEWPORT RESIDENCES | Freehold | 487 | $3,128 psf | 189 |
| SKYSUITES@ANSON | 99 yrs lease commencing from 2008 | 360 | $2,230 psf | 96 |
| SKY EVERTON | Freehold | 262 | $2,800 psf | 75 |
| SPOTTISWOODE RESIDENCES | Freehold | 351 | $2,204 psf | 66 |
Location Map
Map shows ICON (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- ICON
- Tanjong Pagar MRT
- Shenton Way MRT
- Prince Edward Road MRT
- Maxwell MRT
- Outram Park MRT
- Cantonment Primary School
- Outram Secondary School
Nearby MRT Stations
ICON is 280m from Tanjong Pagar MRT (East-West Line), with 18 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Tanjong Pagar | EW15 | East-West Line | 280m |
| Shenton Way | TE19 | Thomson-East Coast Line | 420m |
| Prince Edward Road | CC32 | Circle Line | 440m |
| Maxwell | TE18 | Thomson-East Coast Line | 510m |
| Outram Park | EW16 | East-West Line | 810m |
| Outram Park | NE3 | North-East Line | 810m |
| Outram Park | TE17 | Thomson-East Coast Line | 810m |
| Telok Ayer | DT18 | Downtown Line | 900m |
Nearby Schools
There are 2 schools within 2 km of ICON.
| School | Type | Distance |
|---|---|---|
| Cantonment Primary School | Primary | 1.2 km |
| Outram Secondary School | Secondary | 1.4 km |
Icon’s single most durable competitive advantage is its unmatched transport connectivity. At 180 metres to Tanjong Pagar EWL and 500 metres to Maxwell TEL, residents enjoy a rare dual-line catchment within comfortable walking distance in either direction. The East–West Line delivers direct access to Raffles Place, City Hall, Bugis, and Changi Airport without a single transfer; the Thomson–East Coast Line extends north toward Orchard Road and south toward the Gardens by the Bay cluster and Marina Bay. This MRT duality is not replicated at many CCR projects and is a primary driver of the project’s consistently high occupancy among banking, legal, and tech professionals whose offices cluster within the adjacent CBD grid.
The full-facility offering punches well above the norm for a 2007-vintage development. Residents have access to a 50-metre lap pool, aerobics pool, Jacuzzi, steam rooms, aroma areas, a tennis court, and barbecue pavilions — a spread that mirrors what newer launches charge a facility premium for. These amenities have been maintained rather than deferred, contributing to the project’s 8.1/10 user rating across 22 verified reviews on PropertyGuru.
On the investment income dimension, Icon’s gross rental yield of approximately 4.4% is competitive for the CCR segment, where the asset class typically yields between 2.5% and 4.5% depending on unit size and configuration. Rental pricing currently spans S$3,800 to S$6,800 per month, with demand sustained by the proximity of multinational corporate campuses along Anson Road, Robinson Road, and Shenton Way. The unit mix — dominated by 1-bedroom and 2-bedroom configurations — aligns precisely with Singapore’s dominant corporate rental request: single professionals or couples on company housing allowances who prioritise commute time over floor area. Over the past 12 months, 15 out of 19 secondary-market transactions were profitable resales, pointing to a stable secondary market rather than a distressed one. Average transacted PSF over the trailing year sits at S$1,778, with the highest recorded transaction in the period reaching S$2,088 psf for a compact studio-format unit, demonstrating that well-presented units command meaningful premiums over the portfolio average.
From an urban-planning perspective, the URA’s long-standing intention to intensify the Greater Southern Waterfront corridor — stretching from Tanjong Pagar all the way to Pasir Panjang — provides a structural macro tailwind. Successive Master Plans have earmarked the area for additional commercial, retail, and residential densification, which typically anchors valuations of existing stock even as new supply enters the market. Icon’s location within this designated growth corridor is a meaningful qualitative advantage that balance sheets alone do not fully capture. You can explore comparable District 2 pricing and transaction data on ShiokNest to benchmark Icon against neighbouring projects.
The single most important risk factor at Icon is lease decay. With approximately 75 years of the original 99-year lease remaining as of 2026, the asset has crossed a psychological threshold that begins to concentrate in buyers’ and lenders’ minds. Singapore’s HDB and private property markets have a well-documented pattern: CPF usage restrictions begin to tighten once a lease drops below 60 years from TOP date, and banks typically reduce the Loan-to-Value ratio applicable to shorter-lease assets. While Icon does not face these constraints imminently, the market does price the trajectory, and buyers financing via CPF should model the diminishing eligible withdrawal quantum over a 10–15-year horizon rather than assuming today’s parameters remain static. Anyone evaluating Icon purely on nominal PSF without running a lease decay calculator risks underestimating the effective cost of the remaining tenure.
