Freehold apartment block on Dorset Road on the market for $22 mil
According to ERA, this translates to a gross floor space of 15,449 sq ft, and the all new property development could house as much as 16 condos with a standard dimension of 914.6 sq ft (85 sq m), dependent on authorizations. The a measure cost is about $1,424 psf per plot ratio (ppr). After factoring in the 7% extra gross floor location for balconies, the land price develops into $1,331 psf ppr. “Because of its strong historic guideline, the land improvement fee is not outstanding for redeveloping the location,” states ERA.
“Given the current impressive revenue outputs of Piccadilly Grand, solid interest for all new house units in the place will probably carry on as there are no upcoming fresh debut in the pipeline. A benefit for this revenue is that it does not require the Strata Titles Boards’ approval, therefore allowing the profitable purchaser to swiftly turn the site around moreover release the unique property available for sale,” claims Tay.
“This spot is excellent for developers keen to develop a boutique residential project nestled in a quiet residential territory, yet merely minutes away from the buzz of activities also a wide variety of features,” states Tay Liam Hiap, handling supervisor of investment sales at ERA Real estate.
Primary academies throughout 1km of the property development are Farrer Park Primary School also St Joseph’s Institution Junior. Different primary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and St Margaret’s Primary School.
The property comprises a three-storey walk-up flat block with dual frontages along Dorset Road and Truro Road. It sits on a combined site 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.
The bordering area primarily makes up low-rise condominiums including landed houses. The apartment neighbors City Square Shopping Mall, United Square and Velocity. Clinical professional services like Farrer Park Hospital also KK Women’s along with Children’s Hospital are even close.
A freehold house block at 103A/B including 105A/B Dorset Road has recently been offered with a sign rate of $22 million. ERA Realty Network is the exclusive advertising agent for the sale of this building.
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 Center as well as North-East Lines. Road connectivity is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
The tender for the revenue of 103A/B and 105A/B Dorset Roadway will close on Dec 15.
The location’s appearance is enhanced as a result of the effective start of close-by Piccadilly Grand. The 99-year leasehold integrated property development is a mutual property development between City Developments (CDL) as well as MCL Land. The 407-unit project was released in May this year, offering 77% of the overall readily available units moreover attaining an usual selling price of $2,150 psf. Piccadilly Grand is around 85% sold as of end-October.
