Freehold apartment block on Dorset Road on the market for $22 mil
The real estate comprises a three-storey walk-up condo block with two frontages along Dorset Road including Truro Road. It rests on a consolidated site location of 11,035 sq ft. The location is zoned “residential” with a gross plot ratio of 1.4 under the most recent Master Plan.
This real property 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 Center and North-East Lines. Road connection is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
Elementary schools within 1km of the project are Farrer Park Primary School and St Joseph’s Institution Junior. Different primary schools in the area are Anglo-Chinese School (Junior), Bendemeer Primary School, also St Margaret’s Primary School.
A freehold flat block at 103A/B and 105A/B Dorset Road has recently been offered with a suggestive price of $22 million. ERA Realty Network is the main marketing representative for the sale of this real estate.
The location’s attractiveness is improved because of the successful start of close-by Piccadilly Grand. The 99-year leasehold integrated property development is a common property development involving City Developments (CDL) and MCL Land. The 407-unit project was released in May this year, offering 77% of the overall available units moreover achieving a common asking price of $2,150 psf. Piccadilly Grand is about 85% sold as of end-October.
“This site is ideal for property developers keen to develop a shop home property located in a quiet household enclave, yet merely minutes far from the buzz of activities and a plethora of amenities,” says Tay Liam Hiap, managing supervisor of financial investment sales at ERA Realty.
The surrounding area primarily makes up low-rise condos and landed residences. The building neighbors City Square Shopping Mall, United Square and Velocity. Clinical professional services just like Farrer Park Hospital also KK Women’s and Children’s Health center are even not far away.
The tender for the purchase of 103A/B along with 105A/B Dorset Roadway will finalize on Dec 15.
“Given the latest great profit outputs of Piccadilly Grand, strong demand for fresh housing units in the place will probably continue as there are no upcoming fresh release in the pipeline. An edge for this purchase is that it does not need the Strata Titles Boards’ authorization, thus permitting the profitable customer to quickly turn the area around moreover release the updated project up for sale,” claims Tay.
According to ERA, this translates to a gross floor area of 15,449 sq ft, and the updated property development can house as much as 16 condos with a typical size of 914.6 sq ft (85 sq m), subject to authorizations. The a measure cost is about $1,424 psf per plot ratio (ppr). After considering the 7% additional gross flooring location for terraces, the land rate eventually becomes $1,331 psf ppr. “Due to its strong historic standard, the land improvement cost is not payable for redeveloping the location,” claims ERA.