The second risk is supply competition. Tanjong Pagar and the broader CBD micro-market are absorbing new supply at a rate not seen since 2019: Newport Residences on Anson Road, pipeline projects under URA’s white site programme, and the ongoing densification of Marina South all add competing rental and resale inventory over the medium term. While Icon’s location and yield profile insulate it from direct obsolescence, elevated supply can compress rental growth and extend vacancy periods between tenancies, which mechanically reduces effective yield.
Third, unit sizes at Icon skew small by contemporary standards. The dominant 1-bedroom footprint of approximately 560 square feet reflects 2002-era planning norms and is increasingly squeezed by Singaporean upgrader expectations. Families and even professional couples often find the layouts constraining, which narrows the owner-occupier pool and heightens reliance on the transient corporate rental segment. Any softening in Singapore’s expatriate employment base — cyclical rather than structural, but real — would translate directly into rental softness at projects with this configuration profile.
Finally, the building age of nearly 20 years creates maintenance cost risk. While Far East Organization’s management track record is broadly positive and sinking fund adequacy at Icon is reported as reasonable, the generation of mechanical, electrical, and plumbing infrastructure will eventually require capital expenditure that increases service charges. Buyers should review the latest AGM sinking-fund accounts and budget for above-CPI maintenance cost escalation over the ownership horizon.
[
{
"persona": "Corporate expatriate (single or couple, banking/legal/tech)",
"fit_color": "green",
"reason": "The dual MRT access and full-facility offering matches corporate housing allowance priorities precisely. Rental demand from MNCs along Shenton Way and Anson Road keeps occupancy rates high, and the S$3,800–S$6,800 rental band aligns with standard mid-to-senior corporate allowances."
},
{
"persona": "Singapore citizen or PR investor seeking yield",
"fit_color": "green",
"reason": "A gross rental yield of approximately 4.4% is above the CCR average and the rental income base is structurally supported by CBD employment density. Buyers who use an <a href=\"/calculator/roi\">ROI calculator</a> to model net yield after stamp duty, maintenance, and agent fees will typically see 2.8–3.2% net, which is acceptable for a CBD address with low vacancy risk."
},
{
"persona": "CBD professional owner-occupier (non-family)",
"fit_color": "green",
"reason": "The 180-metre walk to Tanjong Pagar MRT makes Icon genuinely walkable-to-work for professionals in the immediate CBD grid. The full-facility package eliminates the need for a gym membership, and the vibrant Tanjong Pagar F&B precinct is directly accessible on foot. Best suited to individuals comfortable with compact floor plates."
},
{
"persona": "Family with school-age children requiring larger units",
"fit_color": "yellow",
"reason": "The dominant 1- and 2-bedroom unit mix is unlikely to satisfy family space requirements. While 3-bedroom units exist in the project, they are limited and typically command premiums that reduce yield attractiveness. Families should cross-reference options using the <a href=\"/compare\">property comparison tool</a> to assess alternatives with larger floor plates in the same district."
},
{
"persona": "First-time buyer targeting long-term capital appreciation",
"fit_color": "yellow",
"reason": "Lease decay becomes a meaningful valuation headwind beyond a 10-year hold horizon. District 2’s decade-long median unlevered return of 10.1% is the lowest in the CCR cohort, suggesting the area’s most dramatic re-rating cycle has passed. First-timers prioritising capital gains over yield may find better risk-adjusted entry points in the <a href=\"/calculator/affordability\">affordability range</a> of newer-lease CCR projects."
},
{
"persona": "Short-term speculative buyer (hold under 3 years)",
"fit_color": "red",
"reason": "Between the 60% Additional Buyer’s Stamp Duty (ABSD) applicable to foreigners, the 4–8% Seller’s Stamp Duty (SSD) on disposals within 3 years for Singapore residents, and transaction friction, the short hold period compresses gains materially. Use the <a href=\"/calculator/stamp-duty\">stamp duty calculator</a> and <a href=\"/calculator/total-cost\">total cost calculator</a> to model the true entry and exit cost before committing."
}
]
Icon is a fundamentally sound, yield-oriented investment for buyers who enter with realistic expectations calibrated to a mature leasehold asset in a structurally strong micro-market. The address — 180 metres from Tanjong Pagar MRT, within the Greater Southern Waterfront regeneration corridor, in a precinct that has absorbed two decades of sustained commercial densification — provides a qualitative floor on demand that mechanically limits downside. The 4.4% gross yield, confirmed profitable secondary-market transactions, and deep corporate rental pool validate the income thesis. At a prevailing PSF of S$1,589–S$2,355, Icon offers approximately 70% price relief versus new freehold CBD launches, a discount that compensates for, though does not eliminate, the lease tenure disadvantage.
The deal-breakers are equally clear. Buyers fixated on lease-to-freehold parity, families requiring large units, or investors projecting aggressive capital appreciation over the next decade should look elsewhere. The project’s era-appropriate unit sizes are a permanent structural constraint, not a renovation-solvable problem, and the shrinking lease clock introduces compounding financial complexity around CPF usage and refinancing as the 60-year mark approaches in approximately 2043.
