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Overview & Key Facts

ICON is a 646-unit, 99-year leasehold condominium at Gopeng Street in District 2 — a 38-storey CBD tower developed by Far East Organization, Singapore’s largest private property developer, and completed in 2007. The development sits in the Core Central Region (CCR), anchored within the Tanjong Pagar precinct — a neighbourhood that has evolved from a historic Straits Chinese enclave into one of Singapore’s most dynamic live-work-eat districts. With 75 years remaining on its 99-year lease from 2002, ICON is now at a critical inflection point that every buyer must understand before committing.

The headline number that defines ICON’s investment case is not its PSF or its location — it is the 4.34% gross rental yield. In a market where most CCR condominiums struggle to break 3%, ICON delivers one of the highest yields in the Core Central Region, underpinned by an extraordinary 1,683 rental transactions on record. That is not a typo — 1,683 rentals from a 646-unit development. The average unit has been rented approximately 2.6 times, reflecting a tenant base that turns over regularly but is constantly replenished by the deep pool of CBD office workers who value the walk-to-work proposition. At $4,523/month average rent and $1,784 PSF, the rental math is compelling: you are buying a CCR address at 31–43% below competing newer condominiums and generating yield that rivals suburban developments with none of the location premium.

But there is a hard constraint that tempers the enthusiasm. The lease — 75 years remaining — has crossed the threshold where CPF usage restrictions begin to bite. Banks will also apply progressively tighter loan-to-value limits as the lease decays further. For a purely cash buyer seeking income, this is manageable. For a buyer relying on maximum CPF and mortgage leverage, the shrinking financing envelope is a structural headwind that will intensify with every passing year. ICON is, in essence, a high-yield income play with a built-in expiry date — and the entire buy/hold calculation hinges on whether the rental income accumulated over your holding period compensates for the lease decay.

Location & Connectivity

ICON occupies a position that is simultaneously CBD and neighbourhood — a rare combination in Singapore’s financial district. Gopeng Street sits within the Tanjong Pagar precinct, which unlike the sterile glass-tower corridors of Marina Bay or Raffles Place, retains the texture of a lived-in neighbourhood. Within a 5-minute walk, residents have access to Maxwell Food Centre (one of Singapore’s most famous hawker centres, home to Tian Tian Hainanese Chicken Rice), the shophouses of Duxton Hill and Keong Saik Road (craft cocktail bars, independent cafes, specialty restaurants), Tanjong Pagar Plaza Market and Food Centre, and the Chinatown Heritage Centre. This is not a food desert — this is arguably one of the best food neighbourhoods in Singapore.

MRT connectivity is exceptional and getting better. Tanjong Pagar MRT station (East-West Line) is just 280 metres away — a 3-minute walk. But the real story is the three additional MRT stations within 500 metres: Shenton Way (Thomson-East Coast Line, opened 2024) at 420 metres, Prince Edward Road (Circle Line) at 440 metres, and Maxwell (Thomson-East Coast Line) at 510 metres. Four MRT stations serving three separate lines, all within a 6-minute walk — a connectivity density that rivals even Marina One Residences. The recently opened Thomson-East Coast Line stations have materially upgraded the area’s transit accessibility, connecting residents directly to Orchard, Woodlands, and the East Coast corridor without line changes. For drivers, the Ayer Rajah Expressway (AYE) and Central Expressway (CTE) entrances are minutes away.

The school situation is the primary lifestyle weakness. Cantonment Primary School is the nearest at 1.22 km — outside the priority 1 km enrollment radius that matters for primary school registration. There are no schools within 1 km. For families with young children, this is a meaningful disadvantage. For the professionals, couples, and investors who form ICON’s core demographic, it is irrelevant. The nearest supermarket options include FairPrice at Tanjong Pagar Plaza and specialty grocers in the Chinatown area — adequate for daily needs though not as convenient as developments with integrated retail.

Schools & Education

Facilities

ICON’s facilities must be evaluated in context: this is a 19-year-old tower completed in 2007, and the amenity set reflects the expectations of that era rather than the resort-style extravagance of post-2015 launches. The development provides a swimming pool, wading pool, gymnasium, BBQ area, and function room — the essential amenities that residents need, without the proliferation of lightly-used themed pavilions and sky gardens that inflate maintenance fees in newer developments. For a 646-unit tower, the facilities-to-unit ratio is adequate, and the maintenance burden is correspondingly lighter.

The swimming pool is the primary recreational facility and is well-maintained. The gymnasium is functional though not large by current standards — residents who require a full-service gym will likely maintain an external membership, which is easily done given the proximity to CBD fitness chains. The BBQ area provides social entertaining space. A 24-hour security team manages access and building operations.

What ICON lacks in on-site amenities, it compensates for through location. The Tanjong Pagar precinct effectively functions as an extended amenity deck: Maxwell Food Centre replaces a private dining room, Duxton Hill replaces a wine bar, the nearby parks along the Southern Ridges trail system offer open-air recreation that no rooftop sky terrace can match. For residents who view amenities through the lens of what they actually use daily — rather than what looks good in a brochure — ICON’s compact facility set combined with its rich neighbourhood access is a reasonable trade-off. The lower maintenance fees that result from fewer shared facilities are a tangible financial benefit for yield-focused investors.

