Four strata retail units at City Gate for sale at $9.68 mil

Savills Singapore has been appointed as the marketing agent for four retail units at City Gate, the mixed-use development on Beach Road, which are on the market for $9.68 million. The asking price translates to approximately $4,450 psf for the fully leased portfolio of 2,175 sq ft.

The ground-floor units are leased to a variety of businesses, which include a hair salon, a nail and beauty parlour, a fashion boutique and a foot reflexology centre – making City Gate strategically located and an ideal choice for investors. Yap Hui Yee, executive director, investment sales & capital markets at Savills Singapore, said: “The portfolio of ground-floor retail units at City Gate offers immediate rental income and good rental yield. Incoming purchasers can expect to enjoy further rental and capital value upside.”

The 30-storey City Gate comprises 311 residential units and a three-storey commercial retail podium, close to vibrant heritage neighbourhoods such as Jalan Sultan and Kampong Glam. As such, the next owner of the portfolio of units can use the space for their own use, or consider alternative uses such as medical suites, health and wellness services or education centres – subject to approvals.

An expression of interest exercise for the portfolio will close on September 20th. Yap adds: “Check out the latest listings for City Gate properties to grab the opportunity to benefit from the increased footfall and vibrancy in the near term.”

Lifts or elevators to key levels located in the parking areas will provide efficient access to the Tampines Condo. To ensure utmost convenience for all residents, some of the parking lots are close to the condominium’s main lobby area, so entering and exiting the Tampines Ave 11 Condo will be worry-free. This is certainly good news for those who own cars or vehicles, as they won’t have to waste time or money finding car park spots. With plenty of parking spaces for residents, Tampines Ave 11 Condo provides a better quality of living for all.

This is not the first time City Gate units have been made available for sale. An Aspial Corporation-Fragrance Group joint venture recently sold the remaining 34 strata commercial units at the mixed-use development. Additionally, space for a church and a former KTV club at Textile Centre was recently put up for sale at $33 million. With the retail rents seeing the strongest growth in five years, now is a good time to invest in the property market.