CapitaLand The Interlace

CapitaLand paid S$2.7 million extension charge for unsold units at The Interlace condominium. The 127 unsold units  computes to S$21,000 per unit or S$7 psf, according to the report.

The 1,040-unit of The Interlace condominium should have been sold by 13 March, but since CapitaLand paying the charges, the remaining units of The Interlace have now been given another six months extension.

Last March, REDAS President Augustine Tan calculated the extension charges around S$100 million, which CapitaLand could bear in failing to disposed leftover properties.

However, CapitaLand declared its latest earnings report, showing that 89% of its launched residential projects has already found buyers, adding that the 109-unit of Victoria Park Villas and 55-unit of The Nassim will be ready for launch in H1 2016. CapitaLand's Cairnhill Nine project also registered healthy sales, about 193 out of 268 units have been sold as of April 14.

The CapitaLand's profits before interest and tax increase by 20.1% to S$458.2 million from the previous S$381.5 million. The higher earnings was due to the divestment of a property in Somerset ZhongGuanCun Beijing.


Written by Siang Teck of Property Review. I can be contacted at [email protected]