Eastpac Building
Overview & Key Facts
Eastpac Building is a seven-unit freehold walk-up apartment at 586 Balestier Road in District 12 — a rare, sub-decade-old-feeling boutique that pre-dates the Balestier corridor’s transformation from light-industrial strip to mid-market residential belt. Completed in 1983, the three-storey development occupies a mixed-use format familiar in Singapore’s pre-HDB-era streetscapes: ground-floor shop lots beneath two residential levels of genuinely spacious 3-bedroom apartments, all freehold.
The transaction data is thin but telling. A single resale caveat was lodged in July 2025 at approximately S$2,000,000 for a 1,981 sqft unit — roughly S$1,010 psf, a figure that sits 18–46% below the nearest new-launch and boutique-upgrade comparables in D12 (Balestier Regency at S$1,390 psf, VIIO @ Balestier at S$1,883 psf). Rental transactions are more voluminous: S$4,300–S$5,500 per month across recent records, implying a gross yield of approximately 3.1–3.3% on current capital values. For a freehold walk-up of this vintage and unit size, that yield is competitive with nearby strata-titled boutiques on Balestier Road.
What defines Eastpac Building is less any single feature and more the intersection of three values that are structurally difficult to buy in central Singapore simultaneously: freehold tenure on Balestier Road, ~1,300–2,000 sqft of genuine living space, and a catchment address delivering two North-South Line MRT stations — Novena at 710m and Toa Payoh at 790m — without paying the premium of a Novena-postcode new launch. The trade-off is a 1983 walk-up format with no in-compound facilities, no lift, and a renovation liability that buyers must price in from day one.
Location & Connectivity
Balestier Road is one of Singapore’s most characterful arterials: a 3-kilometre stretch linking Novena in the west to Whampoa and Boon Keng in the east, lined with pre-war shophouses, chandelier shops, traditional bak kut teh restaurants, hardware merchants, and a thickening overlay of mid-range residential blocks that have arrived since the 1990s. Number 586 sits in the Novena-facing half of the road — close enough to the Novena medical and retail cluster to benefit from its infrastructure, far enough to avoid the noise and density of the Velocity @ Novena Square and United Square catchment.
Rail connectivity is the location’s most bankable attribute. Novena MRT (North-South Line, NS20) is approximately 710 metres from the front door — a 9–10 minute walk that most residents will consider acceptable. Novena station gives direct CBD access in under 15 minutes, Orchard in two stops, and City Hall in four; for a Singapore address at S$1,010 psf, that connectivity is exceptional. Toa Payoh MRT (NS19) at 790m is marginally further but provides a second board point on the same line and a larger interchange interchange environment. Mount Pleasant MRT (Thomson-East Coast Line, TE10) is approximately 1.2 km away, giving residents a second line for cross-island trips via Orchard or Marina Bay.
Day-to-day amenities are dense and varied. Velocity @ Novena Square (sports-focused mall) and United Square Shopping Mall (family-oriented, with a large children’s anchor) are under 700m north-west. Zhongshan Mall at 360m provides a neighbourhood FnB and household-goods layer. City Square Mall at approximately 1.2 km extends the retail option set with a supermarket, cinema, and restaurant strip. The Balestier Road heritage strip itself — bak kut teh, roast meat, dim sum, kopitiam breakfast — is directly at the doorstep and is one of the most authentic neighbourhood F&B corridors surviving in central Singapore. Healthcare is genuinely extraordinary: Thomson Medical Centre, Mount Elizabeth Novena Hospital, and Tan Tock Seng Hospital are all within 1.5 km.
