New five-storey, mixed-use development in Kallang going for $8.5 mil

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.

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