Treasure On Balmoral
Overview & Key Facts
Treasure on Balmoral occupies a prime corner on one of Singapore’s most storied residential streets — Balmoral Road, Deep in District 10’s CCR heartland and well within the Good Class Bungalow belt that runs between Orchard Road and Stevens. Developed by Hiap Hoe Superbowl JV Pte Ltd and completed in 2013, the development rises across two 12-storey towers with just 48 units — a deliberately intimate scale that sets it apart from the sprawling mega-condos found elsewhere in Singapore. The freehold tenure locks in perpetual land ownership, a significant differentiator in a city where leasehold sites increasingly dominate new launches.
The 48-unit configuration means exclusivity by design: no fighting for poolside sunbeds, no interminable waits for the lift, and a neighbour-knows-neighbour atmosphere that residents consistently value. Unit configurations run from generous 3-bedroom layouts to expansive 4-bedroom penthouses, with floor areas from roughly 1,710 sqft up to 3,692 sqft — sizes that simply do not exist in today’s new launches at any price point. At an average PSF of approximately S$2,541 over the last twelve months, Treasure on Balmoral offers freehold CCR exposure at pricing that remains competitive against the wave of new launches in D10 asking S$2,600–S$2,900 psf.
What makes the investment thesis particularly compelling, however, is the rental engine. With 159 total rentals on record and an average monthly rent of S$9,446, Treasure on Balmoral generates one of the stronger expat rental income streams in the sub-market — driven almost entirely by its position in Singapore’s premier international school corridor. The proximity trifecta of ISS International School (0.48 km), ACS Primary (0.62 km), and SCGS Primary (0.74 km) makes this address one of the top-tier expat family destinations in Singapore.
Location & Connectivity
Balmoral Road is not merely a Singapore address — it is a postcode with a pedigree. Originally part of a Scottish colonial enclave, the street today runs through the heart of Singapore’s most prestigious private residential corridor, flanked by Good Class Bungalows, top-tier international schools, and a handful of boutique freehold condominiums that have held their values across decades. Treasure on Balmoral sits at No. 5 Balmoral Road, within easy reach of the Orchard Road retail belt to the south and the Bukit Timah greenery corridor to the north.
For commuters, Stevens MRT on the Downtown Line and Thomson-East Coast Line sits 0.80 km away — a brisk 10-minute walk or a 3-minute drive. Newton MRT (North-South and Downtown Lines interchange) is 0.89 km away, and Orchard MRT on the North-South and Thomson-East Coast Lines is 1.11 km. The dual-line access at both Stevens and Newton means residents can reach the CBD, Changi, and Jurong without changing platforms — a connectivity premium relative to most D10 addresses. For drivers, the CTE and PIE are accessible within minutes; Orchard Road itself is a 5-minute drive. Newton Food Centre, one of Singapore’s most beloved hawker centres, is under 10 minutes on foot.
The lifestyle amenities surrounding Treasure on Balmoral reflect the neighbourhood’s premium positioning. Tanglin Club, The American Club, and Hollandse Club are all within a short drive. Cold Storage and Market Place supermarkets are nearby. The Botanic Gardens UNESCO World Heritage Site is a 10-minute walk. For the expat tenants who form the dominant renter profile at this address, this ecosystem — schools, clubs, parks, Orchard — represents exactly what they are paying a premium for.
Schools & Education
3 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| ISS International School (Preston) | international | Within 1 km |
| ISS International School (Paterson) | international | Within 1 km |
| Anglo-Chinese School (Primary) | primary | Within 1 km |
| Singapore Chinese Girls' School (Primary) | primary | Within 1 km |
| St. Anthony's Primary School | primary | Within 1 km |
| Chatsworth International School (Orchard) | international | Within 1 km |
| Methodist Girls' School | secondary | ~1.1 km |
| Methodist Girls' School (Primary) | primary | ~1.1 km |
Facilities
For a boutique 48-unit development, Treasure on Balmoral provides a competent if not expansive facilities suite. Residents have access to a swimming pool, gymnasium, BBQ pavilions, and 24-hour security — a clean, well-maintained offering in keeping with the development’s prestige positioning. The advantage of the small unit count is immediately apparent at the facilities level: the pool is rarely crowded, gym equipment is consistently available, and the overall sense is of private use rather than shared amenity. Management standards are generally described as high, consistent with the premium profile of Balmoral Road owners and tenants.