Schools & Education
1 primary school within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| New Town Primary School | primary | Within 1 km |
| St. Joseph's Institution | secondary | Within 1 km |
| Beatty Secondary School | secondary | ~1.1 km |
| CHIJ Our Lady Queen of Peace | primary | ~1.1 km |
| CHIJ Secondary (Toa Payoh) | secondary | ~1.2 km |
| School of Science and Technology | jc | ~1.3 km |
| Nexus International School | international | ~1.3 km |
| Kuo Chuan Presbyterian Secondary School | secondary | ~1.4 km |
Facilities
Eastpac Building is a walk-up apartment — three storeys, no lift, no swimming pool, no gymnasium, no guard post, no formal landscaped grounds. Ground-floor shop lots occupy the building’s base. Residential units occupy levels 1 and 2. At seven units across two residential floors, the economics of in-compound recreational facilities are straightforwardly unworkable: the maintenance fund contributions of seven households cannot sustain a pool, gym, or 24-hour security function at any commercially reasonable rate. Buyers should come to Eastpac Building with the explicit understanding that the building is a container for the apartments and nothing more.
“Walk-up apartments on Balestier Road are the last of a type. Spacious units, freehold land, actual ceiling heights you can stand under without feeling cramped. No lifts, no pools, no facilities — but that’s not why anyone buys them. You buy them for the address, the tenure, and the floor area that S$2 million buys you nowhere else in the central region.”
— Agent perspective on Balestier freehold walk-ups via PropertyGuru listing commentary
The practical consequence of no facilities is lower monthly maintenance contributions. A seven-unit walk-up will typically levy S$100–200 per month per unit for external cleaning, common-area lighting, and basic building insurance — a fraction of the S$400–700+ per month common at facility-equipped condominium developments in D12. For households that treat the surrounding neighbourhood as their amenity layer — Velocity @ Novena for gym and sports, Thomson Medical Centre for healthcare, City Square Mall for weekend shopping, Balestier Road hawkers for dinner — the cost difference over a 10-year hold is material.
Pricing & Market Position
Based on 1 recorded transactions, sale prices range from $2,000,000 to $2,000,000, averaging $2,000,000 (~$1,010 psf).
Rents range from $2,800 to $5,500 per month across 7 rental transactions. Current rental yield sits at approximately 2.7%.
Neighbourhood Comparison
The most instructive comparisons for Eastpac Building are its freehold walk-up peers on and immediately off Balestier Road. Balestier Plaza — also a freehold apartment completed 1983, on the same road — transacted at S$1,230 psf in its most recent records (Apr 2024), approximately 22% above Eastpac Building’s S$1,010 psf. Balestier Point (FH, 1986, Balestier Road) has a wider PSF range of S$1,161–1,345 with an average of S$1,276 psf as of late 2025. Balestier Regency (FH, 1990) averages S$1,390 psf — 38% above Eastpac Building’s recorded level. Whether the Eastpac discount reflects genuine market recognition of the walk-up format, thinner liquidity (seven units vs. larger blocks), or simply a single below-market caveat is a question that only additional transaction history can resolve. Buyers comparing these options should also verify specific unit sizes and floor levels — the 1,981 sqft Eastpac unit is substantially larger than typical D12 boutique unit configurations, which affects absolute capital commitment and rental appeal independently of PSF.
Against the new-launch benchmark: VIIO @ Balestier (FH, new, small-format units from 474 sqft) averaged S$1,883 psf in its most recent transactions — 86% above Eastpac Building. The premium is the price of modernity: lift access, full condo facilities, developer warranty, and contemporary fit-out. For buyers who do not need or value these, the PSF gap is Eastpac Building’s argument. One Dusun Residences and The Citrine — newer boutiques within 2km — trade at S$1,723–1,920 psf and S$1,578–1,737 psf respectively, reinforcing that Eastpac Building’s pricing occupies a distinctly different market tier.
The two-MRT-station advantage deserves specific comparative note. Novena (710m) and Toa Payoh (790m) are both on the North-South Line and both within a 10-minute walk. At Balestier Regency, Balestier Point, and Balestier Plaza, the same two stations are the closest options, but specific walking distances vary by 50–200m depending on precise address. Eastpac Building sits at the Novena-facing (western) end of the Balestier Road residential belt, which gives it a marginally shorter walk to Novena — the more useful station for CBD and Orchard commuters.
