The Interlace
Imagine a Jenga tower built by an architect who refused to play it safe — 31 hexagonal apartment blocks, each six storeys tall, balanced at unlikely angles into a porous lattice of sky-courts and hanging gardens. That is The Interlace, and it remains one of only a handful of Singapore condominiums that has won the World Architecture Festival's Building of the Year trophy (2015). Eleven years after TOP, the question buyers are asking has shifted: the lease clock has ticked to roughly 82 years of runway (as of 2026-05), the Greater Southern Waterfront masterplan is moving from PowerPoint to procurement, and HarbourFront MRT keeps cementing its dual-line interchange role. Is the trophy architecture still a buy, or has the boutique-resale dynamic outrun the fundamentals? This District 4 review walks through the numbers and the trade-offs.
The Interlace sits on a 8-hectare hilltop parcel at 180 Depot Road, straddling the Telok Blangah ridgeline at the seam between District 3 (Bukit Merah) and District 4 (Telok Blangah / HarbourFront). The development was delivered by Ankerite — a joint venture between CapitaLand and Hotel Properties Ltd — and obtained Temporary Occupation Permit in 2013. Tenure is 99 years from 2009, leaving roughly 82 years of runway (as of 2026-05). At 1,040 units across 31 stacked hexagonal blocks, it is one of the largest single-site condominiums in the central fringe, and the unit mix spans two-bedroom apartments through four-bedroom duplex penthouses.
Architecturally, Ole Scheeren's brief was a vertical village rather than a vertical tower — blocks are stacked horizontally and rotated, creating eight large hexagonal courtyards at ground level and a continuous sequence of sky-terraces above. The result is unusually low density at eye-level despite the unit count, with eight themed swimming pools, a 50-metre lap pool, and roughly 1.7 kilometres of landscaped trail looping around the perimeter. URA's gross floor area rules typically penalise this kind of horizontal sprawl, but the design extracted a President's Design Award alongside the WAF trophy.
Transport-wise, HarbourFront MRT (North East Line + Circle Line interchange) is roughly a 12-minute walk or one stop on the upcoming feeder bus loop, putting Raffles Place 9 minutes away on the NEL. The site is also a 3-minute drive to the Ayer Rajah Expressway and 8 minutes to the Central Business District via Telok Blangah Road. Sentosa, VivoCity, and the future Greater Southern Waterfront are all within a 4-kilometre arc.
Overview & Key Facts
The Interlace is a 1,040-unit architectural landmark designed by Ole Scheeren of OMA (Office for Metropolitan Architecture), developed by CapitaLand on a sprawling 8-hectare site at the corner of Depot Road and Alexandra Road in District 4. Completed in 2013 on a 99-year lease from 2009, the development’s radical design — 31 apartment blocks, each six storeys tall, stacked in a hexagonal arrangement around eight courtyards — won the World Building of the Year at the 2015 World Architecture Festival and the Urban Habitat Award in 2014, cementing its status as one of the most significant residential buildings of the 21st century.
The design deliberately rejects the conventional tower typology that dominates Singapore’s residential skyline. Instead of isolated vertical blocks, The Interlace creates a interconnected “vertical village” where stacked horizontal blocks generate a cascade of rooftop gardens, sky terraces, and communal spaces that in aggregate provide 112% green coverage — more planted area than the site itself. At a current average of $1,570 psf with a gross rental yield of 3.17% and median rent of $6,600, The Interlace delivers world-class architecture at a PSF that undercuts many less distinguished developments in the RCR band.
The trade-off for living in an architectural masterpiece is practical: MRT access is genuinely poor. Labrador Park MRT is 1.14 km away, Queenstown MRT 1.41 km, and Telok Blangah MRT 1.49 km. For a development of this stature and price, the transit deficit is a significant daily inconvenience that no amount of architectural brilliance can excuse.
Location & Connectivity
The Interlace occupies a commanding 8-hectare site at the intersection of Depot Road and Alexandra Road, straddling the boundary between Bukit Merah and Queenstown in District 4. The location places the development within the emerging Greater Southern Waterfront precinct — Singapore’s most ambitious urban transformation project, which will redevelop 30 km of the southern coastline from Marina East to Pasir Panjang into a new waterfront city district over the next two decades. This master plan is The Interlace’s most significant long-term value driver.
