Freehold apartment block on Dorset Road on the market for $22 mil
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 Downtown as well as North-East Lines. Road connectivity is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
The real estate comprises a three-storey walk-up condo block with two front views along Dorset Road including Truro Road. It rests on a consolidated spot area of 11,035 sq ft. The site is zoned “residence” with a gross plot ratio of 1.4 under the current Master Plan.
“Given the recent impressive revenue outcomes of Piccadilly Grand, solid need for fresh house units in the area will likely carry on as there are no upcoming latest debut in the pipeline. A benefit for this revenue is that it does not call for the Strata Titles Boards’ approval, therefore allowing the successful customer to rapidly turn the site around moreover launch the updated project available for sale,” claims Tay.
The site’s appeal is increased as a result of the successful start of nearby Piccadilly Grand. The 99-year leasehold integrated property development is a mutual property development involving City Developments (CDL) and MCL Land. The 407-unit undertaking was introduced in May this year, selling 77% of the overall readily available units furthermore achieving an average selling price of $2,150 psf. Piccadilly Grand is around 85% sold since end-October.
Primary schools throughout 1km of the development are Farrer Park Primary School also St Joseph’s Institution Junior. Other primary schools in the neighborhood are Anglo-Chinese School (Junior), Bendemeer Primary School, also St Margaret’s Primary School.
“This site is suitable for developers keen to develop a boutique home property nestled in a peaceful residential territory, yet just minutes far from the buzz of entertainments and a plethora of services,” states Tay Liam Hiap, handling director of investment sales at ERA Real estate.
According to ERA, this converts to a gross floor location of 15,449 sq ft, and also the all new project could house as much as 16 condos with a typical size of 914.6 sq ft (85 sq m), dependent on approvals. The indicative price is about $1,424 psf per plot ratio (ppr). After factoring in the 7% additional gross flooring area for verandas, the land price becomes $1,331 psf ppr. “Due to its high historical baseline, the land betterment fee is not due for redeveloping the site,” claims ERA.
The bordering neighbourhood primarily makes up low-rise condominiums including landed houses. The property is near City Square Shopping Mall, United Square and even Velocity. Clinical services such as Farrer Park Hospital also KK Women’s along with Children’s Hospital are also not far away.
A freehold apartment block at 103A/B and 105A/B Dorset Road has already been put up for sale with a suggestive price of $22 million. ERA Realty Network is the sole advertising broker for the revenue of this real estate.
The tender for the revenue of 103A/B and 105A/B Dorset Roadway will finalize on Dec 15.