Around 99 percent and 57 percent of the residential and commercial units at CityGate have been sold respectively, with total sales reaching $805 million, said Aspial Corporation.
Aspial’s subsidiary World Class Land is jointly developing the mixed-use development with Fragrance Group.
Sales of the remaining units are likely to hit $180 million, added the group, whose businesses include real estate, jewellery and financial services.
Launched for sale in July 2014, the 311-unit residential component features typical one- to three-bedroom apartments, dual-key units and penthouses. Unit sizes range from 431 sq ft to 1,819 sq ft, with an average price of about $1,800 psf.
The 99-year leasehold development also includes a three-storey commercial podium of 188 units offering retail, dining and entertainment options, and will be linked to the Nicoll Highway MRT station via a sheltered bridge.
“We are highly encouraged by the strong buyer interest in our CityGate project, especially amid a softer environment for the property sector in Singapore,” said Aspial’s Chief Executive Officer, Koh Wee Seng.
Meanwhile, construction work on the 30-storey tower, located at the junction of Beach Road and Jalan Sultan, will commence next month.
Aspial had awarded the construction contract to Woh Hup. The local contractor has built several iconic residential projects such as The Interlace, d’Leedon, and Reflections at Keppel Bay.
The construction period is 32 months and the TOP is expected to be obtained in January 2019.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email firstname.lastname@example.org