Freehold apartment block on Dorset Road on the market for $22 mil

This property is less than 500m from Farrer Park MRT Terminal on the North-East Line. This station is one stop from Little India MRT Interchange on the Downtown and North-East Lines. Road connectivity is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and even the Central Expressway.

Elementary academies within 1km of the development are Farrer Park Primary School and even St Joseph’s Institution Junior. More primary schools in the vicinity are Anglo-Chinese School (Junior), Bendemeer Primary School, also St Margaret’s Primary School.

“Given the current outstanding profit outcomes of Piccadilly Grand, solid interest for new housing units in the area will likely proceed as there are no upcoming new release in the pipeline. An edge for this revenue is that it does not need the Strata Titles Boards’ approval, thus enabling the profitable purchaser to quickly turn the site around in order to release the updated property offer for sale,” claims Tay.

Perfect Ten Condo Bukit Timah Road

“This site is ideal for property developers keen to build a shop residential project situated in a relaxed non commercial territory, yet only mins away from the buzz of activities also a range of facilities,” states Tay Liam Hiap, managing director of investment sales at ERA Real estate.

According to ERA, this translates to a gross floor location of 15,449 sq ft, as well as the all new property development can house approximately 16 condos with a standard size of 914.6 sq ft (85 sq m), subject to authorizations. The a measure rate is about $1,424 psf per plot ratio (ppr). After factoring in the 7% extra gross flooring location for verandas, the land price turns into $1,331 psf ppr. “Due to its high historical standard, the land betterment fee is not payable for redeveloping the site,” claims ERA.

The site’s appearance is boosted as a result of the effective start of nearby Piccadilly Grand. The 99-year leasehold incorporated development is a joint property development among City Developments (CDL) as well as MCL Land. The 407-unit project was introduced in May this year, selling 77% of the total available units furthermore achieving a standard asking price of $2,150 psf. Piccadilly Grand is about 85% marketed as of end-October.

A freehold apartment block at 103A/B and 105A/B Dorset Road has already been offered with an indicative cost of $22 million. ERA Realty Network is the main advertising representative for the purchase of this property.

The surrounding area generally makes up low-rise apartments including landed houses. The building neighbors City Square Mall, United Square and Velocity. Medical services such as Farrer Park Hospital also KK Women’s along with Children’s Health center are even nearby.

The residential property comprises a three-storey walk-up apartment block with two frontages along Dorset Road including Truro Road. It rests on a combined spot location of 11,035 sq ft. The site is zoned “non commercial” with a gross plot ratio of 1.4 under the most up to date Master Plan.

The tender for the sale of 103A/B together with 105A/B Dorset Road will finalize on Dec 15.

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