Yang: Young Singaporeans will appreciate the heritage aspects of the project in the east
SINGAPORE (EDGEPROP) - Boutique developer K16 Development will preview its conserved, mixed-use project Atlassia at Joo Chiat Place on May 14. The project is made up of a row of nine shophouses at the corner of 30 to 46 Joo Chiat Place, which the developer purchased en bloc for $31.8 million last year. Behind the shophouses, the developer is building a new five-storey extension. (See potential condos with en bloc calculator)
See also: Boutique developer K16 Development launches maiden apartment project
Formwerkz Architects has been appointed the design architect for the project. The two-storey shophouses built in 1935 in Art Deco style will be conserved. The first floor of the shophouses has been zoned for commercial use: Six of them will be converted into shops with another two converted into F&B outlets. The sizes of these units range from 753 to 1,474 sq ft. (Find Singapore commercial properties with our commercial directory)
The first floor of the corner shophouse at Joo Chiat Place will be converted into the main entrance hallway leading to the apartments above and the new block of residential units at the rear. There are a total of 31 residential units in the development.
The loft style apartments on the second level of the conserved shophouses comes with ceiling height of up to 4.5m and a mezzanine floor. Six of the nine loft-style apartments are two-bedroom units with a study. These are sized from 1,087 to 1,173 sq ft. Three-bedroom units of 1,151 and 1,141 make up another two units. The ninth unit, which is the largest at 2,690 sq ft, has five bedrooms and a study. As it is a corner unit, it also comes with its own private courtyard and balcony.
The new five-storey rear block will have 22 units. There is only one one-bedroom apartment of 509 sq ft. Thirteen of the units are two-bedders, with sizes ranging from 584 to 677 sq ft. There is a three-bedroom plus study of 1,153 sq ft and a three-bedroom dual-key unit of 980 sq ft. Meanwhile, on the topmost level are six penthouses, all of which come with four bedrooms and sizes of 1,108 sq ft to 1,302 sq ft. While the typical units have 3.2m ceiling height, the penthouses have a ceiling height of 4.5m.
The name “Atlassia” was coined by combining “Atlas” and “Asia”, according to Grace Yang, project director of K16 Development. This is not the first project in the East Coast neighbourhood by the developer. In 2018, K16 purchased the former Pomex Court en bloc for $37.6 million and redeveloped it into the 34-unit, freehold residential project Olloi. (See potential condos with en bloc calculator)
The project at Lorong 101 Changi was fully sold at an average price of $1,690 psf, based on caveats lodged with URA Realis. “In the past four years when we worked on Olloi, the Joo Chiat area has changed a lot,” says Yang. “It’s become a hipster neighbourhood with new F&B outlets.” A new Spanish restaurant Asador just opened across Joo Chiat Place from Atlassia while further down Joo Chiat Road is where The Communal Place bistro and Braseiro Restaurant, a French steak and fries restaurants, are located. Olloi may have been K16 Development’s first apartment project but it is not Yang’s first foray as a property developer. She had previously developed a 70,820 sq ft, freehold site at King Albert Park into four Good Class Bungalows in 2013.
Before that, she had started her career as an engineer and a property manager with K16 Services, which manages B1 industrial buildings.
According to Yang, K16 Development is made up of a group of Singaporean investors. “They are all very savvy and some of them may want to take units in our developments too,” she says. As she lives in the east of Singapore, she is banking on familiarity with the neighbourhood. “That’s how we were able to pick up projects in the East in the last collective sale and also recently,” she adds, referring to her purchases of the sites for Olloi and Atlassia.
The location of Atlassia at Joo Chiat Place in District 15 is “centrally located” and close to the CBD, Marina Bay, Singapore Sports Hub and Changi Airport, notes Yang.
“Atlassia is located in an area steeped in history and heritage,” says Lee Sze Teck, Huttons Asia senior director of research. “Buyers will be buying into a piece of history as Atlassia is a mixed development with residential dwelling units and conservation shophouses.” According to Lee, it is “probably the only project with conservation shophouses in 2022”.
Yang sees Atlassia appealing to both locals and foreigners. The apartments are designed to suit both the young and old. “Young Singaporeans will appreciate the heritage aspects of the project in the east,” she observes. “That’s why we built predominantly two-bedroom apartments. We also see the units appealing to retirees and empty nesters, who want to downsize to a smaller apartment.”
The units at Atlassia will be fitted with Smeg kitchen appliances, Toto bathroom fittings and water closet, built-in wardrobe and storage space as well as ceiling lights. This way, homebuyers can move in without having to undertake renovations, according to Yang. The project is expected to be completed in 2025.
Atlassia is expected to see an average price of $2,000 psf. “I’m quite bullish about the east,” says Yang.
Check out the latest listings near Joo Chiat Place, Olloi, Atlassia