Freehold apartment block on Dorset Road on the market for $22 mil
A freehold flat block at 103A/B including 105A/B Dorset Road has been put up for sale with an indicative cost of $22 million. ERA Realty Network is the exclusive promotion broker for the sale of this building.
The surrounding area mostly consists of low-rise condos including landed houses. The property neighbors City Square Shopping Center, United Square and even Velocity. Clinical services like Farrer Park Hospital and KK Women’s along with Children’s Hospital are also nearby.
The tender for the sale of 103A/B along with 105A/B Dorset Roadway will close on Dec 15.
“This spot is ideal for property developers keen to develop a boutique home project nestled in a relaxed housing territory, yet just mins away from the buzz of events and a range of amenities,” states Tay Liam Hiap, supervising director of investment sales at ERA Realty.
Elementary academies inside 1km of the property development are Farrer Park Primary School and even St Joseph’s Institution Junior. More primary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
According to ERA, this converts to a gross level area of 15,449 sq ft, and also the all new development could house up to 16 houses with an average measurements of 914.6 sq ft (85 sq m), dependent on authorizations. The indicative rate has to do with $1,424 psf per plot ratio (ppr). After factoring in the 7% bonus gross flooring area for verandas, the land rate develops into $1,331 psf ppr. “As a result of its substantial historic baseline, the land improvement charge is not payable for redeveloping the site,” claims ERA.
This building is less than 500m from Farrer Park MRT Station on the North-East Line. This terminal is one stop from Little India MRT Interchange on the Business District and also North-East Lines. Route connectivity is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
The area’s appearance is increased due to the effective launch of nearby Piccadilly Grand. The 99-year leasehold integrated development is a common project among City Developments (CDL) as well as MCL Land. The 407-unit project was released in May this year, marketing 77% of the total readily available units moreover accomplishing an usual market price of $2,150 psf. Piccadilly Grand is about 85% offered since end-October.
“Given the latest great sale outputs of Piccadilly Grand, good interest for new non commercial units in the area will probably carry on as there are no upcoming latest release in the pipeline. A benefit for this purchase is that it does not call for the Strata Titles Boards’ confirmation, hence allowing the successful purchaser to promptly transform the site around moreover release the updated plan available for sale,” claims Tay.
The residential property makes up a three-storey walk-up condo block with double front views along Dorset Roadway and Truro Road. It rests on a mixed spot area of 11,035 sq ft. The site is zoned “residential” with a gross plot ratio of 1.4 under the latest Master Plan.