69 industrial units on sale for about $38m

Ruby Group, the original developers of Ruby Warehouse Complex, is selling its stake in the building.

This consists of 69 strata-titled units, or about 53 per cent of the development by share value.

The guide price is $37.5 million to $38.8 million, or about $280 to $290 per sq ft.

The units are fully tenanted and had been held by the company as investment properties. Investors will enjoy a net return above 6.3 per cent a year, marketing agent CBRE said.

The complex is a four-storey strata-titled industrial warehouse complex in Kaki Bukit Road 2, with about 25 years left on its lease.

The sale portfolio includes all strata units on the ground floor, with the other 33 units spread across levels two to four.

The entire portfolio, which makes up about 133,892 sq ft in all, would be preferably sold to a single purchaser.

However, buyers also have the option of bidding for either the 36 units on the ground floor or 33 units on the other levels.

The ground floor units front the road and have direct loading and unloading access, which is rare, CBRE said. Upper floor units have a dedicated loading bay area.

“(The property) is in a mature industrial neighbourhood and will appeal strongly to logistics companies and businesses with warehousing requirements,” said Mr Galven Tan, director of investment properties at CBRE.

Ruby Group was more active in Singapore over 30 years ago. It also developed the Ruby Industrial Complex in Genting Lane and owns the Alfa Centre in Bukit Timah Road.

It is said to be the family company vehicle of Mr George Chow, a former director of Singapore Shipbuilding and Engineering. It also owns several properties in Australia.

The tender for the industrial units closes on Oct 6.

Rennie Whang