Freehold apartment block on Dorset Road on the market for $22 mil
The real estate consists of a three-storey walk-up house block with two front views along Dorset Road including Truro Road. It sits on a mixed spot area of 11,035 sq ft. The site is zoned “non commercial” with a gross plot ratio of 1.4 under the most recent Master Plan.
A freehold apartment block at 103A/B and also 105A/B Dorset Road has already been sold with an indicative cost of $22 million. ERA Realty Network is the main advertising broker for the revenue of this property.
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 and also North-East Lines. Road connectivity is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.
According to ERA, this translates to a gross floor location of 15,449 sq ft, as well as the all new project could house approximately 16 flats with a standard dimension of 914.6 sq ft (85 sq m), dependent on authorizations. The a measure rate is about $1,424 psf per plot ratio (ppr). After factoring in the 7% extra gross floor location for verandas, the land rate develops into $1,331 psf ppr. “Due to its substantial historical guideline, the land betterment cost is not due for redeveloping the site,” states ERA.
The surrounding neighbourhood primarily consists of low-rise condos together with landed residences. The building neighbors City Square Mall, United Square and even Velocity. Medical services like Farrer Park Hospital and KK Women’s and Children’s Hospital are even close by.
The site’s appeal is increased as a result of the successful start of close-by Piccadilly Grand. The 99-year leasehold integrated development is a joint project among City Developments (CDL) and MCL Land. The 407-unit undertaking was released in May this year, marketing 77% of the complete readily available units and achieving an average market price of $2,150 psf. Piccadilly Grand is about 85% sold as of end-October.
The tender for the revenue of 103A/B along with 105A/B Dorset Road will finalize on Dec 15.
Primary academies inside 1km of the development are Farrer Park Primary School and even St Joseph’s Institution Junior. More elementary schools in the neighborhood are Anglo-Chinese School (Junior), Bendemeer Primary School, and also St Margaret’s Primary School.
“This spot is optimal for property developers keen to develop a boutique residential property nestled in a quiet residential territory, yet only mins away from the buzz of events and even a plethora of services,” states Tay Liam Hiap, managing supervisor of financial investment sales at ERA Realty.
“Given the current exceptional revenue outcomes of Piccadilly Grand, solid interest for all new house units in the area will likely continue as there are no upcoming fresh launches in the pipeline. An edge for this revenue is that it does not need the Strata Titles Boards’ authorization, thus enabling the successful buyer to promptly transform the spot around in order to introduce the unique property offer for sale,” claims Tay.