New five-storey, mixed-use development in Kallang going for $8.5 mil
By Timothy Tay
/ EdgeProp |
A newly built, five-storey, mixed development on Ruby Lane, off Serangoon Road, has been put up for sale. The freehold property is held under a single title and has an asking price of $8.5 million. Strata-title subdivision is possible in the future.
The first floor of the development comprises commercial space, while a sky terrace is on the second floor. Three 4-bedroom apartments take up the third to fifth floors, each occupying one entire floor, says marketing agent Harvey Chia, associate division director of PropNex Realty.
The property has a total gross floor area of 6,068 sq ft across the five floors. It also comes with four carpark lots. Sitting on a 1,791 sq ft plot, the property is surrounded by mostly low-rise housing and shophouses.
New residential developments in the area, such as the 99-year leasehold condominiums Parc Colonial and The Woodleigh Residences, have seen units transacting for close to $2,000 psf. The closest new residential development is the 117-unit Jui Residences which saw 25% of its units sold when the project launched in September last year, achieving an average price of about $1,700 psf.
The property for sale allows owner-occupiers and investors to own a freehold entity for multi-generation use, says Chia. The shop unit can be leased out for passive income.
The tender closes on Feb 21. The sale is by expression of interest.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Search Articles