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

A freehold house block at 103A/B including 105A/B Dorset Road has recently been put up for sale with a suggestive rate of $22 million. ERA Realty Network is the sole advertising agent for the revenue of this building.

“Given the latest excellent profit outputs of Piccadilly Grand, strong demand for fresh non commercial units in the place will most likely proceed as there are no upcoming fresh release in the pipeline. An edge for this sale is that it does not need the Strata Titles Boards’ approval, hence permitting the successful customer to quickly turn the spot around in order to introduce the new plan up for sale,” states Tay.

Lentor Hills Residences condominium

“This location is excellent for developers keen to build a shop home project situated in a peaceful housing enclave, yet only minutes far from the buzz of events and even a plethora of services,” claims Tay Liam Hiap, supervising director of investment sales at ERA Realty.

The tender for the purchase of 103A/B along with 105A/B Dorset Roadway will finalize on Dec 15.

The surrounding neighbourhood primarily consists of low-rise condos including landed residences. The building is near City Square Shopping Mall, United Square and Velocity. Medical services such as Farrer Park Hospital also KK Women’s and Children’s Hospital are also not far away.

The site’s appearance is improved as a result of the effective launch of nearby Piccadilly Grand. The 99-year leasehold integrated property is a mutual property development among City Developments (CDL) and MCL Land. The 407-unit venture was launched in May this year, offering 77% of the complete readily available units moreover achieving an usual market price of $2,150 psf. Piccadilly Grand is about 85% offered since end-October.

The residential property makes up a three-storey walk-up condo block with double front views along Dorset Roadway and Truro Road. It sits on a mixed site area of 11,035 sq ft. The location is zoned “residence” with a gross plot ratio of 1.4 under the most up to date Master Plan.

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

According to ERA, this equates to a gross floor location of 15,449 sq ft, as well as the new property development could house approximately 16 apartments with a common measurements of 914.6 sq ft (85 sq m), subject to authorizations. The a measure cost has to do with $1,424 psf per plot ratio (ppr). After considering the 7% bonus gross flooring area for balconies, the land rate eventually becomes $1,331 psf ppr. “Because of its high historical standard, the land enhancement charge is not outstanding for redeveloping the site,” says ERA.

This 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 Center as well as North-East Lines. Road connection is via Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.

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