Freehold apartment block on Dorset Road on the market for $22 mil
The building makes up a three-storey walk-up house block with double frontals along Dorset Road including Truro Road. It rests on a combined spot location of 11,035 sq ft. The site is zoned “non commercial” with a gross plot ratio of 1.4 under the current Master Plan.
This building 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 Business District and North-East Lines. Road connection is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.
A freehold house block at 103A/B and also 105A/B Dorset Road has recently been offered with a sign rate of $22 million. ERA Realty Network is the sole promotion agent for the purchase of this property.
According to ERA, this converts to a gross level location of 15,449 sq ft, and also the updated development might house up to 16 houses with an average size of 914.6 sq ft (85 sq m), dependent on approvals. The a sign price has to do with $1,424 psf per plot ratio (ppr). After considering the 7% additional gross floor area for verandas, the land rate turns into $1,331 psf ppr. “Because of its strong historic baseline, the land betterment charge is not due for redeveloping the location,” says ERA.
Elementary schools within 1km of the project are Farrer Park Primary School and St Joseph’s Institution Junior. More primary schools in the neighborhood are Anglo-Chinese School (Junior), Bendemeer Primary School, also St Margaret’s Primary School.
The tender for the purchase of 103A/B and 105A/B Dorset Roadway will finalize on Dec 15.
The surrounding neighbourhood generally consists of low-rise condominiums including landed houses. The property is near City Square Shopping Center, United Square and even Velocity. Clinical services just like Farrer Park Hospital and also KK Women’s and Children’s Health center are even not far away.
“This location is perfect for developers keen to build a store domestic development nestled in a quiet non commercial enclave, yet just minutes away from the buzz of entertainments also a plethora of services,” claims Tay Liam Hiap, managing director of financial investment sales at ERA Real estate.
“Given the latest exceptional revenue outcomes of Piccadilly Grand, solid demand for fresh housing units in the area will probably continue as there are no upcoming fresh release in the pipeline. An advantage for this revenue is that it does not require the Strata Titles Boards’ approval, thus enabling the profitable buyer to swiftly transform the site around moreover release the unique plan offer for sale,” claims Tay.
The area’s attractiveness is increased as a result of the successful debut of nearby Piccadilly Grand. The 99-year leasehold integrated property development is a common development amongst City Developments (CDL) and MCL Land. The 407-unit venture was launched in May this year, marketing 77% of the total readily available units furthermore attaining a common selling price of $2,150 psf. Piccadilly Grand is around 85% offered since end-October.