“Very nice condos. Good facilities and well maintained. The pool is practically yours on weekday mornings — one of those things you don’t realise you’re paying for until you’ve lived somewhere with 300 units fighting for the same lane.”
— Resident feedback via Singapore Expats
Buyers should calibrate expectations appropriately: the facilities here are designed for a resident who values access over spectacle. There is no tennis court, no function hall with banquet capacity, no sky terrace or infinity edge. What exists is clean, functional, and exclusively yours — a meaningful proposition compared to larger developments where popular amenities require advance booking weeks ahead.
Unit Sizes & Layout
Treasure on Balmoral’s unit mix is entirely 3-bedroom and 4-bedroom, including penthouse configurations — there are no 1-bedroom investor units cluttering the corridor or lobby. Floor areas run from approximately 1,710 sqft for a 3-bedroom to 3,692 sqft for the largest penthouse, delivering a living footprint that reflects genuine family habitation rather than the compact layouts that now dominate new CCR launches. For the expat family renter — typically two adults and one or two school-age children requiring separate rooms and study space — these dimensions are exactly what the market demands at S$8,000–S$12,000 monthly.
At a transacted median of S$5,000,000 and an average PSF of S$2,541, Treasure on Balmoral sits at a meaningful discount to newer D10 launches. Comparable freehold CCR units at Skye at Holland, Leedon Green, and Hyll on Holland are transacting at S$2,648–S$2,945 psf. The differential reflects both the development’s 2013 vintage and the relatively thin transaction volume — but for a buyer focused on rental income and perpetual tenure in a trophy address, the entry point looks attractive.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 4 BR | 2 | $2,572 | $4,440,000 |
| 5 BR | 2 | $2,510 | $5,025,000 |
Pricing & Market Position
Based on 4 recorded transactions, sale prices range from $4,400,000 to $5,050,000, averaging $4,732,500 (~$2,541 psf).
Rents range from $5,500 to $15,000 per month across 159 rental transactions. Current rental yield sits at approximately 2.3%.
Price Appreciation
From 2025 to 2026, the average PSF has declined by 1% (from $2,547 to $2,522 psf).
Neighbourhood Comparison
The natural peer set on Balmoral Road includes Balmoral 8 (freehold, 15 units, completed 2007) and One Balmoral (freehold, 91 units, completed 2015), plus Balmoral Crescent and Ventuno Balmoral further along the street. All share the same school-corridor rental thesis. Balmoral 8 is the most exclusive but offers minimal liquidity; One Balmoral provides the largest pool within the street with more consistent transaction data. Treasure on Balmoral sits squarely in the middle — 48 units provides meaningful exclusivity while retaining enough transaction flow for price discovery and financing comfort.
Against the broader D10 CCR landscape, the differentiator is the school proximity. Developments like Skysuites Anson or those closer to Orchard may command higher psf but cannot replicate the ISS–ACS–SCGS walking-distance trinity. For buyers who understand that expat rental demand is the primary yield driver in this micro-market, Treasure on Balmoral’s S$2,541 psf freehold entry looks more attractive than its absolute price tag suggests.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| TREASURE ON BALMORAL | Freehold | — | 48 | $2,541 |
| SKYE AT HOLLAND | 99 yrs lease commencing from 2024 | 2025 | 666 | $2,945 |
| LEEDON GREEN | Freehold | 2021 | 638 | $2,784 |
| D'LEEDON | 99 yrs lease commencing from 2010 | 2014 | 1,703 | $1,855 |
| HYLL ON HOLLAND | Freehold | 2021 | 319 | $2,648 |
| FOURTH AVENUE RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 476 | $2,465 |
ShiokNest Scores
Our proprietary scoring system evaluates TREASURE ON BALMORAL across multiple dimensions.
