Fragrance Group launches attractive City Gate mixed development

Amidst sluggish sale in the local market.

Bayfront Ventures, a joint venture between World Class Land and Fragrance Group, launched its mixed development project at Beach Road, City Gate, over the weekend with 311 apartments and 188 commercial units.

Heavily marketed over 6 real estate agencies, the project sold 78 residential units and 62 commercial units, representing about half of the residential units and 40% of the commercial units.

A report by RHB says that the residential units were sold at a median price of $1800 psf, a 10% discount to DUO Residences’ average selling price of $2000 psf while commercial units were sold at prices ranging from $2900 to $6200.

RHB says that the take-up rate for City Gate is considered encouraging despite recent news about a sluggish property market.