While Kampong Glam is known as a cultural and historical zone, its strongest suit is its location – which is on the fringe of the city centre, said property consultants in media reports.
They noted that Kampong Glam’s investment outlook for the mid to long-term will be boosted by plans to develop Beach Road as well as the Ophir-Rochor area into a district of mixed-use projects.
City Gate, an upcoming mixed development along Jalan Sultan, is nestled on the former site of Keypoint, which was acquired in 2012 by World Class Land from Frasers Commercial Trust for $360 million.
The 30-storey project with a 99-year leasehold, will have 311 residential units comprising one and two-bedders, two and three-bedroom dual-key units, and one to four-bedroom penthouses. Sizes will range from 431 sq ft to 1,819 sq ft.
It will also feature 188 retail units.
Based on marketing materials, residential units are expected to sell for $1,900 to $2,000 psf, while commercial units could go for $4,000 to $5,000 psf.
This makes City Gate cheaper compared to the mixed development DUO in Ophir Road, which was launched last November at an average selling price of $2,000 psf.
Christine Li, Research Head at OrangeTee said the fresh supply of homes at City Gate may also pressure the developer of Concourse Skyline to lower prices to move units. The 360-unit development still has 101 unsold units since it was launched in 2008 at around $1,590 psf.
Meanwhile, older developments within the area include The Plaza, a 32-storey strata-titled mixed-use building and the 132-unit Textile Centre.
Credits: Property Guru