CapitaLand new project The Interlace at the former Gillman Heights site

Gillman Heights development plan unveiled. Last Friday, CapitaLand (CapLand) unveiled the design for its upcoming residential project at the former Gillman Heights site. The project, named The Interlace, consists of 31 blocks housing 1,040 units and the unique design of this project aims to achieve privacy and spaciousness for buyers. This project is expected to be launched next month. The estimated construction cost for the project is between S$250psf and S$270psf and this is below our earlier expectations of S$300psf-S$350psf. Based on this new estimate, our new estimated breakeven cost for the project is between S$695psf and S$720psf (previously S$760psf-S$830psf).

Featuring 1,040 apartments on a 99-year leasehold land of 871,884 square feet, The Interlace will have units that range in size between 807 sq ft for two bedroom apartments and 4,306 sq ft for "super penthouses". CapitaLand president and chief executive Liew Mun Leong declined to disclose how much the units will cost, but said the firm is trying hard to price them under $1,000 psf, as reported in Todays.

The sale of Gillman Heights was approved by the Strata Titles Board in late 2007, but minority owners have fought the sale at every turn, appealing STB's decision at the High Court, and when this failed, to the Court of Appeal. It has been given the final green light, after Singapore's highest court dismissed a last-ditch plea by minority owners to overturn the sale. This marks the end of the two-year en-bloc saga which began when buyers CapitaLand, Hotel Properties and two private funds inked a $548 million deal to buy the 607-unit, 99-year leasehold estate in Alexandra Road in 2007.


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