Freehold apartment block on Dorset Road on the market for $22 mil
This real property is less than 500m from Farrer Park MRT Station on the North-East Line. This station is one stop from Little India MRT Interchange on the Downtown and also North-East Lines. Route connectivity is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.
The surrounding area mainly comprises low-rise apartments and landed homes. The property is near City Square Shopping Mall, United Square and Velocity. Medical services like Farrer Park Hospital also KK Women’s and Children’s Hospital are also close.
The tender for the sale of 103A/B together with 105A/B Dorset Roadway will finalize on Dec 15.
The real estate comprises a three-storey walk-up condo block with double front views along Dorset Roadway including Truro Road. It rests on a mixed spot location of 11,035 sq ft. The site is zoned “residence” with a gross plot ratio of 1.4 under the most up to date Master Plan.
“Given the recent excellent profit outputs of Piccadilly Grand, good need for new residential units in the area will probably carry on as there are no upcoming latest launches in the pipeline. A benefit for this purchase is that it does not call for the Strata Titles Boards’ confirmation, hence permitting the successful buyer to rapidly transform the area around moreover release the unique plan up for sale,” says Tay.
According to ERA, this converts to a gross level space of 15,449 sq ft, as well as the updated property development can house up to 16 homes with a typical size of 914.6 sq ft (85 sq m), subject to approvals. The a sign price has to do with $1,424 psf per plot ratio (ppr). After considering the 7% bonus gross flooring area for balconies, the land price turns into $1,331 psf ppr. “Due to its strong historic baseline, the land enhancement cost is not outstanding for redeveloping the location,” claims ERA.
A freehold house block at 103A/B and also 105A/B Dorset Road has already been offered with a suggestive rate of $22 million. ERA Realty Network is the sole promotion agent for the purchase of this property.
Elementary schools inside 1km of the project are Farrer Park Primary School also St Joseph’s Institution Junior. Different elementary schools in the area are Anglo-Chinese School (Junior), Bendemeer Primary School, also St Margaret’s Primary School.
The site’s appeal is enhanced because of the effective launch of neighboring Piccadilly Grand. The 99-year leasehold incorporated property development is a joint property development among City Developments (CDL) and also MCL Land. The 407-unit undertaking was introduced in May this year, offering 77% of the overall readily available units furthermore achieving an average selling price of $2,150 psf. Piccadilly Grand is about 85% offered since end-October.
“This spot is ideal for developers keen to build a shop home project nestled in a relaxed housing territory, yet only mins far from the buzz of events and even a variety of facilities,” says Tay Liam Hiap, supervising director of financial investment sales at ERA Real estate.
