Four strata retail units at City Gate for sale at $9.68 mil
By Timothy Tay
/ EdgeProp Singapore |
City Gate is a 30-storey mixed use development on Beach Road. (Picture: Savills Singapore)
Four strata retail units at City Gate are on the market for $9.68 million. Savills Singapore has been appointed as the marketing agent.
The four units are on the ground floor of the mixed-use development, and the units have a total strata area of 2,175 sq ft. Thus, the asking price for the entire portfolio translates to approximately $4,450 psf.
The units are fully leased to a variety of businesses, including a hair salon, a nail and beauty parlour, a fashion boutique, and a foot reflexology centre. “The portfolio of ground-floor retail units at City Gate offers immediate rental income and good rental yield,” says Yap Hui Yee, executive director, investment sales & capital markets at Savills Singapore.
She adds that the next owner will have the flexibility to utilise the space for their own use, or may consider alternative uses for the units, such as medical suites, health and wellness services or education centres, subject to approvals.
City Gate is a 30-storey, mixed-use development on Beach Road. The development comprises 311 residential units and a three-storey commercial retail podium. It is close to vibrant heritage neighbourhoods such as Jalan Sultan and Kampong Glam.
This makes City Gate strategically located within the precinct and an ideal choice for investors, says Yap, adding: “Incoming purchasers can expect to enjoy further rental and capital value upside, benefiting from the increased footfall and vibrancy in the near term.”
The portfolio of retail units will be sold in an expression of interest exercise that closes on Sept 20.
Check out the latest listings for City Gate properties
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