THE IVERIA CONDOMINIUM
Freehold Singapore River Valley Condominium
The Iveria condo is a new freehold residential development in the prime River Valley district of Singapore. It is being developed by the Macly Group, a local developer focusing mainly on small to medium sized freehold projects in good locations.
These appeal to investors, as they are more affordable. The Iveria Singapore itself is a flagship project of Macly’s The Ove Collection, a premium lifestyle brand. It features architecture inspired by the Flatiron building in New York City.
It will house only 51 exclusive 3 bedroom residences. Interior finishes will be specially curated to a high level of detail and quality, such as stainless-steel cladded kitchens, glass wardrobes, and so on.
The Iveria site is at the corner of two roads, River Valley Road and Kim Yam Road. Hence it has dual frontages of 30 to 35 metres on these sides. Because of that, the Iveria condo is relatively unblocked, especially units facing the low-rise homes of Oxley Road across River Valley Road.
Higher level units may even get views to Orchard Road northwards, and to the city skyline and Marina Bay on its south-east.
The nearest MRT station currently is Somerset Station at Orchard Road. And in future, once the second phase of the Thomson-East Coast Line is completed around 2021, the Great World City MRT station will be about 600 metres away, or an 8 to 9 minute walk.
Background to the Iveria Condo
The plot of land that the Iveria condo sits on was previously occupied by Riviera Point. In February 2018, the Macly Group bought over Riviera Point for SGD$72 million through an en bloc or collective sale.
This purchase price equates to land rate of about SGD$1,462 per square foot per plot ratio. It is one of the lowest land rates for upcoming freehold launches in the Orchard Road vicinity, and will give the Iveria a price competitiveness edge.
That should appeal to investors looking for affordable quality buys. Especially since River Valley generally enjoys healthy rental demand, due to its proximity to the trendy Robertson and Clarke Quay lifestyle enclaves, and the Central Business District.
About the Iveria Singapore Neighbourhood
River Valley is ranked among the top residential districts in Singapore. It fringes Orchard Road and the Singapore River area, and is not too far from the Raffles Place / Marina Bay financial districts. This estate comprises an interesting mix of private residences, conserved shophouses, and old warehouses that have been beautifully re-purposed into a variety of uses.
Given its proximity to Orchard Road, this place will certainly would not lack for amenities. And if you prefer something closer, UE Square mall is a 10 minute walk away.
In addition, the Iveria is an 8 or 9 minute walk, roughly 500 to 600 metres, to Robertson Quay. This is a popular wining and dining enclave along the Singapore River, an attractive juxtaposition of old and new architecture and ambience.
Also, the fact that the Iveria condo location is within 1 km of River Valley Primary School might interest families with young children. River Valley Primary is a highly rated school with a long tradition and history.
This location is also well served by public transport, including two MRT stations within walking distance. It takes about 11 to 12 minutes to get to Somerset station on the North-South line, while the upcoming Great World station on the Circle line will open around 2021, likely before the Iveria Singapore completes.
Register interest or request details here.
|Developer||Macly Iveria Pte Ltd (Macly Group)|
|Status||Condominium (Foreigners eligible to buy)|
|Address||2 Kim Yam Road, Singapore 239320|
|Site Area||1,354.4 m² (14,579 sq ft)|
|Floor Area||4,576.8 m² (49,265 sq ft)|
|Plot Ratio||2.8 (3.379)|
|T.O.P. Date||30 April 2023|
|No. of Storeys||18|
|No. of Units||51|
|Car Park Spaces||51|
THE IVERIA FLOOR PLANS
Please drop us your contact details via the Form below if you would like the Iveria condo floor plans to be emailed to you.
THE IVERIA CONDO SITE PLAN
The Iveria Singapore is located in an exclusively private residential area of River Valley. The site is not very big, but is fortunate in being able to get an open outlook all around.
Besides the frontages onto Kim Yam Road to its east, and River Vally Road to its north, it is set away from the buildings of Martin Place Residences to the south and Urbana on its west by their pools and landscaped grounds.
Even the low level units at Iveria will get some views. These could look out to the neighbouring gardens and pool, or over the low-rise houses of the Oxley Road area. And of course, the high level units will likely enjoy views over to the southern CBD skyline, or to Orchard Road.
THE IVERIA SHOWFLAT · VIEWING
Kindly drop your contact details in the Form below if you wish to view the Iveria condo showflat. Either virtual online walkthroughs, or advance appointments.
THE IVERIA PRICES · UNIT TYPES
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|3 Bedroom + Study||A||17||85||915|
|3 Bedroom + Study||B||17||88||947|
|3 Bedroom + Study||C||17||84||904|
|Total Number of Units||51|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
THE IVERIA PRICE RANGES
As at 15 February 2020, Iveria prices start from SGD$2.256M for a 3 bedroom unit, after all discounts.
Just drop us a line via the Contact Form if you wish for the latest updates on pricing.
The Iveria site spans an area of 14,579 sq ft. Under the URA Master Plan, it is zoned for residential use, with a 2.8 plot ratio. However the previous condo on the site, Riviera Point was built with a gross floor area of 49,265 sq ft, which translates to a 3.379 plot ratio.