The honest framing: Eastpac Building at S$1,010 psf is among the cheapest freehold entry points in central Singapore’s core residential belt. It is cheap because it is a 1983 no-lift walk-up with seven units and near-zero transaction liquidity. Buyers who can absorb the walk-up constraint, budget for renovation, and hold for five or more years have a genuine argument for ownership. Buyers who need a lift, facilities, or developer warranty should pay the premium for a newer boutique or a modern condominium.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| EASTPAC BUILDING | Freehold | — | 7 | $1,010 |
| THE ORIE | 99 yrs lease commencing from 2024 | 2025 | 52 | $2,730 |
| EIGHT RIVERSUITES | 99 yrs lease commencing from 2011 | 2016 | 843 | $1,643 |
| GEM RESIDENCES | 99 yrs lease commencing from 2015 | — | 578 | $1,833 |
| TREVISTA | 99 yrs lease commencing from 2008 | — | 590 | $1,702 |
| VERTICUS | Freehold | 2021 | 162 | $2,122 |
ShiokNest Scores
Our proprietary scoring system evaluates EASTPAC BUILDING across multiple dimensions.
What Residents Say
“We rented at Eastpac for two years. The unit was enormous by Singapore standards — a proper dining room, a real living room, three bedrooms the kids could actually close the doors in. The walk to Novena MRT took about 12 minutes at a normal pace. We had Tan Tock Seng five minutes by taxi. For what we paid versus a comparable space in Novena itself, there was no contest.”
— Tenant perspective on Balestier Road walk-up living via PropertyGuru rental discussion
“The freehold walk-up apartments on Balestier Road are a dying breed. When one trades, the buyers almost always come from the neighbourhood — someone who already knows the street, knows the food, knows that Novena MRT is manageable. People who buy these don’t need convincing about the staircase. They’ve already decided facilities aren’t what they’re paying for.”
— Agent view on the Balestier freehold walk-up buyer profile via EdgeProp market commentary
“Balestier is probably the last part of central Singapore where you can still buy genuine freehold space at below S$1,200 psf. The food is incredible, the hospitals are all within reach, and Novena MRT is walking distance. The trade-off is you’re buying into a street that still looks like 1985 in places — which is exactly why the pricing hasn’t caught up with the fundamentals yet.”
— Investor perspective on D12 Balestier corridor value via Stacked Homes community discussion
Community sentiment around Balestier Road walk-ups is consistent across property forums: buyers and tenants who choose this address are self-selecting for space, central location, and freehold security, and they treat the absence of facilities as a known and accepted trade-off rather than a surprise. The recurring theme in rental discussions is the unit-size premium — a 1,300 sqft 3-bedroom at S$4,300–4,500 per month competes favourably with newer but significantly smaller units in the Novena catchment.
