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 also St Margaret’s Primary School.
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 Downtown as well as North-East Lines. Route connection is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, plus the Central Expressway.
According to ERA, this converts to a gross floor area of 15,449 sq ft, and the all new development can house as much as 16 condominiums with an average measurements of 914.6 sq ft (85 sq m), subject to authorizations. The indicative price has to do with $1,424 psf per plot ratio (ppr). After considering the 7% bonus gross flooring location for balconies, the land price becomes $1,331 psf ppr. “Due to its substantial historic guideline, the land improvement charge is not payable for redeveloping the location,” claims ERA.
The tender for the purchase of 103A/B and 105A/B Dorset Road will close on Dec 15.
The site’s appearance is improved due to the excellent start of neighboring Piccadilly Grand. The 99-year leasehold integrated property is a joint property development between City Developments (CDL) and also MCL Land. The 407-unit project was released in May this year, selling 77% of the overall available units moreover attaining an average asking price of $2,150 psf. Piccadilly Grand is about 85% sold as of end-October.
The surrounding neighbourhood generally comprises low-rise apartments and landed houses. The property neighbors City Square Shopping Center, United Square and Velocity. Clinical professional services just like Farrer Park Hospital and KK Women’s together with Children’s Hospital are also not far away.
“This spot is optimal for property developers keen to build a boutique domestic development situated in a peaceful non commercial territory, yet merely mins away from the buzz of entertainments and a variety of services,” states Tay Liam Hiap, handling director of investment sales at ERA Realty.
Cape Royale Ho Bee Land and IOI Properties
“Given the current excellent sale results of Piccadilly Grand, strong need for all new house units in the location will most likely carry on as there are no upcoming latest launches in the pipeline. An edge for this sale is that it does not call for the Strata Titles Boards’ approval, thus allowing the successful buyer to promptly turn the spot around and release the unique property for sale,” says Tay.
The building comprises a three-storey walk-up house block with two front views along Dorset Roadway and Truro Road. It rests on a consolidated site area of 11,035 sq ft. The location is zoned “non commercial” with a gross plot ratio of 1.4 under the most up to date Master Plan.
A freehold house block at 103A/B including 105A/B Dorset Road has been sold with a suggestive cost of $22 million. ERA Realty Network is the sole promotion broker for the sale of this property.
