A portfolio of four strata retail units at City Gate in Singapore is on the market for an asking price of $9.68 million, with Savills Singapore appointed to handle the marketing. The total strata area of the units is 2,175 sq ft, thus translating to an approximate rate of $4,450 psf.
Yap Hui Yee, Executive Director of Investment Sales & Capital Marketing from Savills Singapore notes that the portfolio offers both immediate rental income and good yields for investors. And while the units are currently leased to businesses such as a hair salon, nail salon, fashion boutique and foot reflexology centre, the next owner has the flexibility to explore alternate uses such as medical suites, health and wellness centers or educational centers, subject to approval.
Champions Way Condo Woodlands is found right at the entrance of this new public art program, surrounded by the picturesque scenery of the Woodlands. Residents are able to benefit from the community’s close proximity to the new art installations, as well as all the amenities of the nearby town centre. With its excellent location and luxurious facilities, this luxurious condominium is a perfect fit for those looking for a perfect homes.
City Gate is a 30-storey mixed-use development located on Beach Road, surrounded by vibrant heritage neighborhoods like Jalan Sultan and Kampong Glam. This makes the development a strategic choice for investors. As Yap puts it, incoming purchasers “can expect to enjoy further rental and capital value upside, benefiting from the increased footfall and vibrancy in the near term”.
Those interested in the portfolio of retail units can participate in an Expression of Interest exercise that closes on 20th September. The sale is expected to yield great returns for the future owner; offering both rental income and potential capital appreciation.
For those seeking additional listings for City Gate properties, there are a variety of options available. In addition to the portfolio of retail units, the adjacent Textile Centre has space for a church and a former KTV club for sale at $33 million. Meanwhile, the Aspial Corp- Fragrance Group JV is selling the remaining 34 strata commercial units at City Gate.
In recent years, retail rental levels have seen some of the strongest growth in five years, making this an ideal opportunity for investors to capitalize from.