Strengths & Weaknesses
- Freehold tenure — permanent ownership security in a central Singapore address at a discount to leasehold-era pricing
- Novena MRT (NSL) at 710m — direct CBD access in under 15 minutes, Orchard in 2 stops
- Toa Payoh MRT (NSL) at 790m — second NSL board point, dual-station coverage unusual at this PSF
- Genuinely spacious 3-bedroom units: 1,300–1,981 sqft — rare at this price point in central Singapore
- PSF discount vs all Balestier Road freehold peers: 18–38% below Balestier Plaza, Balestier Point, and Balestier Regency
- Rental yield ~3.1–4.1% gross — competitive with D12 boutique cohort at S$4,300–5,500/month
- Thomson Medical Centre, Mount Elizabeth Novena Hospital, Tan Tock Seng all within 1.5 km
- Balestier Road F&B corridor at doorstep — bak kut teh, roast meat, kopitiam, heritage hawker culture
- Velocity @ Novena Square, United Square, Zhongshan Mall all within 700m — excellent everyday retail density
- Low monthly maintenance fees — seven units, no pool or gym to fund (est. S$100–200/month)
- Mixed-use ground floor provides building income/activity buffer; quiet residential upper floors
- City Square Mall and Mustafa Centre within 1.3 km — broadest grocery/household-goods range in central D12
- No lift — stairs-only access to residential floors; a material constraint for elderly residents, strollers, or those anticipating mobility needs
- No facilities — no pool, gym, clubhouse, guard post, or formal recreational grounds
- Only 1 resale caveat on record (July 2025 at S$1,010 psf) — extremely thin price discovery; single transaction may not represent market clearing
- Micro boutique at 7 units — extremely infrequent turnover, very limited unit choice, no secondary market depth
- Renovation liability: S$100,000–180,000+ required to bring 1983-vintage interiors to contemporary rental or resale standard
- Balestier Road traffic noise and commercial activity (shops, hawker, deliveries) is part of the street character — not suitable for buyers seeking quiet residential isolation
- No developer warranty — buy-as-seen structural and building condition; independent building survey recommended
- Mixed-use format complicates en-bloc consensus: residential and commercial owners may have divergent valuation expectations
- Mount Pleasant MRT (TEL) at ~1.2 km gives limited second-line coverage compared to dedicated TEL-access addresses
Verdict
Eastpac Building is a concentrated value proposition built on three structural facts: a freehold title on a central Singapore arterial, two NSL MRT stations within 800 metres, and apartment sizes — 1,300–2,000 sqft — that simply do not exist in new-build form at comparable pricing anywhere in D12. The S$1,010 psf resale caveat sits below every comparable boutique development on Balestier Road: Balestier Plaza (S$1,230 psf), Balestier Point (S$1,276 psf), Balestier Regency (S$1,390 psf), and far below the new-build VIIO @ Balestier (S$1,883 psf). The PSF discount is real, but it purchases a specific set of trade-offs: no lift, no facilities, a 1983 walk-up format, and thin transaction liquidity.
The rental case is stronger than the asset-appreciation case. At S$4,300–5,500 per month for a 3-bedroom unit in the Novena-Balestier corridor, Eastpac Building competes directly with the expat-tenanted segment that prizes space, a central location, and proximity to Novena’s medical cluster and international schools. The gross yield of approximately 3.1–4.1% (depending on acquisition cost and unit size) beats the D12 boutique median and is supported by genuine rental demand from the professional-and-family-expat cohort that has consistently occupied the Balestier Road mid-market.
The composite score of 65/100 reflects the balanced reality: the neighbourhood score (8.5/10) reflects Balestier Road’s extraordinary retail, medical, and MRT density; the lease score (9.5/10) is the irreducible freehold advantage; and the MRT score (7.5/10) reflects the 710m Novena walk, which is comfortable in dry weather and workable in Singapore’s heat for most residents. The facilities score (3.5/10) is the most honest number in the matrix — a no-lift, no-pool, no-gym walk-up apartment simply cannot score higher. The value score (8.0/10) captures the genuine PSF discount relative to peers; the unit-layout score (8.0/10) reflects the rare generosity of 1,300–2,000 sqft 3-bedrooms, offset by the walk-up limitation.
The ideal buyer is a specific type: a household that prizes genuine living space and freehold security over resort-condo facilities; that can renovate; that has no mobility impairments requiring a lift; and that plans to hold for five or more years to absorb the transaction and renovation costs. For a family that has priced the Novena or Toa Payoh corridor, needs a 3-bedroom of real size, and finds the S$1.3–2.0 million price point materially below comparable offerings from newer boutiques, Eastpac Building offers a legitimate and defensible case. It is not for everyone — but for the buyer it suits, there is very little competition on Balestier Road for freehold space at this PSF.