Freehold apartment block on Dorset Road on the market for $22 mil
The surrounding neighbourhood generally comprises low-rise condos including landed homes. The building neighbors City Square Shopping Center, United Square and even Velocity. Clinical professional services just like Farrer Park Hospital and also KK Women’s along with Children’s Hospital are even not far away.
The residential property consists of a three-storey walk-up flat block with double frontages along Dorset Road including Truro Road. It sits on a consolidated site location of 11,035 sq ft. The location is zoned “non commercial” with a gross plot ratio of 1.4 under the most up to date Master Plan.
The area’s appearance is increased as a result of the excellent start of neighboring Piccadilly Grand. The 99-year leasehold incorporated development is a joint development involving City Developments (CDL) and also MCL Land. The 407-unit undertaking was introduced in May this year, offering 77% of the overall available units moreover achieving an usual selling price of $2,150 psf. Piccadilly Grand is about 85% sold as of end-October.
A freehold house block at 103A/B including 105A/B Dorset Road has been put up for sale with a suggestive cost of $22 million. ERA Realty Network is the main marketing representative for the purchase of this building.
Elementary academies within 1km of the property development are Farrer Park Primary School and St Joseph’s Institution Junior. More elementary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
The tender for the sale of 103A/B together with 105A/B Dorset Road will close on Dec 15.
“Given the recent outstanding profit outcomes of Piccadilly Grand, solid demand for new housing units in the place will probably carry on as there are no upcoming new release in the pipeline. An edge for this revenue is that it does not need the Strata Titles Boards’ confirmation, thus enabling the successful customer to quickly transform the spot around in order to introduce the new project available for sale,” states Tay.
“This location is ideal for developers keen to develop a store home development situated in a relaxed residential territory, yet merely mins far from the buzz of activities and even a plethora of services,” claims Tay Liam Hiap, handling director of financial investment sales at ERA Realty.
According to ERA, this translates to a gross floor area of 15,449 sq ft, and the updated project could house up to 16 houses with a typical measurements of 914.6 sq ft (85 sq m), subject to approvals. The a sign rate is about $1,424 psf per plot ratio (ppr). After considering the 7% additional gross floor area for porches, the land price turns into $1,331 psf ppr. “Due to its substantial historic guideline, the land betterment charge is not payable for redeveloping the site,” states ERA.
This building is less than 500m from Farrer Park MRT Terminal on the North-East Line. This terminal is one stop from Little India MRT Interchange on the Business District and also North-East Lines. Road connection is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