Daily amenities require some effort. The nearest retail hub is Anchorpoint Shopping Centre on Alexandra Road, approximately 800 m away, offering a FairPrice supermarket and basic retail. IKEA Alexandra (1.2 km), Alexandra Retail Centre, and the Queenstown MRT commercial cluster provide broader shopping options. For hawker food, Alexandra Village Food Centre (800 m) and Depot Road hawker centre are within reach. VivoCity and HarbourFront are a 10-minute drive away.
The school catchment includes Alexandra Primary School (790 m) and Crescent Girls’ School (880 m) within walking distance. Queenstown Primary (1.4 km) and Queensway Secondary (1.6 km) are bus-accessible. The neighbourhood is more commercial-industrial than residential in character — surrounded by Mapletree Business City, Alexandra Technopark, and the Depot Road light-industrial cluster — which contributes to the development’s rental appeal for professionals working in the area.
Schools & Education
1 primary school within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Alexandra Primary School | primary | Within 1 km |
| Crescent Girls' School | secondary | Within 1 km |
| Queenstown Primary School | primary | ~1.4 km |
| Blangah Rise Primary School | primary | ~1.5 km |
| Radin Mas Primary School | primary | ~1.6 km |
| Queensway Secondary School | secondary | ~1.6 km |
| Global Indian International School (GIIS Queenstown) | international | ~1.6 km |
| Bukit Merah Secondary School | secondary | ~1.7 km |
Facilities
The Interlace’s facilities are woven into its architecture rather than appended as afterthoughts. The eight hexagonal courtyards each have a distinct character — from the Central Square and Theatre Plaza to the Water Park — creating multiple communal zones spread across the 8-hectare site. The 50-metre lap pool occupies a prime position within the development, complemented by family and children’s pools, sun decks, and poolside landscaping that benefits from the stacked-block design’s unique light and shadow patterns.
The clubhouse functions as the social hub, housing function rooms, games rooms, a theatre, karaoke facilities, a reading room, and multiple gymnasium spaces. The rooftop gardens on each stacked block create an extraordinary network of elevated green spaces — residents can walk along sky gardens and terraces that cascade across the development’s stepped topography, an experience unique to The Interlace and impossible to replicate in a conventional tower design.
“Living here is like living in a park that happens to have apartments. The rooftop gardens are stunning — every block has its own green terrace and you can walk across the entire development on elevated garden paths. The pools are beautifully designed within the courtyard spaces. The architecture is the amenity — friends who visit for the first time are always amazed. It’s not a typical condo; it’s an experience.”
— Owner-occupier, three-bedroom, since 2018 (PLB Insights)
The scale of the site (8 hectares for 1,040 units) means that despite the large unit count, the development feels spacious and uncrowded. The hexagonal courtyard arrangement ensures privacy between blocks while maintaining community connectivity. Security is comprehensive with gated access and 24-hour patrols across the estate. The main limitation is that some of the communal spaces and garden terraces require walking distances that would be unusual in a compact tower development — the trade-off of living in a horizontal rather than vertical community.
Unit Sizes & Layout
The Interlace offers two- to four-bedroom configurations, with three-quarters of the 1,040 units in the two- and three-bedroom range. The smallest units start at approximately 807 sqft — significantly larger than the sub-600 sqft two-bedrooms typical of current new launches. Three-bedroom units range from approximately 1,100 to 1,400 sqft, and four-bedrooms from 1,500 to 1,900 sqft. The generous sizing reflects 2007-era design standards (when the project was commissioned) and the luxury positioning of CapitaLand’s portfolio at the time.
Interior finishes from the original 2013 delivery are of good quality, reflecting CapitaLand’s premium standards at the time. However, with 13 years of occupation, early units may require renovation refreshes. The open-plan layouts with floor-to-ceiling windows are designed to maximise the architectural views — the interiors feel as considered as the exteriors, with spatial proportions that complement the building’s design philosophy. Ceiling heights are generous, and the interplay between indoor and outdoor space is a hallmark of Scheeren’s residential design approach.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 22 | $1,711 | $1,381,086 |
| 3 BR | 74 | $1,557 | $1,733,053 |
| 4 BR | 51 | $1,549 | $2,609,358 |
| 5 BR | 94 | $1,297 | $3,513,338 |
Pricing & Market Position
Based on 241 recorded transactions, sale prices range from $1,180,000 to $6,100,000, averaging $2,580,751 (~$1,590 psf).
