CityGate receives TOP, now ready for occupation

Romesh NavaratnarajahDecember 20, 2018

CITYGATE

Located along Beach Road, the CityGate project offers waterfront views of the Kallang River.

Property buyers and investors can now use their condominium units or commercial premises at the CityGate project in District 7, according to an SGX filing on Wednesday (19 Dec).

“Bayfront Ventures, a 50:50 joint venture between Aspial Corporation and Fragrance Group has obtained Temporary Occupational Permit (TOP) for CityGate,” said Aspial Corp.

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The 99-year leasehold development comprises 311 condos and 157 shops. It also contains 29 restaurants, a food court and one supermarket. Located along Beach Road, the project is within walking distance to three MRT stations – Nicoll Highway, Lavender and Bugis.

“The group will utilise part of the proceeds from the TOP to fully pay off the existing loans for CityGate and reduce its debt accordingly. After paying the existing debt for CityGate, the group expects to receive net cash proceeds from the TOP.”

“The group also expects to receive the Certificate of Statutory Completion (CSC) and Subsidiary Strata Certification of Title (SSCT) in the next six months,” noted the company.

Aspial revealed that the balance proceeds from the TOP and proceeds from the CSC and SSCT will be utilised as the group’s working capital. It also plans to buy in the open market some of its existing bonds/notes either issued under a retail offering or through the firm’s $700 million Multicurrency Debt Issuance Programme. This may include but is not limited to those maturing in 2019 and 2020.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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