Freehold apartment block on Dorset Road on the market for $22 mil
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 as well as North-East Lines. Road connectivity is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.
The surrounding neighbourhood mostly makes up low-rise condominiums and landed homes. The property neighbors City Square Mall, United Square and even Velocity. Medical services just like Farrer Park Hospital also KK Women’s and Children’s Hospital are also nearby.
The area’s attractiveness is boosted because of the excellent launch of close-by Piccadilly Grand. The 99-year leasehold integrated property development is a common development involving City Developments (CDL) and MCL Land. The 407-unit undertaking was released in May this year, offering 77% of the total offered units and achieving a standard asking price of $2,150 psf. Piccadilly Grand is about 85% marketed since end-October.
A freehold house block at 103A/B including 105A/B Dorset Road has been put up for sale with a sign price of $22 million. ERA Realty Network is the main promotion representative for the sale of this building.
The tender for the revenue of 103A/B together with 105A/B Dorset Roadway are going to close on Dec 15.
“Given the recent excellent sale outputs of Piccadilly Grand, strong demand for fresh housing units in the place will most likely proceed as there are no upcoming latest launches in the pipeline. An advantage for this sale is that it does not call for the Strata Titles Boards’ authorization, hence permitting the successful buyer to rapidly turn the site around moreover introduce the updated plan for sale,” states Tay.
Primary schools within 1km of the development are Farrer Park Primary School and St Joseph’s Institution Junior. More primary schools in the area are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
The property consists of a three-storey walk-up condo block with dual frontages along Dorset Roadway including Truro Road. It sits on a combined spot location of 11,035 sq ft. The location is zoned “residential” with a gross plot ratio of 1.4 under the current Master Plan.
“This spot is perfect for property developers keen to construct a boutique residential development nestled in a relaxed household territory, yet only minutes far from the buzz of events and a range of services,” claims Tay Liam Hiap, supervising supervisor of financial investment sales at ERA Realty.
According to ERA, this translates to a gross level location of 15,449 sq ft, as well as the all new property development could house up to 16 apartments with an average dimension of 914.6 sq ft (85 sq m), subject to approvals. The indicative rate has to do with $1,424 psf per plot ratio (ppr). After factoring in the 7% bonus gross floor area for balconies, the land price eventually becomes $1,331 psf ppr. “As a result of its strong historical standard, the land betterment fee is not payable for redeveloping the location,” says ERA.