The Atelier is an upcoming 120-unit freehold luxury apartment in District 9, located within touching distance to the Newton MRT station as well as several reputable schools.
Continue Reading ⋅ 5 April 2021
Viio @ Balestier is an award winning freehold property located in the heart of vibrant Novena. The development, which comprises both residential and commercial space, offers unrivalled flexibility and convenience, something that is born out in its location – where everything is at your doorstep.
Viio @ Balestier
Project Name: VIIO @ Balestier
Address: 520 Balestier Road
Type: Apartment
Tenure: Freehold
District: 12
Configuration: 56 units
Unit types: 14 x 2 Bed Compact Units (474 sqft)
14 x 2 Bed Standard Units (560 sqft)
14 x 2 Bed Dual Key Units (840 sqft)
14 x 3 Bed Dual Key Units (1076 sqft)
Expected TOP: Quarter 4 2017
Project Details
Viio’s 56 residential units span the seven-storey development, and will sit on top of a three-storey retail podium which will be home to 22 strata shop units. The four different units each come in two alternative layouts, giving very impressive flexibility.
Source: Developer brochure
Facilities
- Sky Garden
- 33 metre Lap Pool
- BBQ Pits
- Gymnasium
- Separate Car Park Podium
There are two thing that hit you more than anything else about the units. They are light and space. All unit types have a large living room and dining area, that is combined, but large enough to feel separate if you so wish.
The open plan extends to the modern, fully fitted kitchens. All unit types have a large balcony that is accessed via the living room (certain units also have access to the balcony via the master bedroom). Once again this very much increases the sense of space, as the eye is drawn outside.
Source: Developer brochure
And of course that works both ways, which brings us to the second point – light. The development is designed to allow plenty of natural light into the units, accentuating the modern, airy, and spacious feel to the apartments.
wThis is highlighted by the choice of marble flooring. This works so well, even the smaller units do not feel cramped, the clever design, and use of light and materials giving the impression that they are much larger than they actually are. All units have a high 3.2 metre ceiling, which once again adds to the feeling of size and space.
The designers have also done a very good job making use of all available space, something that is particularly impressive on the 2 bed compact unit, where the use of sliding doors means not only does it not waste space, but gives an extra level of flexibility, and privacy should you need it, the second bedroom easily converting to a study.
Source: Developer brochure
As you would expect from such a development, the fixtures and fittings are all of a high end European design. The kitchen features Smeg, Blum and Hoffen appliances, and the bathrooms Azzurrra and Hansa. All unit types have award winning Red-Dot Samsung digital door lock systems, giving that extra piece of mind and usability.
A nice feature is that the bedrooms have wooden floors, which not only gives a classy, warmer, and calmer feel, it also separates them from the rest of the apartment. Staying in the bedrooms, even the second bedrooms are large enough to accommodate a king or queen bed, and they feature a full height wardrobe, giving that extra storage space. The master bedrooms all have walk in wardrobes for that added panache.
Location
This is an area that is going places, and not just as a result of its impressive transport links.
A vibrant mix of the old and the new, Balestier Road -particularly this section of it – and nearby Novena offer residents a huge range of eateries, leisure options, high quality schools, retail outlets and medical facilities. It is an area where art deco shop houses, exist cheek by jowl with 21st century modern amenities.
Viio banner
Despite the hustle and bustle that comes part and parcel with this area – and in fact is very much part of the charm of this area- it is definitely of a more laid back kind. Plus, due to the topography of the land around this development plus the fact there are not that many high rise buildings, you get a feeling of space that is lacking in similar projects.
Getting there and away
Viio sits in a triangle made by the PIE, CTE and Bukit Timah Road, so road access to any part of the island is straightforward. Orchard Road, Marina Bay, the CBD, Raffles City and Suntec City are all only a short drive away.
A bus stop is located just outside the development, while Novena and Toa Payoh MRT stations are a short distance away.
The Area
Whatever your culinary preferences, you won’t have far to go to, with a very large number of options ranging from food courts, local cafes and restaurants to international and high end restaurants and eateries in the immediate area.
If you need that last minute bottle of milk or midnight snack, there are a number of 24-hour convenience stores in the area, and for grocery shopping a large NTUC FairPrice Finest is literally next door in the Zhongshan Mall.
Eateries
A short walk or taxi ride away is Novena, where you’ll find United Square, Square 2 and Velocity malls.
The area is very well served for schools with the CHIJ Toa Payoh Primary, CHIJ Toa Payoh Secondary School, Catholic Junior College, Hong Wen, Northlight, Global Indian International, St Joseph’s Institution Junior, San Yu High, Balestier Hill Primary and Balestier Hill Secondary Schools all in the neighbourhood, with several more only slightly further away.
The development couldn’t be better placed in terms of medical facilities, and the area is very popular for those working in that field.
Novena Medical Center
The Thomson Medical Centre, Novena Medical Centre, Mount Elizabeth Novena Hospital and Medical Centre and Tan Tock Seng Hospital are all a brief walk away.
Analysis
15 units, or 30% of the apartments at Viio are reserved for clients and business associates of Techkon’s directors, meaning that the number available for the general public is relatively small. At the time of writing (November 2016) there have been 22 caveated transactions.
The prices have ranged from $713,000 up to $1.54million, with 18 of those sales coming at below the $1million mark. The remaining 4 were all between $1.2million and $1.54million.
Source: URA, PropertyGuru / * 2 transactions
This gives an overall median psf of $1,554.
There are not many comparable developments in terms of location, age and facilities, but the nearest to all three is The Marque @ Irrawaddy. Though this is slightly older (2009 TOP), it offers the best comparisons for Viio.
The transacted prices for The Marque show quite a difference:
2Bedroom: $952,200 – $1.87M – ($713,370 – $1.23M at Viio)
3Bedroom: $892,800 – $1.92M – ($1.46M & $1.54M at Viio)
4 Bedroom: $1.08M – $1.13M – (Not available at Viio)
This shows that for the 2 bed units in particular, Viio @ Balestier offers very good value, especially when you consider this is a new development. The difference is less marked for the 3 bed units.
Future Rental Potential
To see what the future rental prices are likely to be for Viio @ Balestier we need to look at those for the area as a whole. Based on the data for the last four quarters (at the time of writing, November 2016), the median rental price for District 12 is $3.44 psf.
So equating that to the Viio, this means that a 2 Bedroom standard unit will have a market value very slightly over $2,300 a month when we factor in the 20% new build premium. If we take the median price for these units as $868,560, the annual gross yield comes out at a healthy 3.19%
Moving on to the 2 Bedroom Dual Key units, the market value will be just shy of $3,500 a month (with the 20%). Taking the median price as $1,231,440, the annual gross yield would be 3.38%.
Finally, for the 3 bed dual key units, the market value would be $3,700 a month, once again, factoring in the new build premium. With a median price of $1,504,248 the annual gross yield would be slightly lower at 2.95%.
Summary
Despite the abundance of amenities in the area, the good transport links (admittedly, there are areas where it is quicker to get to an MRT, but it is still only a 10-minute walk), the diverse and sheer number of dining options, there is not the proliferation of condos and apartments that you find in other similar areas.
Balestier
There is not a great deal of space available for this to change anytime soon either, so this definitely represents a rare opportunity to buy into an area that is only going to become more desirable in the coming years. And that desirability is already starting from a very good base.
Since its formation in 1996, Techkon Commercial Pte Ltd has specialized in creating and building sustainable spaces for work, living and play. They provide solutions, develop the design into production drawings, work closely with each client to meet their expectations as well as integrate their construction programmes towards completing the project smoothly and on time.
