Freehold apartment block on Dorset Road on the market for $22 mil
The location’s appearance is enhanced because of the effective start of close-by Piccadilly Grand. The 99-year leasehold incorporated property development is a common project between City Developments (CDL) as well as MCL Land. The 407-unit undertaking was released in May this year, selling 77% of the total offered units furthermore attaining an usual market price of $2,150 psf. Piccadilly Grand is about 85% offered since end-October.
The surrounding area generally comprises low-rise apartments together with landed homes. The property is near City Square Mall, United Square and Velocity. Clinical professional services just like Farrer Park Hospital and KK Women’s together with Children’s Hospital are also close.
According to ERA, this translates to a gross floor location of 15,449 sq ft, and also the updated development might house as much as 16 condominiums with a standard measurements of 914.6 sq ft (85 sq m), based on authorizations. The indicative cost is about $1,424 psf per plot ratio (ppr). After factoring in the 7% bonus gross flooring area for porches, the land price eventually becomes $1,331 psf ppr. “Because of its strong historical guideline, the land enhancement charge is not due for redeveloping the site,” says ERA.
“Given the current outstanding revenue outcomes of Piccadilly Grand, good interest for fresh house units in the area will probably continue as there are no upcoming new launches in the pipeline. An edge for this sale is that it does not need the Strata Titles Boards’ approval, hence permitting the successful buyer to promptly transform the spot around moreover launch the unique project for sale,” states Tay.
The tender for the purchase of 103A/B and 105A/B Dorset Road are going to finalize on Dec 15.
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 Downtown and also North-East Lines. Route connectivity is with Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
“This spot is excellent for developers keen to construct a store residential project situated in a relaxed household enclave, yet merely mins far from the buzz of entertainments and even a range of amenities,” says Tay Liam Hiap, managing supervisor of investment sales at ERA Real estate.
A freehold house block at 103A/B including 105A/B Dorset Road has been sold with a suggestive rate of $22 million. ERA Realty Network is the exclusive advertising broker for the sale of this real estate.
Elementary schools throughout 1km of the property development are Farrer Park Primary School and even St Joseph’s Institution Junior. Different primary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, also St Margaret’s Primary School.
The property consists of a three-storey walk-up apartment block with double frontages along Dorset Road including Truro Road. It rests on a mixed spot area of 11,035 sq ft. The site is zoned “residential” with a gross plot ratio of 1.4 under the most up to date Master Plan.