Freehold apartment block on Dorset Road on the market for $22 mil
The real estate comprises a three-storey walk-up condo block with dual frontals along Dorset Roadway including Truro Road. It sits on a combined spot location of 11,035 sq ft. The site is zoned “non commercial” with a gross plot ratio of 1.4 under the most up to date Master Plan.
“Given the recent great sale results of Piccadilly Grand, strong demand for all new non commercial units in the place will probably continue as there are no upcoming fresh release in the pipeline. A benefit for this sale is that it does not need the Strata Titles Boards’ approval, therefore allowing the successful purchaser to swiftly turn the site around in order to release the new project up for sale,” states Tay.
The tender for the revenue of 103A/B and 105A/B Dorset Road are going to close on Dec 15.
A freehold apartment block at 103A/B and also 105A/B Dorset Road has been put up for sale with a sign cost of $22 million. ERA Realty Network is the main marketing representative for the revenue of this real estate.
This building is less than 500m from Farrer Park MRT Terminal on the North-East Line. This station is one stop from Little India MRT Interchange on the Center as well as North-East Lines. Route connection is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
The site’s attractiveness is increased due to the successful start of close-by Piccadilly Grand. The 99-year leasehold incorporated development is a joint project between City Developments (CDL) and MCL Land. The 407-unit project was introduced in May this year, marketing 77% of the complete readily available units moreover accomplishing a common asking price of $2,150 psf. Piccadilly Grand is about 85% offered as of end-October.
The surrounding area primarily comprises low-rise apartments including landed homes. The property is near City Square Shopping Mall, United Square and even Velocity. Clinical services like Farrer Park Hospital and also KK Women’s together with Children’s Health center are also not far away.
“This site is suitable for developers keen to build a boutique domestic development situated in a relaxed housing territory, yet only minutes far from the buzz of activities and a wide variety of services,” claims Tay Liam Hiap, supervising director of investment sales at ERA Real estate.
According to ERA, this translates to a gross level space of 15,449 sq ft, and the all new property development could house up to 16 condos with a common dimension of 914.6 sq ft (85 sq m), based on approvals. The indicative rate has to do with $1,424 psf per plot ratio (ppr). After considering the 7% bonus gross floor location for terraces, the land rate eventually becomes $1,331 psf ppr. “Due to its strong historical guideline, the land betterment fee is not due for redeveloping the site,” says ERA.
Primary schools throughout 1km of the project are Farrer Park Primary School and even St Joseph’s Institution Junior. Different primary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.