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.