reporter2
28-07-14, 15:47
http://www.straitstimes.com/archive/monday/premium/money/story/city-gate-rings-solid-sales-20140721
City Gate rings in solid sales
Published on Jul 21, 2014 12:57 AM
By Melissa Tan
A NEW mixed development in Beach Road pulled in solid sales over the weekend, after its developers launched it at lower-than-expected prices and enlisted as many as six real estate agencies to market it.
City Gate, a 99-year leasehold project, will be built on the site of Keypoint building and is jointly developed by World Class Land and Fragrance Group.
It had sold around 53 per cent of the 150 units released for sale by 4.30pm yesterday, the developers said.
This works out to about 80 out of the project's 311 private apartments in total.
The project's developers said that the median price of units sold was above $1,800 per square foot.
This is lower than the $1,900 to $2,000 psf that the homes had earlier been expected to sell at, going by previously released marketing materials.
Units at the project range from 431 sq ft one-bedders to 1,819 sq ft 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 155,000 sq ft of gross floor area.
It will be connected by a sheltered bridge to the Nicoll Highway MRT station along the Circle Line.
Buyers who spoke to The Straits Times on Saturday afternoon said that the project appealed because of its convenient location and amenities.
Mr Heng Check Kwang, a hawker, said the easy access to shopping and direct link to an MRT station sealed the deal.
The 54-year-old, who lives in a HDB flat, bought a 689 sq ft two-bedder dual-key home for around $1,620 psf, which he said he may rent out.
A 63-year-old retiree who gave his name only as Mr Xu said that he also liked the project's convenience.
The condo dweller said he bought a two-bedroom dual-key unit of 678 sq ft for $1,798 psf, as an investment for his children.
The project was marketed by six agencies: ERA, PropNex, Knight Frank, Savills, Teakhwa Real Estate and SLP International.
[email protected]
City Gate rings in solid sales
Published on Jul 21, 2014 12:57 AM
By Melissa Tan
A NEW mixed development in Beach Road pulled in solid sales over the weekend, after its developers launched it at lower-than-expected prices and enlisted as many as six real estate agencies to market it.
City Gate, a 99-year leasehold project, will be built on the site of Keypoint building and is jointly developed by World Class Land and Fragrance Group.
It had sold around 53 per cent of the 150 units released for sale by 4.30pm yesterday, the developers said.
This works out to about 80 out of the project's 311 private apartments in total.
The project's developers said that the median price of units sold was above $1,800 per square foot.
This is lower than the $1,900 to $2,000 psf that the homes had earlier been expected to sell at, going by previously released marketing materials.
Units at the project range from 431 sq ft one-bedders to 1,819 sq ft 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 155,000 sq ft of gross floor area.
It will be connected by a sheltered bridge to the Nicoll Highway MRT station along the Circle Line.
Buyers who spoke to The Straits Times on Saturday afternoon said that the project appealed because of its convenient location and amenities.
Mr Heng Check Kwang, a hawker, said the easy access to shopping and direct link to an MRT station sealed the deal.
The 54-year-old, who lives in a HDB flat, bought a 689 sq ft two-bedder dual-key home for around $1,620 psf, which he said he may rent out.
A 63-year-old retiree who gave his name only as Mr Xu said that he also liked the project's convenience.
The condo dweller said he bought a two-bedroom dual-key unit of 678 sq ft for $1,798 psf, as an investment for his children.
The project was marketed by six agencies: ERA, PropNex, Knight Frank, Savills, Teakhwa Real Estate and SLP International.
[email protected]