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Thread: CapLand to unveil 2 more home launches

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    Default CapLand to unveil 2 more home launches

    http://www.businesstimes.com.sg/sub/...49032,00.html?

    Published September 5, 2009

    CapLand to unveil 2 more home launches

    One is on the former Gillman Heights site; the other is in Cairnhill. By Uma Shankari


    SINGAPORE'S largest property developer CapitaLand is set to roll out two more residential launches this year - the 1,040-unit The Interlace on the site of the former Gillman Heights, and a 165-apartment luxury project in Cairnhill Road on the site of the former Char Yong Gardens.


    THE INTERLACE
    Design for the 1,040-unit condominium explores a new take on tropical living with an expansive and interconnected network of communal spaces


    The company yesterday unveiled the design for the The Interlace, which it is developing with Hotel Properties Ltd. The project will cost about $1.4 billion all up, including the $548 million - or $363 per sq ft of potential gross floor area - paid for Gillman Heights in 2007

    Prices could start from about $700,000 for a two-bedroom apartment, CapitaLand said. The project will be launched next month.

    The Interlace was designed by Ole Scheeren, a partner at the Office for Metropolitan Architecture - the firm behind the design of the distinct 54-storey China Central Television Station headquarters in Beijing. For The Interlace, Mr Scheeren wanted to break away from the standard kind of residential project in Singapore comprising a cluster of isolated, vertical towers.

    Instead, the design for The Interlace explores a new take on tropical living with an expansive and interconnected network of communal spaces. Thirty-one apartment blocks, each six stories tall, will be stacked in a hexagonal arrangement to form eight large-scale courtyards. The interlocking blocks will resemble a 'vertical village' with cascading sky gardens and private and public roof terraces.

    'This is a great opportunity to create and build a residential destination at the Gillman Heights site that will challenge the present architectural definition of the living space,' said Patricia Chia, chief executive of CapitaLand Residential Singapore.

    The Interlace will offer a variety of homes, from two and three-bedroom units to penthouses, when sales start in October. CapitaLand declined to say how the apartments will be priced in psf terms, but said that the construction cost for The Interlace will be around $250-$270 psf.

    It added that it will not be 'greedy' when it comes to the profit margin it is looking for and that homes will be 'affordable'. Analysts have previously estimated a breakeven cost of around $750 psf for the site, with an average selling price of $900 psf.

    The next launch for CapitaLand is the 165-unit freehold condominium at the former Char Yong Gardens, which will be rolled out before the end of this year. The project, designed by Kerry Hill Architects, will be a luxury development, said CapitaLand chief executive Liew Mun Leong.

    CapitaLand bought Char Yong Gardens for $1,788 psf of potential gross floor area, including development charges payable to the state, at the height of the property boom in 2007.

    More launches are planned for 2010, including one at Farrer Road on the former Farrer Court site. CapitaLand forked out a record $1.3 billion for that site in a collective sale in 2007.

    However, the en bloc market is unlikely to rebound to such levels again in the near future, Mr Liew said. The Laguna Park development on the East Coast is currently being offered for $1.2 billion, which would be the second-highest price ever for such a transaction.

    Mr Liew said: 'Given the cost of the land, given the construction cost and given the demand, it is too early for developers to confidently say the world economy has recovered and there will be buyers who can afford the price.'

    He also said that a 5 to 15 per cent increase in private home prices here would be 'reasonable' given pent-up demand and the low interest rates. '(But) if it jumps 30 per cent, then I will be a little bit concerned about whether it is sensible,' he added.

    Private home sales in Singapore jumped 52 per cent month-on-month in July to 2,767 units. A record 1,825 units were sold in June - but that number was easily surpassed just a month later. And prices are beginning to edge up. New projects released in recent weeks have been priced higher than in early 2009.

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    http://www.straitstimes.com/Prime%2B...ry_425593.html

    Sep 5, 2009 Saturday

    Togetherness and privacy Interlaced

    New condo at former Gillman Heights site architecturally unusual

    By Joyce Teo


    The $1.4 billion, 99-year leasehold The Interlace - seen in these impressions from the highway (left) and looking towards the sea - will be launched next month, at "affordable prices." The smallest units, at 75 sq m, could be about $700,000. - PHOTOS: CAPITALAND

    View more photos

    SOME are calling it an architectural marvel. Others lament that it looks like a stack of container boxes.

    Love it or hate it, the latest condominium project by CapitaLand and Hotel Properties on the former Gillman Heights site is expected to become a talking point.

    Designed by Mr Ole Scheeren from the world-renowned Office for Metropolitan Architecture (OMA) Beijing, The Interlace boasts 1,040 apartments in 31 blocks.

    The blocks are stacked in a hexagonal arrangement to form eight large-scale courtyards on a sprawling 8ha site in Alexandra Road.

    Mr Scheeren, who has worked on the project design for two years, said at the launch of the design yesterday that it allows privacy and space, and 'yet defines a sense of togetherness'.

    The $1.4 billion, 99-year leasehold condominium will be launched next month.

    The pricing will be 'affordable', even if OMA cost 'two or three times more than a local architect', said CapitaLand chief executive Liew Mun Leong. 'We are not so greedy.'

    When asked, CapitaLand Residential Singapore chief executive Patricia Chia told reporters: 'We're trying very hard to keep it below $1,000 psf.'

    The smallest units, 75 sq m two-bedders, could be about $700,000, she said. The biggest are the 586 sq m super penthouses.

    Ms Chia said at yesterday's briefing that comparable developments include Reflections at Keppel Bay going for $1,500 to $1,700 psf and Caribbean at Keppel Bay at $800 to $1,400 psf.

    Looking ahead, Mr Liew, who is set to launch a luxury project by the end of the year and an upmarket one on the former Farrer Court site in the first half of next year, said a 5 per cent to 15 per cent rise in private home prices this year is reasonable. 'The tailwinds are coming back. This year will still be okay.'

    He said there is still a lot of latent demand from home hunters. He expects the strong property market to continue into the first half of next year.

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    Here are two more pics of the Interlace project.




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    Quote Originally Posted by jlrx
    Here are two more pics of the Interlace project.



    I wonder if this is the largest condo development? at 1,040-units!

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    looks like the government intervention is going to dampen their sales... 1040 units is really huge! cant help but feel the images looks like those hkg cramp properties.

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    Quote Originally Posted by dunatos
    I wonder if this is the largest condo development? at 1,040-units!

    yes Ferrer ? ( not sure if spelt correctly) also by cap land 1000 over units

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