Freehold apartment block on Dorset Road on the market for $22 mil
The residential property comprises a three-storey walk-up apartment block with dual front views along Dorset Roadway and Truro Road. It sits on a combined site location of 11,035 sq ft. The site is zoned “residence” with a gross plot ratio of 1.4 under the current Master Plan.
According to ERA, this translates to a gross floor area of 15,449 sq ft, and the all new development could house up to 16 homes with a standard size of 914.6 sq ft (85 sq m), dependent on authorizations. The indicative cost has to do with $1,424 psf per plot ratio (ppr). After factoring in the 7% additional gross flooring location for terraces, the land rate eventually becomes $1,331 psf ppr. “As a result of its strong historic guideline, the land betterment fee is not due for redeveloping the location,” claims ERA.
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 Center and North-East Lines. Road connectivity is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, plus the Central Expressway.
The location’s attractiveness is enhanced due to the successful launch of neighboring Piccadilly Grand. The 99-year leasehold integrated property development is a common development among City Developments (CDL) and also MCL Land. The 407-unit project was launched in May this year, offering 77% of the complete readily available units and attaining a standard asking price of $2,150 psf. Piccadilly Grand is about 85% marketed as of end-October.
The bordering area generally consists of low-rise condominiums and landed homes. The building is near City Square Shopping Mall, United Square and even Velocity. Clinical professional services such as Farrer Park Hospital and KK Women’s and Children’s Health center are also nearby.
The tender for the purchase of 103A/B along with 105A/B Dorset Roadway will finalize on Dec 15.
Elementary academies inside 1km of the property development are Farrer Park Primary School also St Joseph’s Institution Junior. More primary schools in the neighborhood are Anglo-Chinese School (Junior), Bendemeer Primary School, and also St Margaret’s Primary School.
Rivière Condo Frasers Property
A freehold flat block at 103A/B and also 105A/B Dorset Road has recently been put up for sale with an indicative price of $22 million. ERA Realty Network is the main advertising broker for the sale of this building.
“Given the current exceptional profit results of Piccadilly Grand, good interest for new house units in the location will most likely continue as there are no upcoming new debut in the pipeline. A benefit for this revenue is that it does not require the Strata Titles Boards’ approval, therefore enabling the successful customer to promptly transform the spot around moreover launch the new plan offer for sale,” states Tay.
“This spot is perfect for property developers keen to develop a boutique residential project located in a relaxed non commercial territory, yet only mins far from the buzz of entertainments also a range of facilities,” says Tay Liam Hiap, handling director of financial investment sales at ERA Realty.
