Freehold apartment block on Dorset Road on the market for $22 mil
This real property 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 Business District as well as North-East Lines. Route connection is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.
Primary schools inside 1km of the development are Farrer Park Primary School and St Joseph’s Institution Junior. More elementary schools in the vicinity 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 recently been offered with a suggestive cost of $22 million. ERA Realty Network is the exclusive marketing broker for the revenue of this property.
According to ERA, this translates to a gross level space of 15,449 sq ft, and the updated development might house as much as 16 apartments with a common dimension of 914.6 sq ft (85 sq m), subject to approvals. The a sign price is about $1,424 psf per plot ratio (ppr). After factoring in the 7% extra gross flooring area for terraces, the land rate turns into $1,331 psf ppr. “As a result of its substantial historic standard, the land enhancement charge is not due for redeveloping the location,” states ERA.
The location’s appearance is improved as a result of the successful debut of neighboring Piccadilly Grand. The 99-year leasehold integrated development is a joint property development between City Developments (CDL) as well as MCL Land. The 407-unit venture was released in May this year, offering 77% of the total offered units furthermore attaining an average asking price of $2,150 psf. Piccadilly Grand is about 85% marketed since end-October.
The surrounding neighbourhood generally consists of low-rise condominiums together with landed residences. The property neighbors City Square Mall, United Square and even Velocity. Clinical services such as Farrer Park Hospital and KK Women’s along with Children’s Health center are also not far away.
“Given the current great profit outputs of Piccadilly Grand, good interest for new housing units in the area will most likely carry on as there are no upcoming new launches in the pipeline. A benefit for this sale is that it does not require the Strata Titles Boards’ confirmation, therefore permitting the profitable purchaser to rapidly transform the site around in order to launch the unique plan for sale,” says Tay.
The tender for the sale of 103A/B along with 105A/B Dorset Road are going to close on Dec 15.
The residential property makes up a three-storey walk-up house block with double frontals along Dorset Roadway including Truro Road. It sits on a consolidated spot location of 11,035 sq ft. The site is zoned “residential” with a gross plot ratio of 1.4 under the most recent Master Plan.
“This spot is excellent for developers keen to develop a boutique residential property located in a relaxed housing enclave, yet only mins away from the buzz of events also a plethora of features,” states Tay Liam Hiap, supervising supervisor of financial investment sales at ERA Real estate.