Freehold apartment block on Dorset Road on the market for $22 mil
This real 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 Center and North-East Lines. Route connectivity is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.
The real estate comprises a three-storey walk-up condo block with two frontals along Dorset Roadway including Truro Road. It rests on a combined site location of 11,035 sq ft. The location is zoned “residential” with a gross plot ratio of 1.4 under the current Master Plan.
A freehold house block at 103A/B including 105A/B Dorset Road has been offered with a suggestive price of $22 million. ERA Realty Network is the exclusive marketing representative for the revenue of this building.
The bordering neighbourhood mainly consists of low-rise apartments including landed houses. The building neighbors City Square Shopping Mall, United Square and even Velocity. Medical services such as Farrer Park Hospital and KK Women’s and Children’s Health center are even close.
According to ERA, this equates to a gross floor space of 15,449 sq ft, and the new property development could house up to 16 condominiums with an average measurements of 914.6 sq ft (85 sq m), subject to approvals. The a measure rate has to do with $1,424 psf per plot ratio (ppr). After considering the 7% extra gross flooring location for balconies, the land price eventually becomes $1,331 psf ppr. “Because of its substantial historical baseline, the land betterment cost is not due for redeveloping the location,” claims ERA.
“Given the recent exceptional profit outcomes of Piccadilly Grand, strong demand for all new non commercial units in the location will most likely proceed as there are no upcoming new release in the pipeline. An edge for this sale is that it does not require the Strata Titles Boards’ approval, thus allowing the effective customer to promptly transform the site around in order to introduce the updated project up for sale,” says Tay.
The location’s appearance is boosted because of the excellent start of nearby Piccadilly Grand. The 99-year leasehold integrated property development is a common property development among City Developments (CDL) and MCL Land. The 407-unit project was launched in May this year, offering 77% of the overall available units moreover achieving a common market price of $2,150 psf. Piccadilly Grand is about 85% marketed as of end-October.
Primary schools inside 1km of the property development are Farrer Park Primary School and St Joseph’s Institution Junior. Different elementary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
“This location is perfect for developers keen to develop a store domestic property located in a peaceful non commercial enclave, yet just mins away from the buzz of activities and even a wide variety of features,” claims Tay Liam Hiap, handling director of investment sales at ERA Realty.
The tender for the purchase of 103A/B together with 105A/B Dorset Road are going to close on Dec 15.