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The Interlace replaces Gillman Heights

Posted on 8 Sep 2009 | Comments Off

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

Tagged Capitaland, Construction, Developer Sales, Hotel Properties Limited, HPL, New Launches, Singapore REITS

Another round of trimming for development charge rates

Posted on 1 Sep 2009 | Comments Off

Sharp cuts for commercial DC rates at Raffles Place; no change for landed residential, industrial uses

The government has again trimmed development charge (DC) rates for some sites – though the cuts on average are smaller than those made six months ago.

The changes were largely in line with market expectations. Some industry watchers felt that the continued cuts reflect the government’s caution in dealing with the property market when the economy remains shaky.

Developers have to pay DC for enhancing the use of some sites, and the market monitors these rates closely as they reflect land values. As part of a half-yearly review, the National Development Ministry (MND) announced yesterday a 2 per cent drop in the average DC rate for non-landed residential use. This is far below the 15 per cent chop in February.

MND also reduced the average DC rate for hotel and hospital use by 4 per cent. This is again smaller than the previous 10 per cent cut. Continue reading →