Tag Archives: The Interlace

A seller’s cautionary tale

Posted on 2 Oct 2009 | Comments Off on A seller’s cautionary tale

I AM compelled to share my experience as a cautionary tale after reading the report, ‘Private homes still seeing high demand’ (Sept 22). I was a flat owner of Gillman Heights, which was sold in a collective property sale exercise and for which I received $887,000 (around $520 per sq ft) for my 1,700 sqft three-bedroom unit.
The amateurish miniature model of The Interlace condominium (left) at the exclusive private preview for former owners of Gillman Heights was a stark contrast to the sleek, three-dimensional and professionally crafted model displayed at the public launch. — PHOTO: REGINALD TAN

By the time I received my money, I could only afford a similar unit far from the city and certainly not as central as Gillman Heights.

Former owners like me were assured we would receive priority in buying units in the new condominium – The Interlace – on the site of our former home.

But at $1,000 psf, I would have been effectively downgraded to a much smaller apartment at the same location. Worse, we were given only three days’ advance notice of the exclusive preview for us to choose our units at the Shenton Way office of the developer, CapitaLand Residential. Continue reading →

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Posted in Developers, En-bloc / Collective Sales

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Hundred Trees defies market chill elsewhere

Posted on 29 Sep 2009 | Comments Off on Hundred Trees defies market chill elsewhere

Almost 80 per cent of the units in Hundred Trees have been snapped up ahead of the condo’s formal launch this weekened.

City Developments Ltd (CDL) sold a whopping 316 units last week at its Hundred Trees condo in the West Coast, a quarter of them on interest absorption scheme (IAS). Demand for most other projects, however, seemed to falter.

‘Hundred Trees is amongst the last few developments where buyers may opt for IAS,’ CDL noted in its press release yesterday. The developer has raised the 956-year leasehold condo’s average price from $895 psf initially to about $910 psf. Those who buy on IAS pay a 2.5 per cent price premium.

It was a different story elsewhere as house-hunters ponder the implications of the Sept 14 measures by the government to cool the market. These include scrapping IAS and restarting confirmed list government land sales in first half 2010.

One property consultant even hazarded a guess that ‘a pull-back in demand of 10 per cent is not unrealistic’.

BT understands that CapitaLand and its partners last week sold fewer than 20 units at The InterLace condo which will be developed on the Gillman Heights site, after selling 233 units the preceding week. No IAS is being offered for the 99-year leasehold condo. Continue reading →

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Posted in New Launches, Property Market / Real Estate, Property Price

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