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

SINGAPORE (EDGEPROP) - A freehold apartment block at 103A/B and 105A/B Dorset Road has been put up for sale with an indicative price of $22 million. ERA Realty Network is the sole marketing agent for the sale of this property.

This property is less than 500m from Farrer Park MRT Station 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 the Central Expressway.

The surrounding neighbourhood mainly comprises low-rise condominiums and landed houses. The property is near City Square Mall, United Square and Velocity. Medical services such as Farrer Park Hospital and KK Women’s and Children’s Hospital are also nearby.

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

The property comprises a three-storey walk-up apartment block with dual frontages along Dorset Road and Truro Road. It sits on a combined site area of 11,035 sq ft. The site is zoned “residential” with a gross plot ratio of 1.4 under the latest Master Plan.

According to ERA, this translates to a gross floor area of 15,449 sq ft, and the new development could house up to 16 apartments with an average size of 914.6 sq ft (85 sq m), subject to approvals. The indicative price is about $1,424 psf per plot ratio (ppr). After factoring in the 7% bonus gross floor area for balconies, the land rate becomes $1,331 psf ppr. “Due to its high historical baseline, the land betterment charge is not payable for redeveloping the site,” says ERA.

“This site is ideal for developers keen to build a boutique residential development nestled in a quiet residential enclave, yet only minutes away from the buzz of activities and a plethora of amenities,” says Tay Liam Hiap, managing director of investment sales at ERA Realty.

The site's attractiveness is boosted due to the successful launch of nearby Piccadilly Grand. The 99-year leasehold integrated development is a joint development between City Developments (CDL) and MCL Land. The 407-unit project was launched in May this year, selling 77% of the total available units and achieving an average selling price of $2,150 psf. Piccadilly Grand is about 85% sold as of end-October.

“Given the recent excellent sale results of Piccadilly Grand, strong demand for new residential units in the area will likely continue as there are no upcoming new launches in the pipeline. An advantage for this sale is that it does not require the Strata Titles Boards’ approval, thus allowing the successful buyer to quickly turn the site around and launch the new project for sale,” says Tay.

The tender for the sale of 103A/B and 105A/B Dorset Road will close on Dec 15.