Unit Sizes & Layout

ICON’s 646 units are distributed across a single 38-storey tower, offering a mix of studio, 1-bedroom, 2-bedroom, and 3-bedroom configurations. The unit mix skews toward smaller types — consistent with its CBD location and the investor-oriented market that Far East Organization targeted during the mid-2000s launch. Unit sizes reflect the pre-shoebox era: even the compact types are typically more generous than the sub-400-sqft studios and sub-500-sqft 1-bedrooms that dominate current new launches. This size advantage translates directly to rental appeal, as tenants in the CBD market value functional living space.

Layouts are generally efficient for a 2007-vintage tower. The rectangular floor plate and single-tower design mean most units receive reasonable natural light and ventilation, though units on lower floors facing adjacent commercial buildings will experience limited views. Higher floors command meaningful premiums for CBD skyline and potentially partial sea views. The Gopeng Street address places the tower within the Tanjong Pagar cluster of residential towers, so buyers should check the specific stack and facing to understand the view corridor before committing.

Finishes are functional but dated by 2026 standards. Original bathroom and kitchen fittings from 2007 will likely need refreshing, and many tenanted units have already been updated by landlords seeking to maintain rental competitiveness. For investors, budgeting $20,000–$40,000 for a kitchen and bathroom refresh is realistic and can materially improve rental rates. The building’s structural quality — Far East Organization is known for solid construction — means the renovation investment goes into cosmetic updates rather than structural remediation.

Pricing & Market Position

Across 147 recorded transactions (all-time), sale prices range from $980,000 to $2,380,000, averaging $1,335,512.

Over the last 12 months, transactions averaged $1,769 psf.

Rents range from $2,200 to $8,505 per month across 1,811 rental transactions. Current rental yield sits at approximately 4.4%.

Rental Yield by Bedroom Type

Blended yield hides the spread between unit sizes — smaller units at ICON typically rent harder per dollar of purchase price:

Price Appreciation

From 2021 to 2026, the average PSF has appreciated by 5.6% (from $1,666 to $1,758 psf).

Neighbourhood Comparison

One Bernam ($2,587 PSF, 351 units, 99-year from 2021) is the most natural comparison — a new-launch CBD condominium on Bernam Street, approximately 600 metres from ICON. At a 45% PSF premium ($2,587 vs $1,784), One Bernam offers a fresh 99-year lease, modern finishes, and the full suite of contemporary facilities including sky terrace and rooftop pool. The lease advantage is decisive for CPF and financing: One Bernam’s 95+ year remaining lease means no CPF restrictions, maximum LTV, and straightforward mortgage terms. However, ICON’s 4.34% yield versus One Bernam’s expected 2.5–3.0% yield at launch pricing means ICON generates significantly more rental income per dollar invested. For a leveraged buyer prioritising asset preservation, One Bernam wins. For a cash buyer prioritising income, ICON’s 45% PSF discount buys meaningfully more yield.

Newport Residences ($3,127 PSF, freehold, 246 units) represents the premium end of the Tanjong Pagar market. The freehold tenure eliminates all lease-decay concerns and supports maximum financing flexibility. At a 75% PSF premium over ICON, Newport targets a fundamentally different buyer: one who prioritises long-term asset value and is willing to accept a lower yield (likely sub-2.5% gross at those PSF levels) in exchange for perpetual tenure. The comparison highlights ICON’s positioning as the value-and-yield play in a market where new launches are priced for capital appreciation, not rental returns. A Newport buyer is buying tenure; an ICON buyer is buying cash flow.

Skysuites@Anson ($2,229 PSF, 360 units, 99-year from 2011, TOP 2014) is the closest age-peer comparison in the immediate area. At a 25% premium, Skysuites offers a materially longer remaining lease (approximately 85 years vs ICON’s 75), which means Skysuites remains comfortably within CPF and LTV parameters for at least another decade. The 10-year lease difference matters more than the raw number suggests: ICON is at the threshold where financing tightens, while Skysuites still has headroom. Skysuites’ facilities are more contemporary (completed 2014 vs 2007), and the building is in better physical condition. For a buyer choosing between them, Skysuites offers the safer lease profile at a moderate premium; ICON offers a meaningfully higher yield if the lease constraint is manageable.

The PSF discount story is ICON’s strongest competitive argument. At $1,784 PSF, ICON trades at a 31% discount to One Bernam, 43% below Newport Residences, and 20% below Skysuites@Anson. In an era where new OCR (suburban) launches regularly exceed $2,000 PSF, buying a CCR address with 4 MRT stations within 500 metres at $1,784 PSF is, on a pure location-adjusted basis, one of the best value propositions in Singapore’s residential market. The catch — always the catch — is the 75-year lease. Every buyer must decide whether the yield premium justifies the lease decay, and there is no universal answer. For a 10-year income-focused hold with a planned exit, the math works. For a 30-year buy-and-hold, the lease erosion becomes increasingly punitive.

