Set to open for its sale preview on 9 November 2019, The Iveria is the latest kid on the block in District 9’s River Valley—an upmarket residential enclave in Singapore’s core central region. Like recently launched condominiums in the area, this 19-storey, 51-unit freehold development is positioned as a luxury condo, and one that has upwardly mobile millennials in mind.
Aside from its prime location on the corner of Kim Yan Road and River Valley Road, what makes The Iveria stand out is the fact that this boutique residence development features only one unit type: the 3-bedroom plus study.
Of that single unit type, three configurations are available with varying layouts:
- 915sq ft (85sqm)
- 947sq ft (88sqm)
- 904 sq ft (84sqm)
The unit size—in the 900 sq ft range—plays a big role in keeping entry prices low, with the cheapest unit at $2.35 million*. “This is a good size for professional couples and also small families who appreciate living in prime District 9 without breaking the bank,” commented Tan Kee Khoon, Country Manager of PropertyGuru Singapore.
*(An additional 3% early bird discount is offered for buyers during the preview sales period, the developer has announced.)
Smart thinking or risky move?
While having just one unit type in a development can seem like a puzzling move on the part of developer Macly Group, it’s actually not a first. “It is not unusual for boutique-size developments to have only one unit type, especially luxury developments,” said Tee Khoon, who cites One Draycott and Eden @ Draycott as examples of single unit type projects. Strata landed cluster housing is another example of a development with a single unit type.
Tee Khoon explained further: “A single unit type means that the developer intends to be very targeted. For The Iveria, it’s millennials. And for a boutique development of 51 units, the focus will be on a solid design concept with a touch of luxury, which in the case of The Iveria is inspiration from the Flatiron Building, a famous New York City landmark.”
The developer also emphasised the layout flexibility of the 3-bedroom plus study units, which would purposefully allow owners to repurpose internal spaces according to their preferences and lifestyles. This happens to be something that millennials are already familiar with doing: knocking down walls to enlarge space within a compact home.
Unlike some condominiums where load bearing walls or by-laws prohibit the flexible reconfiguration of spaces, The Iveria is designed for seamless flexibility. For two out of three unit configurations, owners can choose to remove a wall or two between two bedrooms, and the continuous floor-to-ceiling windows will enable a dramatic outcome (as if a wall had never been there in the first place).
That being said, while certain aspects of the layouts can be reimagined, interested buyers should pay equal attention to spaces that are largely fixed, such as the kitchen, living/dining room and balcony. Notably, Joan Chang, Sales and Marketing Director of Macly Group, emphasised that the balcony is designed as a seamless extension of the compact living area, which would make it ideal for wining and dining.
No gym? That’s the point.
Taking the cue from millennial lifestyle preferences and their available budget, the developer has also taken the liberty to dispense with several services and features typically associated with luxury condos. Joan gives an example: “There are no concierge services as such services stack up cost for the residents; our maintenance fees are kept affordable.”
Instead, the developer approaches luxury differently. “We differentiate [The Iveria] by pushing other boundaries instead of the conventional wisdom of ‘luxury’,” she added.
Joan cited the increasing use of smart apps as an example where luxury can now be on-demand. “[Owners] can buzz their cleaner in using the mobile app, in the comfort of their home or office. The Iveria also won’t have a gym, since it’s cheaper to have a gym membership or attend classes via apps,” she added.
The D9 condo also promises a built-in Smart Parcel system (for easy collection of parcels) and an Automated Guided Vehicle (AGV) system to efficiently transport vehicles to and from the parking lots with the assistance of a robotic valet.
Social spaces are a big deal
Call it a cliché, but chic, Instagram-worthy spaces matter to millennials. The social design of condos, especially luxury condos, is now truly as an artform. The developer of The Iveria appears to recognise this, promising impeccably designed common areas.
“Instead [of the gym], we focus on quality entertainment spaces within the development,” Joan stated. “For instance, the first-floor Teppenyaki Dining space is designed not just as a regular table area, it also expands to the cascading terrace next to it for quality private entertainment with a wider circulation space.”
On the topmost floor, The Iveria’s infinity pool will present an unblocked, panoramic view of the city towards Marina Bay Sands, with the ‘Sky Dining’ area featuring a bar table “to keep up with the trend of hiring a mixologist for parties”, according to Joan, who also started luxury lifestyle brand The Ove Collection with The Iveria as the first property in its portfolio.
The Iveria: location highlights
River valley in District 9 is traditionally known as an upmarket neighbourhood with a diverse mix of resident profiles. This is a popular area with expats, yet there are a core group of established local families in the area whose roots were planted here in the 1980s.
Amenities such as River Valley Primary School, ISS International School and Chatsworth International School (Orchard Campus) offer a good reason for families of all backgrounds to live here, whereas singles and couples with entertainment high on their list will relish having Robertson Quay, Clarke Quay and the Orchard Road shopping belt in close proximity.
Notably, The Iveria will be within a 7-minute walking distance to Great World City MRT on the Thomson-East Coast Line when it opens in 2021, which will take residents to the CBD in under 20 minutes. The project is also a similar distance away from Somerset MRT on the North South Line.
The Guru View of The Iveria
New prime district boutique developments such as nearby Martin Modern and 8 Saint Thomas are usually luxury affairs aimed at upper income high-flyers or investors. Three-bedroom units at Martin Modern and 8 Saint Thomas have been transacting at an average of $3.45 million and $3.1 million this year respectively.
So, for The Iveria to tout a low entry quantum—$2.35 million onwards—for a new freehold 3-bedroom + study condo in a prime district is a game changer, with maintenance fees also likely to be relatively lower than similar projects.
It seems that Macly Group has confidently zeroed in on its target: local, upwardly mobile couple and small family buyers who would see this as a relatively affordable opportunity to fulfill their dreams of luxury living in the city while securing a freehold asset with holding power. We reckon that there are surely more of these folks in Singapore than the number of units available here, for sure.
Oh, and space-starved ‘gyms’ in boutique condos? Those definitely won’t be missed.
The Iveria is expected to obtain its TOP by December 2022. Showflats open this 9 November onwards at 58 Kim Yam Road.
Priyanka Elhence, contributor for PropertyGuru, wrote this story.