The Iveria will be able to enjoy that plot ratio too. Hence the $72 million that the Macly Group paid for the site, will equate to a land rate of $1,462 PSF PPR (per square foot per plot ratio).
This could work out to a break even cost of around $2,100 PSF PPR, after accounting for all the development and marketing, as well as financing costs and overheads.
For a simple market comparison, RV Altitude, a similar sized freehold development slightly further down River Valley Road, just launched for sale at an average of $2,900 PSF.
Compared with between $2,600 to $2,800 PSF for the 99-year leasehold Martin Modern a short walk down Kim Yam Road (over 67% sold as of January 2019), and over $3,100 PSF average for 8 St Thomas across River Valley Road.
ABOUT THE DEVELOPER
The Iveria Singapore is being developed by Macly Group, in a joint venture with Lim Wen Heng Holdings Pte Ltd.
Macly is a local real estate development company that has been operating since 1987.
In the process, they have established a solid track record of residential developments that have included landed and cluster houses, private condominiums and commercial property, and mixed developments. They were among the first to lead the “Compact and Affordable” trend.
Among the Macly Group’s launches, most of which have been successfully completed, are ones like Thomson V1 and V2, Zedge, Mackenzie 138 (sold out in 2004 within one month), Wilkie 80, Five Nine, Newton Edge, Suites @ Amber, Suites @ Owen, and Guillemard Edge that fully sold out all 275 units within 2 weeks of its 2012 launch.
International Developments and Joint Ventures
The Macly Group has developed a number of projects in partnership with Roxy-Pacific Holdings Limited as well. Among these are Nottinghill Suites, Haig 162, Natura @ Hillview, and mixed developments like Eon Shenton and Millage.
In addition, Macly has ventured abroad into overseas markets. It collaborated with Roxy-Pacific to launch the “Wisma Infinitum”, an 800+ unit project in an upscale location in the Kuala Lumpur CBD. Macly also launched Skyville 8 @ Benteng in Kuala Lumpur recently, in partnership with Premium Developer Sdn Bhd.
Hospitality Arm . Lloyd’s Inn
The hospitality arm of the Group’s business runs hotels under the Lloyd’s Inn branding. These were established with a concept of Zen-like tranquility within the city.
Lim Wen Heng Holdings Pte Ltd
Lim Wen Heng has been established since 1994 as a construction specialist in Singapore. It has achieved A1 contractor ranking with the Building & Construction Authority (BCA).
It prides itself on its ability to build modern, functional homes that embody its vision of “Creating Beautiful Homes for Everyone”.
THE IVERIA LOCATION · FEATURES
- Location. The site is located at the corner of River Valley and Kim Yam roads. This is just on the outskirts of the Orchard Road shopping district, and pretty close to the Raffles Place / Shenton Way / Marina Bay business and financial heart of Singapore.
Shops, Banks, F&B, Supermarkets, Hotels. The Iveria location is almost directly opposite the Killiney Road area, with its old shophouses and coffee shops still serving traditional hawker fare. There is even a 24-hour Fairprice supermarket there, 3 minutes walk away.
Killiney Road leads to the Somerset section of Orchard Road. A 15 minute stroll should bring you to Orchard Road itself, Singapore’s longest and busiest shopping street, lined with all sorts of retail offerings, dining outlets, hotels and malls.
For something nearer at hand, there are UE Square and Robertson Walk, around 9 minutes walk, or 650m away. A Cold Storage supermarket outlet can be found at UE Square.
Great World City is another 9 minute walk in the other direction. Besides Food Junction and other eateries, it offers a supermarket and wide range of retail options.
- Lifestyle Options. The Iveria condo location is close to Robertson Quay. This is a favourite lifestyle enclave among many, exuding a cosmopolitan ambience with its art houses and artisanal shops, wine bars and pubs, restaurants and bistros and alfresco cafes. Some of these are housed in converted warehouses and conservation shophouses, a reminder of the heritage of the quay beside the Singapore River that add richly to the unique character of it.
Schools. The Iveria location is within 1 km of the co-ed River Valley Primary school. In fact, within walking distance actually. In addition, we have Anglo-Chinese (Junior) at Winstedt Road, Alexandra Primary School at Prince Charles Crescent, and St Margaret’s Primary at Wilkie Road within the 2 km radius as well.
Other than that, there is the Chatsworth International (Orchard Campus) at Cairnhill Road, and the International School Singapore (Paterson Campus).
- Nearest MRT Stations. The Somerset MRT station on the North-South line is roughly 11 minutes walk or 800m from the Iveria condo location. In addition, when the 2nd phase of the Thomson-East Coast Line starts running in 2021, the Great World station will be about 8 to 9 minutes walk away.
- Accessibility. The Iveria location is within the Core Central Region, close to the CBD. It is 10 minutes drive off-peak to the Raffles Place / Marina Bay Financial District, which is why the River Valley area is popular with tenants. It also offers quick access to the expressway network via the Central Expressway, by cutting through Oxley Road.
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