Freehold apartment block on Dorset Road on the market for $22 mil
The surrounding neighbourhood primarily consists of low-rise condos together with landed homes. 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 Hospital are also not far away.
The residential property makes up a three-storey walk-up flat block with two front views along Dorset Road and Truro Road. It rests on a combined spot area of 11,035 sq ft. The location is zoned “residential” with a gross plot ratio of 1.4 under the latest Master Plan.
A freehold house block at 103A/B including 105A/B Dorset Road has already been offered with a sign price of $22 million. ERA Realty Network is the main advertising agent for the sale of this property.
Primary schools inside 1km of the property development are Farrer Park Primary School and St Joseph’s Institution Junior. Other primary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
“Given the recent great revenue results of Piccadilly Grand, strong demand for fresh house units in the area will probably continue as there are no upcoming new release in the pipeline. An edge for this purchase is that it does not call for the Strata Titles Boards’ approval, hence permitting the effective customer to quickly turn the site around in order to introduce the updated plan offer for sale,” claims Tay.
According to ERA, this equates to a gross floor area of 15,449 sq ft, and the updated property development can house up to 16 flats with a standard dimension of 914.6 sq ft (85 sq m), dependent on approvals. The a measure rate is about $1,424 psf per plot ratio (ppr). After considering the 7% extra gross flooring area for verandas, the land price eventually becomes $1,331 psf ppr. “As a result of its strong historical baseline, the land improvement charge is not payable for redeveloping the site,” claims ERA.
“This spot is suitable for developers keen to construct a store residential project situated in a quiet household territory, yet just mins far from the buzz of activities and even a plethora of facilities,” says Tay Liam Hiap, handling supervisor of investment sales at ERA Real estate.
The tender for the purchase of 103A/B along with 105A/B Dorset Road are going to finalize on Dec 15.
The area’s appeal is increased due to the excellent start of neighboring Piccadilly Grand. The 99-year leasehold incorporated property development is a joint property development amongst City Developments (CDL) and MCL Land. The 407-unit undertaking was launched in May this year, marketing 77% of the total available units moreover accomplishing a standard asking price of $2,150 psf. Piccadilly Grand is about 85% sold since end-October.
This property is less than 500m from Farrer Park MRT Terminal on the North-East Line. This site is one stop from Little India MRT Interchange on the Center as well as North-East Lines. Road connection is with Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, plus the Central Expressway.