Freehold apartment block on Dorset Road on the market for $22 mil
A freehold house block at 103A/B including 105A/B Dorset Road has recently been sold with a sign rate of $22 million. ERA Realty Network is the exclusive marketing agent for the revenue of this building.
According to ERA, this translates to a gross level space of 15,449 sq ft, and the all new development might house up to 16 condos with a standard size of 914.6 sq ft (85 sq m), dependent on approvals. The a measure price has to do with $1,424 psf per plot ratio (ppr). After factoring in the 7% additional gross flooring area for terraces, the land price turns into $1,331 psf ppr. “As a result of its high historical standard, the land enhancement cost is not payable for redeveloping the location,” says ERA.
The bordering neighbourhood mainly consists of low-rise condos including landed residences. The property neighbors City Square Mall, United Square and Velocity. Medical services just like Farrer Park Hospital and also KK Women’s together with Children’s Hospital are also close by.
The location’s appeal is boosted as a result of the excellent start of close-by Piccadilly Grand. The 99-year leasehold incorporated property is a common property development between City Developments (CDL) and MCL Land. The 407-unit undertaking was introduced in May this year, offering 77% of the total readily available units and accomplishing an average asking price of $2,150 psf. Piccadilly Grand is around 85% marketed since end-October.
The tender for the revenue of 103A/B together with 105A/B Dorset Roadway will close on Dec 15.
“Given the latest outstanding revenue outcomes of Piccadilly Grand, solid interest for new non commercial units in the location will most likely proceed as there are no upcoming latest debut in the pipeline. An advantage for this revenue is that it does not require the Strata Titles Boards’ approval, therefore permitting the effective buyer to swiftly turn the area around moreover launch the unique plan for sale,” states Tay.
This property is less than 500m from Farrer Park MRT Station 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.
The real estate makes up a three-storey walk-up condo block with two frontals along Dorset Roadway including Truro Road. It sits on a mixed site 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.
Elementary academies inside 1km of the project are Farrer Park Primary School and St Joseph’s Institution Junior. Other elementary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and also St Margaret’s Primary School.
“This location is suitable for developers keen to construct a shop residential development nestled in a peaceful household enclave, yet merely mins away from the buzz of activities and even a range of amenities,” says Tay Liam Hiap, managing director of investment sales at ERA Realty.
