THE government’s move to ban the interest absorption scheme (IAS) and the rowdy start of The Interlace development’s preview last Tuesday have done little to dampen sales of the CapitaLand and Hotel Properties project.
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| The Interlace: Of the 360 units released for sale, 233 units were sold by Sunday |
Of the 360 units released for sale, 233 units or 65 per cent were sold as of Sunday.
‘We didn’t expect the scrapping of the IAS to affect us very much, because a very small percentage of buyers opt for it in general, about 5 to 7 per cent,’ said Patricia Chia, chief executive officer of CapitaLand Residential Singapore, at The Interlace’s sales briefing yesterday.
The Wharf Residence, CapitaLand’s other development, saw less than 5 per cent of buyers taking up the IAS. The scheme was abolished by the government last week as a precaution to prevent the overheating of the property market.
The Interlace is located at the former Gillman Heights site on Depot Road. The $1.4 billion project’s first-day preview saw 153 units being offered to former Gillman Heights residents.
The preview took a dramatic turn when a shouting session ensued, fuelled by former residents who had previously been unhappy about the en bloc deal, and claimed that a poor choice of units had been offered by the developer at the preview.
CapitaLand maintained, however, that a mix of units ranging from 800 square feet (sq ft) to 5,800 sq ft in size, facing the pool, sea and HortPark had been on offer. Continue reading
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