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.
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