Lease Decay Analysis

The 99-year lease runs from 2002, meaning approximately 24 years have already been consumed. Roughly 75 years remain — still comfortably within the range where most banks will offer full financing without restrictions.

For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~65 years remaining, which is still very bankable. The risk profile changes for longer holds.

ShiokNest Scores

Our proprietary scoring system evaluates ICON across multiple dimensions.

What Residents Say

“The location is unbeatable. I walk to work in 10 minutes, Maxwell Food Centre is at my doorstep, and on weekends I’m spoiled for choice with Keong Saik and Duxton Hill bars. Four MRT stations within walking distance — I barely use my car anymore.”

— Resident review, CBD professional

“For the rent I’m paying, the facilities are basic compared to newer condos. The gym is small and the pool area could use a refresh. But honestly, I moved here for the location, not the condo amenities — and the location delivers every single day.”

— Tenant review via PropertyGuru

“I’ve owned a unit here for 8 years as an investment. Never had a vacancy longer than 2 weeks. The CBD rental demand is real — every time a tenant leaves, I have three new applicants within days. The yield makes up for the fact that the PSF isn’t going to the moon.”

— Owner-investor via 99.co

“The building is showing its age. Lift waiting times have gotten longer, and the common areas could use a refresh. Management is responsive to individual issues but the sinking fund discussion at the last AGM was concerning — major works are coming.”

— Resident review via PropertyGuru

“Best food neighbourhood in Singapore, hands down. Tian Tian chicken rice at Maxwell, craft cocktails on Duxton Hill, ramen on Tanjong Pagar Road, and the new coffee shops on Tras Street. I eat out every day and never repeat a restaurant in a month.”

— Resident, food enthusiast

The resident sentiment at ICON clusters around a single, consistent theme: location over amenities. Residents and tenants overwhelmingly praise the Tanjong Pagar precinct’s walkability, food scene, and MRT connectivity. The most enthusiastic reviews come from CBD professionals who have reduced or eliminated their commute. No resident describes ICON as a luxury living experience — but almost every resident describes it as a supremely convenient one.

The criticisms are equally consistent: dated facilities, ageing building systems, and a gym that does not meet the expectations set by newer developments. Long-term owners note that the building is entering the capital-expenditure phase where lifts, pumps, and common-area finishes need upgrading. The management is described as competent but not proactive. For investors, the tenant feedback is the most actionable data point: tenants consistently cite location as the reason they chose ICON, and the near-zero vacancy experience reported by multiple landlords validates the 1,683-rental-transaction data. Tenants come for the location, tolerate the facilities, and stay because the alternative is a longer commute.

Strengths & Weaknesses

Verdict

ICON is not a glamorous purchase. It is a 19-year-old Far East Organization tower on a street most Singaporeans could not locate on a map. The facilities are adequate, not aspirational. The finishes need updating. The lease — 75 years — has crossed the CPF threshold that makes bankers and mortgage officers uncomfortable. There is no Green Heart, no infinity pool cantilevered over the skyline, no celebrity architect. On paper, it sounds deeply unremarkable.

And then you look at the numbers. A 4.34% gross rental yield — one of the highest in the Core Central Region. 1,683 rental transactions from 646 units — a rental velocity that proves, beyond any marketing claim, that tenants want to live here and keep coming back. An average PSF of $1,784 that is 31% below One Bernam ($2,587), 43% below Newport Residences ($3,127, freehold), and 20% below Skysuites@Anson ($2,229). Four MRT stations within 500 metres serving three lines. Maxwell Food Centre and Duxton Hill within walking distance. The PSF trend — $1,770 → $1,843 → $1,890 → $1,807 → $1,834 — is notably stable, oscillating in a tight band rather than declining, which suggests the market has found ICON’s clearing price.

The 75-year lease is the elephant in the room and must be addressed directly. At 75 years remaining, CPF usage is already reduced: buyers can only use CPF up to the Valuation Limit (VL), and the CPF withdrawal ceiling is capped at a lower amount than for properties with longer leases. As the lease decays further, banks will progressively tighten LTV ratios. For a buyer financing with maximum CPF and a 75% LTV mortgage, the numbers are already tighter than for a comparable freehold or fresh 99-year property. For a cash buyer or one with substantial equity, the financing constraints are manageable — and the yield premium arguably compensates for them. The critical question is not whether the lease matters (it does), but whether the accumulated rental income over a 10–15 year hold covers the expected capital depreciation from lease decay. At 4.34% yield, the answer is plausibly yes — provided rents remain stable.

The honest verdict: ICON is a pure income play in one of Singapore’s best-connected, most liveable CBD precincts. It is the right purchase for a cash-rich investor who prioritises monthly rental income over capital appreciation, who values the Tanjong Pagar lifestyle over the Marina Bay prestige, and who understands that the lease is a depreciating asset offset by an exceptional rental stream. It is the wrong purchase for anyone seeking capital gains, anyone stretching on CPF and mortgage limits, or anyone who needs a 1 km school catchment. Buy ICON for what it is — a high-yield workhorse in a world-class location — not for what you wish it were.