Freehold apartment block on Dorset Road on the market for $22 mil
The real estate comprises a three-storey walk-up condo block with double front views along Dorset Roadway including Truro Road. It rests on a mixed spot location of 11,035 sq ft. The site is zoned “non commercial” with a gross plot ratio of 1.4 under the current Master Plan.
“Given the current excellent revenue outcomes of Piccadilly Grand, strong interest for all new residential units in the location will probably proceed as there are no upcoming fresh launches in the pipeline. An edge for this revenue is that it does not need the Strata Titles Boards’ approval, hence enabling the successful customer to promptly transform the site around in order to launch the unique property up for sale,” states Tay.
The site’s attractiveness is improved due to the effective launch of close-by Piccadilly Grand. The 99-year leasehold incorporated property development is a joint property development involving City Developments (CDL) and also MCL Land. The 407-unit venture was launched in May this year, offering 77% of the total available units moreover accomplishing an average selling price of $2,150 psf. Piccadilly Grand is around 85% offered as of end-October.
According to ERA, this translates to a gross level area of 15,449 sq ft, as well as the updated project can house as much as 16 condos with a standard dimension of 914.6 sq ft (85 sq m), subject to authorizations. The a measure rate has to do with $1,424 psf per plot ratio (ppr). After considering the 7% extra gross flooring location for balconies, the land rate eventually becomes $1,331 psf ppr. “As a result of its high historical guideline, the land betterment charge is not due for redeveloping the site,” states ERA.
A freehold flat block at 103A/B and 105A/B Dorset Road has already been sold with a sign price of $22 million. ERA Realty Network is the main promotion broker for the purchase of this property.
“This location is ideal for developers keen to develop a store residential project situated in a relaxed household enclave, yet only mins far from the buzz of entertainments and even a range of amenities,” claims Tay Liam Hiap, handling supervisor of investment sales at ERA Realty.
The tender for the revenue of 103A/B and 105A/B Dorset Roadway are going to close on Dec 15.
The bordering neighbourhood mainly comprises low-rise condominiums and landed homes. The property is near City Square Shopping Center, United Square and Velocity. Medical services just like Farrer Park Hospital and KK Women’s and Children’s Hospital are also close by.
Elementary academies within 1km of the project are Farrer Park Primary School and St Joseph’s Institution Junior. Different elementary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
This property 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 Business District and North-East Lines. Route connection is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.