Freehold apartment block on Dorset Road on the market for $22 mil
Primary academies throughout 1km of the property development are Farrer Park Primary School and St Joseph’s Institution Junior. Other elementary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and also St Margaret’s Primary School.
The surrounding area mainly makes up low-rise apartments and landed residences. The property neighbors City Square Mall, United Square and even Velocity. Clinical services such as Farrer Park Hospital and KK Women’s and Children’s Health center are also close by.
The site’s appeal is enhanced due to the effective launch of neighboring Piccadilly Grand. The 99-year leasehold incorporated property is a common project amongst City Developments (CDL) and also MCL Land. The 407-unit project was launched in May this year, offering 77% of the overall available units furthermore achieving an usual asking price of $2,150 psf. Piccadilly Grand is about 85% offered as of end-October.
“Given the recent outstanding sale outputs of Piccadilly Grand, good interest for all new non commercial units in the location will most likely carry on as there are no upcoming new launches in the pipeline. An edge for this purchase is that it does not require the Strata Titles Boards’ authorization, thus allowing the profitable purchaser to quickly transform the area around and launch the updated property up for sale,” says Tay.
“This site is suitable for property developers keen to construct a store domestic project situated in a quiet housing territory, yet just minutes away from the buzz of activities also a plethora of features,” states Tay Liam Hiap, managing director of investment sales at ERA Realty.
This building 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, plus the Central Expressway.
According to ERA, this translates to a gross level area of 15,449 sq ft, as well as the all new development can house up to 16 homes with an average dimension of 914.6 sq ft (85 sq m), dependent on approvals. The indicative price is about $1,424 psf per plot ratio (ppr). After considering the 7% bonus gross floor area for balconies, the land price develops into $1,331 psf ppr. “As a result of its high historical guideline, the land improvement fee is not outstanding for redeveloping the location,” claims ERA.
The tender for the revenue of 103A/B along with 105A/B Dorset Roadway are going to finalize on Dec 15.
A freehold flat block at 103A/B and also 105A/B Dorset Road has already been sold with a suggestive cost of $22 million. ERA Realty Network is the exclusive advertising broker for the sale of this real estate.
The property consists of a three-storey walk-up condo block with double frontages along Dorset Road and Truro Road. It rests on a mixed site location of 11,035 sq ft. The location is zoned “residence” with a gross plot ratio of 1.4 under the most recent Master Plan.