http://www.businesstimes.com.sg/spec...-sale-20131107

Published November 07, 2013

Shops at The Interlace up for sale

By ong chor hao [email protected]


[SINGAPORE] The eight strata-titled shops at The Interlace condominium between Alexandra Road and Depot Road have been put up for sale with a guide price of more than $2,500 per square foot (psf).

Knight Frank, which is handling the launch, said yesterday that the sale of the units will be done by an expression of interest, and can be for the whole group of shops or for individual units.

The eight shops form the retail component of the 99-year leasehold The Interlace, which has 1,040 residential units and is developed by CapitaLand Singapore and Hotel Properties Limited.

The shops range between 388 square feet (sq ft) and 1,119 sq ft in size, and have a combined strata area of about 5,340 sq ft.

This means bidders have to place offers in excess of $970,000 if they want to try for the smallest unit alone, or more than $13.35 million for all eight units, going by the lowest band of the guide price.

Mary Sai, executive director (commercial sales) at Knight Frank, said prices for strata-titled shops within condos have ranged from around $2,000 psf to $4,500 psf over the past six months, and there has been strong demand for them in the last two years.

"As long as there is a good critical mass of residents within the development, these shops would have a captive audience and (be) able to provide essential services, such as hair salons, bakeries, mini marts, etc, to these residents," she said.

All the units in The Interlace have been launched, and 835 of them, or about 80 per cent, have been sold as at end-September, data from the Urban Redevelopment Authority (URA) showed.

The project received its Temporary Occupation Permit (TOP) in the third quarter of the year.

Interested parties can make their offers for the shops until 3pm on Nov 29.