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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

Sales quieten down at Trevista, Trizon

Posted on 8 Sep 2009 | Comments Off

But developers gear up for new launches, such as Hundred Trees and Cyan

BUSINESS visibly quietened down at showflats last week but developers are already revving up for new launches and releases of new phases of existing projects after Hungry Ghosts Month ends on Sept 18.

However, some market watchers reckon developers may be more careful not to price their projects too aggressively following National Development Minister Mah Bow Tan’s second statement in five weeks that the government is monitoring the property market very closely and will take ‘certain actions’ if necessary.

City Developments is expected to preview Hundred Trees condo on the former Hong Leong Gardens site in the West Coast area in the last weekend of September. Earlier market talk was that the 396-unit project will have an average price of about $930-$980 per square foot (psf). However, some quarters suggest the project will be ‘priced competitively’. The 12-storey development has a 956-year-leasehold tenure. The Hundred Trees condo will be decked with Mempat trees, often dubbed the local version of Japan’s sakura or cherry blossoms.

At Keng Chin Road in the Bukit Timah area, Far East Organization is expected to preview in a few weeks a 278-unit freehold condo named Cyan. Continue reading →