Freehold apartment block on Dorset Road on the market for $22 mil
Primary schools throughout 1km of the property development are Farrer Park Primary School and even St Joseph’s Institution Junior. Other elementary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
The site’s appearance is enhanced as a result of the excellent debut of close-by Piccadilly Grand. The 99-year leasehold integrated development is a mutual development among City Developments (CDL) as well as MCL Land. The 407-unit undertaking was released in May this year, selling 77% of the overall available units and accomplishing an average market price of $2,150 psf. Piccadilly Grand is about 85% sold since end-October.
The tender for the purchase of 103A/B along with 105A/B Dorset Roadway are going to close on Dec 15.
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 also North-East Lines. Road connectivity is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
“Given the current great profit results of Piccadilly Grand, strong demand for all new house units in the location will most likely continue as there are no upcoming fresh launches in the pipeline. An advantage for this revenue is that it does not need the Strata Titles Boards’ approval, hence enabling the effective customer to swiftly turn the site around moreover release the unique project available for sale,” says Tay.
The real estate consists of a three-storey walk-up condo block with double frontals along Dorset Roadway and Truro Road. It sits on a consolidated spot area of 11,035 sq ft. The location is zoned “residence” with a gross plot ratio of 1.4 under the most recent Master Plan.
A freehold house block at 103A/B and also 105A/B Dorset Road has already been put up for sale with a sign price of $22 million. ERA Realty Network is the exclusive advertising representative for the revenue of this building.
The bordering area primarily consists of low-rise apartments together with landed residences. The apartment is near City Square Mall, United Square and even Velocity. Medical professional services like Farrer Park Hospital and also KK Women’s and Children’s Hospital are also nearby.
“This site is perfect for property developers keen to develop a store home development situated in a peaceful non commercial territory, yet merely mins away from the buzz of activities and even a variety of services,” claims Tay Liam Hiap, handling director of investment sales at ERA Real estate.
According to ERA, this equates to a gross floor location of 15,449 sq ft, and also the all new property development can house as much as 16 homes with a typical dimension of 914.6 sq ft (85 sq m), subject to approvals. The a sign rate has to do with $1,424 psf per plot ratio (ppr). After factoring in the 7% additional gross floor area for verandas, the land price eventually becomes $1,331 psf ppr. “As a result of its strong historical standard, the land improvement cost is not payable for redeveloping the site,” claims ERA.