Freehold apartment block on Dorset Road on the market for $22 mil
The surrounding area mainly consists of low-rise condominiums together with landed homes. The building is near City Square Shopping Mall, United Square and Velocity. Medical services such as Farrer Park Hospital also KK Women’s along with Children’s Hospital are even nearby.
According to ERA, this translates to a gross floor location of 15,449 sq ft, as well as the all new development can house up to 16 apartments with an average size of 914.6 sq ft (85 sq m), subject to authorizations. The indicative rate is about $1,424 psf per plot ratio (ppr). After considering the 7% bonus gross flooring area for verandas, the land price eventually becomes $1,331 psf ppr. “Due to its strong historic standard, the land betterment fee is not due for redeveloping the site,” states ERA.
The location’s appearance is boosted as a result of the excellent start of nearby Piccadilly Grand. The 99-year leasehold incorporated property is a common property development involving City Developments (CDL) as well as MCL Land. The 407-unit undertaking was released in May this year, selling 77% of the total offered units and attaining a common market price of $2,150 psf. Piccadilly Grand is about 85% offered as of end-October.
The residential property comprises a three-storey walk-up apartment block with two frontals along Dorset Roadway including Truro Road. It sits on a consolidated site location of 11,035 sq ft. The site is zoned “residence” with a gross plot ratio of 1.4 under the current Master Plan.
“Given the current exceptional revenue outputs of Piccadilly Grand, strong need for all new house units in the place will probably carry on as there are no upcoming latest debut in the pipeline. An edge for this sale is that it does not call for the Strata Titles Boards’ approval, therefore enabling the effective purchaser to rapidly transform the site around moreover release the new property offer for sale,” says Tay.
This property is less than 500m from Farrer Park MRT Station on the North-East Line. This site is one stop from Little India MRT Interchange on the Business District and also North-East Lines. Route connectivity is with Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
The tender for the revenue of 103A/B along with 105A/B Dorset Road will finalize on Dec 15.
A freehold house block at 103A/B and also 105A/B Dorset Road has already been put up for sale with a suggestive rate of $22 million. ERA Realty Network is the exclusive promotion agent for the purchase of this building.
Elementary schools throughout 1km of the property development are Farrer Park Primary School and even St Joseph’s Institution Junior. More primary schools in the vicinity are Anglo-Chinese School (Junior), Bendemeer Primary School, and also St Margaret’s Primary School.
“This spot is optimal for property developers keen to construct a boutique home property nestled in a quiet residential territory, yet just mins far from the buzz of entertainments also a variety of amenities,” claims Tay Liam Hiap, managing supervisor of investment sales at ERA Realty.
