Category Archives: Developers

The Interlace replaces Gillman Heights

Posted on 8 Sep 2009 | Comments Off on The Interlace replaces Gillman Heights

A NETWORK of apartments and recreational spaces looks set to replace the vertical blocks that used to be the landmark of Gillman Heights.  Unveiling The Interlace on Friday, CapitaLand and Hotel Properties Limited (HPL) said they are ready to launch the project next month.

Featuring 1,040 apartments on a 99-year leasehold land of 871,884 square feet, The Interlace will have units that range in size between 807 sq ft for two bedroom apartments and 4,306 sq ft for “super penthouses”.

CapitaLand president and chief executive Liew Mun Leong declined to disclose how much the units will cost, but said the firm is trying hard to price them under $1,000 psf. The Interlace sits on the site which used to house 608 units at Gillman Heights. The former HUDC estate was in the news following a $548 million collective sale inked in 2007, and subsequently, a series of legal cases when a minority group of owners challenged the sale. The deal was finally wrapped up in May this year.

The development of The Interlace is led by CapitaLand and two other shareholders, including HPL. The construction cost is expected to be $250 to $270 psf and total investment is estimated at $1.4 billion. The construction contract is  expected to be awarded by year-end and the project will be completed in 2014. Continue reading →

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Posted in Construction, Developers, New Launches

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Laguna Park ‘too expensive’

Posted on 8 Sep 2009 | Comments Off on Laguna Park ‘too expensive’

Singapore property giant CapitaLand has ruled itself out of bidding for the Laguna Park estate, which was put up for collective sale earlier this week.

CapitaLand’s chief executive Liew Mun Leong said yesterday that the reserve price tag of some $1.2 billion for the estate is “too high to yield affordable homes”. He was speaking on the sidelines of an event to unveil the design of The Interlace, an upcoming CapitaLand project at the site of the former Gillman Heights estate.

Laguna Park, a former HUDC estate at Marine Parade, was launched for tender two years after the idea of an enbloc sale was first mooted. Its marketing agent, Credo Real Estate, said it expects keen competition for the plot, but developer CapitaLand said the asking price is simply too high.

“I’m not very sure that at the end of the day, after paying over $800 per plot ratio, plus construction costs, plus your cost of financing, your break-even cost would be something like $1,500 or $1,600 (per square foot). “Are buyers prepared to pay for it at that location and that price? I am less sanguine than them,” said Mr Liew. Continue reading →

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Posted in Developers, En-bloc / Collective Sales

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