Freehold apartment block on Dorset Road on the market for $22 mil
The surrounding neighbourhood mainly comprises low-rise condos including landed houses. The apartment neighbors City Square Shopping Center, United Square and Velocity. Medical services just like Farrer Park Hospital also KK Women’s and Children’s Health center are even close.
According to ERA, this converts to a gross level area of 15,449 sq ft, and the all new property development can house approximately 16 houses with a common size of 914.6 sq ft (85 sq m), subject to authorizations. The a sign rate has to do with $1,424 psf per plot ratio (ppr). After considering the 7% bonus gross floor area for balconies, the land rate becomes $1,331 psf ppr. “As a result of its substantial historical baseline, the land betterment cost is not outstanding for redeveloping the location,” claims ERA.
The area’s attractiveness is boosted due to the excellent start of close-by Piccadilly Grand. The 99-year leasehold incorporated property development is a mutual property development among City Developments (CDL) as well as MCL Land. The 407-unit undertaking was introduced in May this year, offering 77% of the complete offered units and attaining a standard selling price of $2,150 psf. Piccadilly Grand is around 85% offered since end-October.
Primary schools throughout 1km of the property development are Farrer Park Primary School and St Joseph’s Institution Junior. Different primary schools in the neighborhood are Anglo-Chinese School (Junior), Bendemeer Primary School, also St Margaret’s Primary School.
A freehold flat block at 103A/B and 105A/B Dorset Road has been sold with a sign rate of $22 million. ERA Realty Network is the exclusive promotion broker for the sale of this property.
The tender for the purchase of 103A/B together with 105A/B Dorset Road will close on Dec 15.
This real 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 Business District and also North-East Lines. Road connectivity is with Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, plus the Central Expressway.
“Given the current impressive profit outputs of Piccadilly Grand, solid interest for all new residential units in the area will most likely continue as there are no upcoming new debut in the pipeline. An advantage for this sale is that it does not call for the Strata Titles Boards’ authorization, therefore allowing the successful buyer to swiftly turn the area around in order to release the new property for sale,” says Tay.
“This spot is ideal for property developers keen to build a boutique domestic development situated in a peaceful household territory, yet only minutes away from the buzz of entertainments also a range of amenities,” says Tay Liam Hiap, managing supervisor of financial investment sales at ERA Real estate.
The residential property comprises a three-storey walk-up flat block with double front views along Dorset Road and Truro Road. It sits on a combined spot location of 11,035 sq ft. The location is zoned “residence” with a gross plot ratio of 1.4 under the latest Master Plan.