Freehold apartment block on Dorset Road on the market for $22 mil
The area’s appeal is improved due to the effective debut of nearby Piccadilly Grand. The 99-year leasehold integrated development is a mutual development between City Developments (CDL) and MCL Land. The 407-unit project was introduced in May this year, marketing 77% of the overall readily available units moreover achieving a common asking price of $2,150 psf. Piccadilly Grand is about 85% sold as of end-October.
“Given the recent exceptional revenue outcomes of Piccadilly Grand, good need for all new non commercial units in the area will likely proceed as there are no upcoming new release in the pipeline. An edge for this purchase is that it does not call for the Strata Titles Boards’ authorization, therefore allowing the effective purchaser to rapidly turn the area around moreover release the unique plan offer for sale,” claims Tay.
A freehold apartment block at 103A/B including 105A/B Dorset Road has been sold with an indicative price of $22 million. ERA Realty Network is the sole marketing agent for the sale of this real estate.
The tender for the revenue of 103A/B and 105A/B Dorset Roadway will close on Dec 15.
The real estate consists of a three-storey walk-up condo block with double frontals along Dorset Road including Truro Road. It sits on a combined site area of 11,035 sq ft. The site is zoned “residential” with a gross plot ratio of 1.4 under the most recent Master Plan.
Primary schools inside 1km of the property development are Farrer Park Primary School also St Joseph’s Institution Junior. More primary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and also St Margaret’s Primary School.
The bordering neighbourhood generally makes up low-rise apartments and landed houses. The building neighbors City Square Mall, United Square and Velocity. Medical services like Farrer Park Hospital and also KK Women’s together with Children’s Health center are also close.
“This spot is perfect for property developers keen to build a store home property situated in a relaxed household enclave, yet only mins away from the buzz of entertainments and a range of services,” states Tay Liam Hiap, supervising director of financial investment sales at ERA Realty.
This building is less than 500m from Farrer Park MRT Terminal on the North-East Line. This terminal is one stop from Little India MRT Interchange on the Downtown and also North-East Lines. Road connectivity is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.
According to ERA, this equates to a gross level space of 15,449 sq ft, and also the new property development might house as much as 16 apartments with a common size of 914.6 sq ft (85 sq m), dependent on approvals. The a measure cost is about $1,424 psf per plot ratio (ppr). After factoring in the 7% extra gross flooring location for porches, the land rate turns into $1,331 psf ppr. “Due to its substantial historical guideline, the land betterment fee is not outstanding for redeveloping the site,” claims ERA.
