Freehold apartment block on Dorset Road on the market for $22 mil
The site’s appeal is boosted because of the effective launch of neighboring Piccadilly Grand. The 99-year leasehold integrated property is a joint property development among City Developments (CDL) and MCL Land. The 407-unit venture was launched in May this year, marketing 77% of the complete readily available units furthermore attaining a common market price of $2,150 psf. Piccadilly Grand is around 85% offered since end-October.
Primary academies inside 1km of the project are Farrer Park Primary School also St Joseph’s Institution Junior. Other primary schools in the vicinity are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
According to ERA, this converts to a gross floor location of 15,449 sq ft, and also the updated project can house approximately 16 condominiums with a standard measurements of 914.6 sq ft (85 sq m), based on authorizations. The indicative rate has to do with $1,424 psf per plot ratio (ppr). After considering the 7% bonus gross flooring area for balconies, the land rate turns into $1,331 psf ppr. “As a result of its high historic guideline, the land improvement charge is not outstanding for redeveloping the site,” states ERA.
This real property 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 Center and North-East Lines. Route connectivity is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
The surrounding area primarily consists of low-rise condominiums and landed residences. The property neighbors City Square Mall, United Square and Velocity. Clinical services such as Farrer Park Hospital and KK Women’s and Children’s Hospital are also close.
“This spot is ideal for developers keen to build a boutique residential development located in a peaceful residential enclave, yet just minutes away from the buzz of activities and a variety of features,” says Tay Liam Hiap, managing supervisor of investment sales at ERA Real estate.
A freehold flat block at 103A/B and also 105A/B Dorset Road has recently been offered with an indicative cost of $22 million. ERA Realty Network is the main promotion representative for the purchase of this property.
The tender for the revenue of 103A/B together with 105A/B Dorset Road are going to finalize on Dec 15.
The building comprises a three-storey walk-up flat block with double front views along Dorset Road including Truro Road. It rests on a mixed spot location of 11,035 sq ft. The location is zoned “non commercial” with a gross plot ratio of 1.4 under the current Master Plan.
“Given the latest great profit outputs of Piccadilly Grand, good interest for all new non commercial units in the place will likely continue as there are no upcoming new debut in the pipeline. An advantage for this purchase is that it does not require the Strata Titles Boards’ confirmation, thus allowing the profitable buyer to promptly turn the area around and introduce the updated project for sale,” states Tay.