For the corporate investor or CBD professional who matches the buyer fit criteria, Icon delivers what Tanjong Pagar’s premium addresses reliably deliver: strong tenant quality, low structural vacancy risk, and an urban lifestyle that commands a rental premium well above the estate’s nominal PSF position. Run the numbers through ShiokNest’s cash-flow calculator and mortgage calculator, verify the tenure math via the lease decay tool, and benchmark total acquisition cost with the total cost calculator before finalising. Entered at the right price point and held for a 7–12-year horizon with rental income factored in, Icon remains a credible CCR allocation in 2026.
FAQ
What is the average price for ICON?
What is the rental yield for ICON?
Is ICON freehold or leasehold?
How many years of lease remain on Icon, and does it affect CPF usage?
Icon holds a 99-year lease commencing 2002, leaving approximately 75 years as of 2026. CPF usage restrictions under the CPF Housing Withdrawal Limits framework begin to apply when the remaining lease at the point of purchase cannot cover the youngest buyer to age 95. For most buyers in their 30s or 40s, 75 years of remaining lease is currently sufficient for standard CPF withdrawals. However, buyers should note that if they plan to hold the property for more than 10–15 years and then sell, the remaining lease at that future point will be shorter, which could reduce CPF eligibility for the eventual buyer and thereby compress the resale market. Always verify the current CPF Housing Board rules with a licensed financial adviser and use ShiokNest’s lease decay calculator to model the impact over your intended hold period.
How does Icon&rsquo;s PSF compare to newer CCR launches in the same area?
Icon’s secondary-market transacted PSF over the past 12 months averaged approximately S$1,778 psf, with the range spanning S$1,489 to S$1,978 psf depending on floor and configuration. By contrast, new freehold launches such as Newport Residences on the adjacent Anson Road are pricing from approximately S$3,012 psf — a premium of roughly 70% over Icon’s average. This gap reflects the combination of freehold tenure, newer construction vintage, and fresh launch pricing dynamics. For investors focused on yield rather than tenure, Icon’s lower entry price delivers a mathematically superior income return on capital deployed. You can compare current District 2 pricing trends on ShiokNest’s District 2 analytics page.
What are the key risks of buying Icon as an investment property in 2026?
The three principal risks are lease decay, supply competition, and unit-size obsolescence. On lease decay: with approximately 75 years remaining, the asset is moving progressively into territory where future resale CPF eligibility narrows and bank LTV ratios may tighten. On supply: the CCR pipeline for 2026 includes approximately 2,500 new units across ten projects, adding competing rental and resale inventory in the premium segment. On unit size: Icon’s 1-bedroom footprints at approximately 560 square feet reflect 2002-era norms and are increasingly below the contemporary buyer and tenant expectation threshold for a mid-to-long-term family home. Buyers should use ShiokNest’s refinancing calculator and total cost calculator to stress-test their financing assumptions across multiple rate and rental income scenarios before committing.
Is Icon a good buy for a Singapore citizen purchasing a second property?
Singapore citizens purchasing a second residential property are subject to 20% ABSD on the purchase price, which materially affects the overall cost basis and return profile. At a representative purchase price of S$1.2 million for a 1-bedroom unit, the ABSD alone adds S$240,000 to the acquisition cost. Buyers must therefore model a sufficiently long hold period and adequate rental income to absorb this upfront cost. The current 4.4% gross yield at Icon is competitive enough to make the numbers work over a 7–10-year horizon for buyers who can commit to the asset class. Use ShiokNest’s stamp duty calculator to compute the full ABSD and BSD quantum for your specific purchase price, and the affordability calculator to verify your TDSR headroom before approaching a bank for in-principal approval.
What facilities does Icon offer, and how well maintained is the development?
Icon provides a comprehensive suite of recreational facilities for a development of its vintage: a 50-metre lap pool, aerobics pool, Jacuzzi, steam rooms, aroma therapy area, tennis court, and barbecue pavilions. User reviews aggregate to 8.1 out of 10 across 22 verified reviews, with positive commentary focused on the location advantage and facility quality. As a 2007-vintage development, Icon is approaching two decades of age, and prospective buyers should review the latest Management Corporation Strata Title (MCST) annual general meeting accounts to assess sinking fund adequacy and any upcoming major maintenance expenditure on lifts, chillers, pool filtration, or roof systems — categories where deferred maintenance in ageing developments typically crystallises as special levy assessments.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 143 transactions analysed
- Rental data: 1719 lease records analysed
- Gross yield = (avg monthly rent × 12) / avg sale price
Median values used to minimise outlier impact. PSF = price per square foot.
View Live Data for ICON
Access the full interactive dashboard with real-time sales trends, rental yields, and investment calculators.