Freehold apartment block on Dorset Road on the market for $22 mil
This property is less than 500m from Farrer Park MRT Terminal on the North-East Line. This station is one stop from Little India MRT Interchange on the Downtown and North-East Lines. Route connection is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
“This spot is optimal for property developers keen to develop a shop domestic project nestled in a peaceful household enclave, yet only mins far from the buzz of events and a wide variety of features,” states Tay Liam Hiap, managing supervisor of financial investment sales at ERA Real estate.
The tender for the revenue of 103A/B together with 105A/B Dorset Roadway are going to close on Dec 15.
According to ERA, this equates to a gross floor area of 15,449 sq ft, as well as the all new property development might house approximately 16 homes with a typical size of 914.6 sq ft (85 sq m), based on approvals. The indicative cost is about $1,424 psf per plot ratio (ppr). After factoring in the 7% additional gross flooring area for verandas, the land rate becomes $1,331 psf ppr. “Because of its substantial historical baseline, the land enhancement charge is not due for redeveloping the location,” claims ERA.
A freehold house block at 103A/B including 105A/B Dorset Road has been offered with a sign price of $22 million. ERA Realty Network is the sole advertising representative for the sale of this property.
The location’s appeal is boosted as a result of the excellent debut of neighboring Piccadilly Grand. The 99-year leasehold integrated property is a common project amongst City Developments (CDL) and also MCL Land. The 407-unit undertaking was introduced in May this year, selling 77% of the complete offered units moreover achieving an average market price of $2,150 psf. Piccadilly Grand is around 85% sold as of end-October.
The bordering neighbourhood mainly makes up low-rise condominiums together with landed homes. The apartment is near City Square Mall, United Square and Velocity. Clinical services like Farrer Park Hospital also KK Women’s along with Children’s Health center are even close by.
“Given the current excellent profit results of Piccadilly Grand, good interest for new residential units in the location will probably proceed as there are no upcoming new release in the pipeline. An edge for this sale is that it does not need the Strata Titles Boards’ approval, hence permitting the successful customer to promptly turn the spot around and release the new project available for sale,” states Tay.
The real estate makes up a three-storey walk-up condo block with dual frontals along Dorset Roadway and Truro Road. It sits on a mixed spot location of 11,035 sq ft. The location is zoned “non commercial” with a gross plot ratio of 1.4 under the current Master Plan.
Elementary academies within 1km of the project are Farrer Park Primary School also St Joseph’s Institution Junior. More elementary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, also St Margaret’s Primary School.