#Exclusive* CapitaLand's The Interlace hits 85% take up

SINGAPORE: The Interlace (pictured), a residential development in Singapore with an iconic design, has sold 85% of the 590 units released for sale to date, a CapitaLand Ltd spokesperson told theedgeproperty.com.

Designed by Ole Scheeren, who is a partner at the world-renowned architectural firm OMA-Office for Metropolitan Architecture, The Interlace features a unique design of interlocking blocks resembling a “vertical village” with cascading sky gardens, as well as private and public roof terraces.

It comprises 1,040 units spread over 31 apartment blocks each six storeys tall, and stacked in a hexagonal arrangement, forming eight large-scale courtyards.

The size of the units range from 75 sq m to 546 sq m, with a price tag of between S$850 (RM1,998) psf and S$1,300 psf. Units were released for sale in batches, with the first batch in September 2009. The second launch was in April 2010.

“We have been progressively releasing new units for sale to meet demand,” said the spokesperson, adding that the planned completion of the development is in 2015.

Around 70% of The Interlace’s buyers are Singaporeans and permanent residents, while the rest are an international mix from the US, Hong Kong, China and Indonesia, added the spokesperson.

The project is sited on an 81,000 sq m land where the Gillman Heights Condominium used to be (at the junction of Alexandra Road and Depot Road).

CapitaLand acquired Gillman Heights in 2007 via a collective sale for S$548 million (about S$363 psf per plot ratio). The sum is inclusive of a differential premium of S$90 million to top up the lease to 99 years and to increase the plot ratio to 2:1.

CapitaLand is the lead project manager for The Interlace, which it is developing jointly with two other shareholders, including Hotel Properties Ltd.