Saturday, June 5, 2010

CapitaLand CEO buys Interlace penthouse

Unit costs $3.74m; son and daughter-in-law buy apartment unit for $2.47m; review and approval by audit committee

CAPITALAND Group president and chief executive officer Liew Mun Leong, and his son and daughter-in-law, have picked up two units at The Interlace at Depot Road/Alexandra Road for a total $6.2 million.

Mr Liew, who also sits on CapitaLand's board, paid about $3.74 million for a penthouse on the 23rd level. His purchase price works out to $1,092 per square foot for the 3,423 sq ft unit.

His son Karl and daughter-in-law Heather Lim Mei Ern bought a 2,476 sq ft, four-bedroom apartment on the 16th level for around $2.47 million or $996 psf.

The property giant said in a statutory filing yesterday that its audit committee has reviewed and approved the proposed sales and is satisfied that the number and terms of the proposed sales are fair and reasonable.

The committee, as well as CapitaLand's board, are satisfied that the transactions are not prejudicial to the interests of CapitaLand and its minority shareholders. Mr Liew had abstained from the board's review and approval of the transactions.

CapitaLand first began selling the 99-year leasehold project on the former Gillman Heights site in September last year. To date it has found buyers for about 500 of the 590 units released. The project has a total of 1,040 units.

The current price range is between $850 psf and $1,300 psf.

The project's unique design features thirty-one apartment blocks, each six-storey tall, which are stacked in a hexagonal arrangement to form eight large-scale courtyards.

The interlocking blocks resemble a 'vertical village' with cascading sky gardens and both private and public roof terraces.

CapitaLand is developing the project jointly with Hotel Properties and another partner.

Source: Business Times, 5 Jun 2010

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