City Gate rings in solid sales

[reporter2]

http://www.straitstimes.com/archive/...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.

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[reporter2]

http://www.businesstimes.com.sg/arch...ekend-20140721

Published July 21, 2014

City Gate sees good take-up over weekend

Beach Rd project sells 78 home units, 62 commercial units

By cai haoxiang

[email protected] @HaoxiangCaiBT


CITY Gate, a mixed development by the intersection of Jalan Sultan and Beach Road, sold 78 residential units and 62 commercial units during its weekend launch as of 4pm yesterday.

This is about half of 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 S$1,800 per square foot (psf), while the commercial units were sold at prices ranging from S$2,900 to S$6,200 psf, a spokesman said.

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

Donald Han, managing director of property consultancy Chesterton, told The Business Times that the residential launch results "augur well" for the development.

City Gate, with roughly a quarter of its total residential units sold, fared better than new condo launches in June where fewer than 10 per cent of units were sold.

Wing Tai-led The Crest, a 469-unit development in Prince Charles Crescent, sold 35 units in June at a median price of S$1,682 psf, while Roxy-Pacific's 222-unit Trilive, a freehold condo in Kovan, sold 19 units at a median price of S$1,605 psf.

"There might be some spillover pent-up demand for the Bugis-Beach Road corridor," Mr Han said, comparing the development with rival Duo Residences, a luxury condo by Bugis MRT station that was snapped up at a median price of S$2,000 psf during its launch last November.

As for the commercial units, the price range is within Mr Han's expectations. "Gone are the days when you can sell all commercial units with rampant demand," he said.

City Gate will be built by Bayfront Ventures. This is a joint venture between World Class Land, a unit of mainboard-listed Aspial Corporation, and mainboard-listed Fragrance Group.

The estimated TOP, or the day when buyers can collect the keys to their units, is end-October 2019.

The project will be built on the site of Keypoint, bought for S$360 million in 2012 from Frasers Commercial Trust.

[CCR]

http://www.businesstimes.com.sg/arch...ekend-20140721

Published July 21, 2014

City Gate sees good take-up over weekend

Beach Rd project sells 78 home units, 62 commercial units

By cai haoxiang

[email protected] @HaoxiangCaiBT


CITY Gate, a mixed development by the intersection of Jalan Sultan and Beach Road, sold 78 residential units and 62 commercial units during its weekend launch as of 4pm yesterday.

This is about half of 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 S$1,800 per square foot (psf), while the commercial units were sold at prices ranging from S$2,900 to S$6,200 psf, a spokesman said.

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

Donald Han, managing director of property consultancy Chesterton, told The Business Times that the residential launch results "augur well" for the development.

City Gate, with roughly a quarter of its total residential units sold, fared better than new condo launches in June where fewer than 10 per cent of units were sold.

Wing Tai-led The Crest, a 469-unit development in Prince Charles Crescent, sold 35 units in June at a median price of S$1,682 psf, while Roxy-Pacific's 222-unit Trilive, a freehold condo in Kovan, sold 19 units at a median price of S$1,605 psf.

"There might be some spillover pent-up demand for the Bugis-Beach Road corridor," Mr Han said, comparing the development with rival Duo Residences, a luxury condo by Bugis MRT station that was snapped up at a median price of S$2,000 psf during its launch last November.

As for the commercial units, the price range is within Mr Han's expectations. "Gone are the days when you can sell all commercial units with rampant demand," he said.

City Gate will be built by Bayfront Ventures. This is a joint venture between World Class Land, a unit of mainboard-listed Aspial Corporation, and mainboard-listed Fragrance Group.

The estimated TOP, or the day when buyers can collect the keys to their units, is end-October 2019.

The project will be built on the site of Keypoint, bought for S$360 million in 2012 from Frasers Commercial Trust.

Only $200 difference psf from Duo, why don't buy Duo?

DUO location is much better location DTL and EAST WEST LINE interchange direct underground connection.... I believe definitely better quality in terms of materials design and tenants, and duo have 5 star hotel and prime grade a office and in a more atas part of rochor bugis corridor, and the shops at duo is managed by capitamall not strata title and price difference only 10% difference? And yet it's selling like hot cakes.

does it mean Duo under price their Project?

I think compare to what I mention above the price difference will be 25% apart., Possible? Look at the difference in quality od the sail and mbr one is part of a major integrated development, the other just a mix development, Price difference is about 25% now.... plus the sail has a great location as well while citygate location is inferior to Duo location.. The city gate site is bounded by old hdb, jalan sultan centre textile centre.

so guys what do u think the price differential will Be? I estimated 25-30% differences

Feedback?

[august]

Only $200 difference psf from Duo, why don't buy Duo?

DUO location is much better location DTL and EAST WEST LINE interchange direct underground connection.... I believe definitely better quality in terms of materials design and tenants, and duo have 5 star hotel and prime grade a office and in a more atas part of rochor bugis corridor, and the shops at duo is managed by capitamall not strata title and price difference only 10% difference? And yet it's selling like hot cakes.

does it mean Duo under price their Project?

I think compare to what I mention above the price difference will be 25% apart., Possible? Look at the difference in quality od the sail and mbr one is part of a major integrated development, the other just a mix development, Price difference is about 25% now.... plus the sail has a great location as well while citygate location is inferior to Duo location.. The city gate site is bounded by old hdb, jalan sultan centre textile centre.

so guys what do u think the price differential will Be? I estimated 25-30% differences

Feedback?

Duo is definitely priced to sell and yes perhaps a little under priced.

[DC33_2008]

DUO is far more superior. City Gate is neither near bugis nor kallang basin.

Like Dakota area, there could be an enbloc of the rental flats in this area in the very near future.

Duo is definitely priced to sell and yes perhaps a little under priced.

[CCR]

DUO is far more superior. City Gate is neither near bugis nor kallang basin.

Like Dakota area, there could be an enbloc of the rental flats in this area in the very near future.

I agree man... one is the inaugural project for M+S and design by world class architect Buro Scheeren and main contractor is Obayashi Construction. While city Gate is.......

[zeamybro]

One should not look at just the psf but also the layouts and size of the units.

Duo has many units with varying layouts and psf. The lower psf units are those that come with very big balconies (>30%?) with odd layouts, while there are also some units without balconies but come at much higher psf. Also, the average size of the units at Duo are way bigger and that comes with a much larger quantum.

[bargain hunter]

anyway, most of the smaller units at Duo has been fully sold. So we can't say that DUO is a better buy becoz yes, everyone who was interested had indeed recognized that and bought already. those buying citigate may have missed out on duo, which was a better buy but no longer available. also, as zeamybro mentioned, layouts and quantum are different and more affordable.

[johnoon]

Hi,

City Gate Prices updates and Floor Plans :
http://newlaunch-sgcondo.com/city-gate/

Thanks