Freehold apartment block on Dorset Road on the market for $22 mil
The site’s attractiveness is improved due to the successful launch of close-by Piccadilly Grand. The 99-year leasehold integrated property development is a mutual property development between City Developments (CDL) and MCL Land. The 407-unit venture was introduced in May this year, marketing 77% of the total offered units moreover attaining an usual market price of $2,150 psf. Piccadilly Grand is about 85% marketed as of end-October.
“This spot is suitable for property developers keen to construct a boutique residential development located in a quiet residential territory, yet only mins away from the buzz of events also a range of features,” states Tay Liam Hiap, supervising supervisor of financial investment sales at ERA Realty.
The surrounding area mainly comprises low-rise condos including landed homes. The property is near City Square Shopping Center, United Square and even Velocity. Medical services like Farrer Park Hospital and KK Women’s and Children’s Hospital are even not far away.
Elementary schools within 1km of the project are Farrer Park Primary School and even 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.
“Given the recent excellent profit outcomes of Piccadilly Grand, solid demand for fresh house units in the place will most likely carry on as there are no upcoming new release in the pipeline. An edge for this sale is that it does not require the Strata Titles Boards’ confirmation, thus enabling the successful buyer to quickly transform the site around moreover launch the new project for sale,” claims Tay.
A freehold apartment block at 103A/B including 105A/B Dorset Road has been sold with a suggestive cost of $22 million. ERA Realty Network is the sole advertising agent for the sale of this building.
The property consists of a three-storey walk-up house block with two frontals along Dorset Road and Truro Road. It sits on a combined spot area of 11,035 sq ft. The location is zoned “non commercial” with a gross plot ratio of 1.4 under the latest Master Plan.
The tender for the revenue of 103A/B and 105A/B Dorset Road will finalize on Dec 15.
This property is less than 500m from Farrer Park MRT Station on the North-East Line. This terminal is one stop from Little India MRT Interchange on the Downtown and North-East Lines. Route connectivity is with Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.
According to ERA, this equates to a gross floor space of 15,449 sq ft, as well as the new project could house up to 16 apartments with a common measurements of 914.6 sq ft (85 sq m), based on authorizations. The a measure cost is about $1,424 psf per plot ratio (ppr). After considering the 7% extra gross floor area for porches, the land price eventually becomes $1,331 psf ppr. “Because of its high historic baseline, the land enhancement cost is not due for redeveloping the site,” states ERA.
