New project sales update: City Gate

By The Folks @PropTalk - July 21, 2014 No Comments

City Gate, a 99-year leasehold mixed-development in Beach Road, has pulled in solid sales over the weekend. This is after its developers launched it at lower-than-expected prices and enlisted as many as six real state agencies to market it.

It has sold around 78 residential units and 62 commercial units as of 4pm yesterday. This is about half the 150 residential units and two-fifths of the 155 commercial units released.

The residential units were sold at a median price of more than $1,800psf. This is lower than the $1,900 to $2,000psf that the homes had earlier been expected to sell at, going by previously released marketing materials.

Located at 371 Beach Road, City Gate has 311 apartments and 188 commercial units.

Units at the project range from 431sqft one-bedders to 1,819sqft four-bedroom penthouses. It also has two- and three-bedroom dual-key units.

Dual-key homes have two separate entrances for privacy and appeal to investors who want to rent out part of their home.

The 30-storey project will have a three-storey shopping and dining podium with over 155,000sqft of gross floor area.

It will be connected by a sheltered bridge to the Nicoll Highway MRT station along the Circle Line.

The project is jointly developed by World Class Land and Fragrance Group and will be built on the site of Keypoint, bought for $360 million in 2012 from Frasers Commercial Trust.

The estimated TOP of City Gate is end-October 2019.

Info source: BT/ST 

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