News: Mixed-use development near upcoming Bidadari estate for sale at $8.5m

Jan 21, 2019

The freehold property is close to Potong Pasir MRT station and several schools.

A freehold five-storey mixed-used development at 2 Ruby Lane has been put up for sale via expression of interest (EOI) with a guide price of $8.5 million, revealed marketing agent PropNex Realty.

Situated on an approximately 1,791 sq ft site, the property has a total gross floor area of about 6,068 sq ft, inclusive of the bonus gross floor area of 446 sq ft.

More: Two Semi-Detached Homes In Braddell Heights Up For Sale At $12.28m

Its first floor is a commercial space, while its second floor is a sky terrace. The third to fifth floors are residential, with each four-bedroom apartment unit occupying an entire floor. The property also comes with four carpark lots.

The building is currently held under a single title, with potential for strata sub-title division.

Located within the Central Region-Kallang Region, on the fringe of the upcoming Bidadari estate, the property is less than 500m to Potong Pasir MRT station on the North-East Line and is within 10 minutes’ drive to Toa Payoh satellite town and Novena Integrated Medical Hub.

It is also near various educational institutions such as CHIJ Toa Payoh Primary School and CHIJ Secondary School, St Andrew’s Junior School and St Andrew’s Secondary School, Global Indian International School (Balestier Campus) and Stamford American International School Singapore.

“With the new condominium residential prices in the vicinity going for close to $2,000 psf, the property at 2 Ruby Lane offers an attractive entry price for owner-occupiers and investors to own a freehold entity for multi-generation usage with the potential of leasing out the shop unit for passive income,” said PropNex Realty associate division director Harvey Chia, who expects interest to come from high net worth investors and family offices.

“The property will be suitable for wealth preservation and legacy holding, in addition to future capital appreciation. Supply of such property is rare and limited. Furthermore, a new built is hard to come by and the buyer/investor will enjoy a first mover advantage into the cluster,” he added.

The EOI exercise for the property closes on 21 February.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email [email protected]

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