http://www.businesstimes.com.sg/real...tygate-project

Woh Hup bags job for Aspial's JV Citygate project

By Mindy Tan

[email protected]

@MindyTanBT

Apr 12, 2016


ASPIAL Corporation has awarded the contract for the construction of its CityGate project to Woh Hup.

Construction for CityGate is expected to commence in May 2016. The construction period is 32 months and TOP is expected to be obtained in January 2019.

CityGate is a 30-storey commercial and residential development located at the junction of Beach Road and Jalan Sultan. It has a land area of about 7,269 square metres and can potentially yield a gross floor area of approximately 38,525 sq m. The project is a 50:50 joint venture between Aspial and Fragrance Group Limited. The development comprises a three-storey commercial podium featuring an array of more than 188 commercial units. A 25-storey residential tower stands on the commercial podium, with 311 residential units including one-bedroom to three-bedroom apartments, dual-key units and one-bedroom to four bedroom penthouses. Sizes of the apartments range from 431 sq ft to 1,819 sq ft, sold at an average price of about S$1,800 per sq ft.

As at April 8, 2016, 99 per cent and 57 per cent of CityGate's residential and commercial units have been sold respectively, with the total sale for the entire project estimated to be S$805 million. Locked-in revenue from the project, amounting to approximately S$625 million, is expected to be progressively recognised from FY2016 to FY2019. Aspial's chief executive officer, Koh Wee Seng, said: "Given the amount of sales locked in for CityGate and the potential sales arising from the remaining units, we expect to see a significant cash inflow upon the completion of this project in January 2019 which will go towards reducing the group's gearing, thereby further strengthening our balance sheet."