What Residents Say
“We moved here specifically for ISS and ACS — the school run is genuinely 5 minutes on foot. The kids can walk home independently from primary 3 onwards, which is something we couldn’t do anywhere else in Singapore. The peace of mind is worth every dollar of the rent.”
— Expat tenant (British family), via Singapore Expats forum
“Balmoral Road has a completely different energy from Orchard or River Valley. It’s quiet, leafy, and feels genuinely residential. After two years here I can’t imagine living closer to the city centre — the noise and traffic just aren’t worth it when you have this.”
— Owner-occupier, Treasure on Balmoral
“We’ve had three consecutive expat tenants — all from ISS. Each one renewed once before their posting ended. For a landlord, the Balmoral address sells itself; I’ve never needed an agent to source a replacement. The school calendar drives the cycle and it’s very predictable.”
— Investor-owner, Treasure on Balmoral
Strengths & Weaknesses
- Freehold tenure on one of Singapore's most prestigious residential streets
- ISS International School within 0.48 km — primary expat rental demand driver
- ACS Primary and SCGS Primary both within 0.75 km for P1 balloting
- Boutique 48-unit exclusivity — pool, gym, and facilities effectively private
- Generous unit sizes (1,710–3,692 sqft) — unavailable in today's new launches at any price
- Competitive entry at S$2,541 psf vs D10 new launches at S$2,600–S$2,945 psf
- S$9,446 average monthly rent with structural expat demand from school corridor
- Stevens and Newton MRT (dual-line access) both within 0.9 km
- GCB-belt address preserves view corridors and low-density neighbourhood character
- No leasehold depreciation risk — freehold tenure is perpetual
- Very thin transaction volume (4 sales) makes psf benchmarking less reliable
- Gross yield of 2.3% is below typical CCR investor thresholds of 2.5–3%
- Developer (Hiap Hoe JV) less well-known than branded CCR developers
- No tennis court, no sky terrace — facilities scope is functional rather than resort-grade
- TOP 2013 vintage — bathrooms and kitchen finishings may require renovation budget
- Investment score 46/100 and en-bloc score 44/100 — limited near-term capital event thesis
- MRT not step-out walkable — Stevens/Newton both require a walk of 0.8–0.9 km
- Small development size limits potential buyer pool on resale vs larger condos
Verdict
Treasure on Balmoral is a specialist investment — and it excels precisely because of that specialisation. This is not a development for the buyer who wants a trendy new launch with rooftop pools and Instagram-ready common areas. It is a development for the buyer who understands that Balmoral Road is one of Singapore’s most enduring expat rental addresses, that international school proximity within walking distance commands a structural premium on rents, and that freehold tenure in D10 CCR is a finite asset that does not depreciate with lease clock anxiety.
The gross yield of 2.3% is modest in headline terms, but must be read in context: this is a S$5 million asset generating S$9,446 per month in an address with perpetual freehold title. The rental demand from expat families on corporate housing packages — specifically those with children at ISS, ACS, or SCGS — is structural and recurring rather than speculative. Tenant turnover tends to track school cycles (2–4 year expatriate postings), and the waiting list for quality units in this corridor remains active. Vacancy risk is materially lower here than for comparable investment-grade condos without the school adjacency.
Capital appreciation prospects are underpinned by scarcity: Balmoral Road is not a corridor where new supply arrives easily. The GCB buffer and established residential zoning mean that the handful of boutique freehold condominiums on this street represent a fixed supply against growing long-term demand. For the patient investor with a 10-year-plus horizon — or the family buyer seeking a prestige CCR home with a natural rental exit — Treasure on Balmoral remains one of the better-value entries into Singapore’s premier residential corridor.