Savills Singapore, as the exclusive sole marketing agent, is pleased to offer a portfolio of ground floor strata retail units for sale at City Gate, an integrated mixed-use development located in heart of the city. The portfolio offering consists of 4 premium ground floor retail units with sizes ranging from 463 sq ft to 624 sq ft, with the total portfolio comprising 2,175 sq ft of strata area.
Completed in 2019, City Gate is a 30-storey, mixed-use integrated development consisting of 311 residential units and a 3-storey commercial retail podium. Situated at the vibrant intersection of Beach Road and Jalan Sultan and nestled in the heart of the city, City Gate enjoys the best of both worlds - the bustling urban landscape and the charm of historic district Kampong Glam nearby.
The units are currently tenanted to a variety of businesses, including a hair salon, a nail and beauty parlour, a fashion boutique, and a foot reflexology centre.
City Gate enjoys seamless connectivity and accessibility with a direct sheltered access to Nicoll Highway MRT station (CC5). It is also close to major expressways like Nicoll Highway, Marina Coastal Expressway (MCE), East Coast Parkway (ECP), Kallang-Paya Lebar Expressway (KPE) which provide seamless access to the rest of Singapore.
Ms. Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, noted: “The portfolio of ground floor retail units at City Gate offers immediate rental income and good rental yield. The tenants are in non-discretionary goods and services trades, providing resilience over economic cycles. End users will also have the flexibility to occupy the space in the midterm and may consider exploring alternative uses for the units, such as medical suites, health and wellness services, education centres, etc. subject to the relevant authorities’ approval.”
“The present CBD has grown in the recent years to include the Beach Road & Ophir-Rochor areas, bringing more commercial developments such as Guoco Midtown and Shaw Towers to the area. City Gate is strategically located within the precinct and offers unparalleled convenience and access to a myriad of amenities, making it an ideal choice for investors. Incoming purchasers can expect to enjoy further rental and capital value upside, benefiting from the increased footfall and vibrancy in the near term.” Ms Yap added.
The guide prices of the City Gate Shoppes’ units range from $2.08 million onwards, with the entire portfolio’s asking price at $9.68million. Both foreigners and companies are eligible to purchase, and no additional buyer’s or seller’s stamp duty will be imposed.
The sale will be conducted through an Expression of Interest (EOI) exercise which closes on Wednesday 20 September 2023, at 3pm.