Capitaland President and CEO Liew Mun Leong, along with his son and daughter-in-law, have acquired two units at The Interlace project located in Depot Road / Alexandra Road for $6.2 million.
Mr. Liew paid nearly $3.74 million or $1,092 psf for a 3,423-sq-ft penthouse on the 23rd floor.
His son and daughter in law, Karl and Heather Lim Mei Ern, also purchased a four-room unit on the 16th floor for nearly $2.47 million or about $996 psf.
The company announced in a statutory filing that its audit committee has both reviewed and approved the proposed sales. It is satisfied that the number and terms of the proposed sales are reasonable and fair.
The committee, with CapitaLand’s board, are satisfied that the transactions will not affect the company’s interests and its minority shareholders. Mr. Liew abstained from the board’s review and approval of the transactions.
The property giant first started selling the 99-year leasehold project at the former Gillman Heights site in September 2009. Currently, CapitaLand has found about 500 buyers for the 590 units released.
The leasehold project has a total of 1,040 units, with price tags ranging from $850 psf to $1,300 psf.
The unique design of The Interlace features 31 apartment blocks – each six-storeys high – which are piled in a hexagonal arrangement to appear as eight large-scale courtyards.
These interlocking blocks resemble a “vertical village” with cascading sky gardens and both public and private roof terraces.
The company is jointly developing the project with Hotel Properties and another partner.