Rents range from $3,100 to $19,600 per month across 1206 rental transactions. Current rental yield sits at approximately 3.1%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 29.9% (from $1,301 to $1,690 psf).
Neighbourhood Comparison
In the District 4 southern corridor, The Interlace ($1,570 psf, 99-year from 2009, ~82 years remaining) occupies a unique architectural niche but competes on price with two key neighbours. Reflections at Keppel Bay ($1,735 psf, 99-year from 2006, ~79 years remaining) is Daniel Libeskind’s waterfront masterwork — trading at a 10% premium with less lease remaining, but offering direct waterfront views and closer proximity to HarbourFront MRT (950 m). The Interlace counters with a larger site (8 ha vs 3.3 ha), more green space, and a lower PSF. The Reef at King’s Dock ($2,466 psf, 99-year from 2021) is the modern luxury competitor with a fresh 94-year lease and waterfront dock setting, but at a 57% PSF premium.
The Interlace’s competitive position is defined by an unrepeatable combination: World Building of the Year architecture, an 8-hectare site with 112% green coverage, and an entry PSF ($1,570) that is the lowest among architecturally significant developments in the southern corridor. For buyers who prioritise design and spatial experience over waterfront views (Reflections) or a new lease (Reef), The Interlace is the clear choice. For pure investment, Reflections’ shorter lease and The Interlace’s poor MRT access make both challenging long-term holds.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE INTERLACE | 99 yrs lease commencing from 2009 | 2013 | 1,040 | $1,590 |
| REFLECTIONS AT KEPPEL BAY | 99 yrs lease commencing from 2006 | 2011 | 1,129 | $1,736 |
| CARIBBEAN AT KEPPEL BAY | 99 yrs lease commencing from 1999 | 2004 | 969 | $1,762 |
| THE REEF AT KING'S DOCK | 99 yrs lease commencing from 2021 | 2021 | 429 | $2,468 |
| CAPE ROYALE | 99 yrs lease commencing from 2008 | 2013 | 302 | $2,220 |
| THE RESIDENCES AT W SINGAPORE SENTOSA COVE | 99 yrs lease commencing from 2006 | 2008 | 228 | $1,804 |
Lease Decay Analysis
The 99-year lease runs from 2009, meaning approximately 17 years have already been consumed. Roughly 82 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~82 years | Full bank financing available |
| 2039 | ~69 years | CPF usage still unrestricted for most buyers |
| 2048 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2068 | ~39 years | Significant financing restrictions for next buyer |
| 2108 | Expiry | Lease reverts to state |
For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~72 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates THE INTERLACE across multiple dimensions.
What Residents Say
“I’ve lived in condos across Singapore for 15 years and The Interlace is by far the most unique. The architecture is breathtaking — walking through the sky gardens and elevated terraces never gets old, even after five years. The pools and courtyard spaces are beautiful. My only real complaint is the MRT distance. We drive everywhere, which makes it workable, but guests who take public transport always comment on how far the MRT is.”
— Owner-occupier, three-bedroom, since 2019 (EdgeProp)
“I rent a two-bedder here because the architecture sold me — I’m an architect myself and this is a building I wanted to experience from the inside. The design delivers: natural light from multiple directions, rooftop gardens above and below, and a sense of community that towers simply cannot create. The hexagonal courtyards feel like village squares. Rent is fair at $5,500 for what you get. The commute to Mapletree Business City is a 5-minute drive, so the MRT issue doesn’t affect me.”
— Tenant, two-bedroom, since 2023 (PropertyGuru)
“Bought here in 2015 for $1,350 psf and the value has appreciated steadily to ~$1,570 now. The Greater Southern Waterfront plan should be the next catalyst. My concern is purely the lease — 82 years remaining, and with 1,040 units, en-bloc is fantasy. I plan to hold for another 5–7 years and ride the GSW wave before the lease decay becomes a more visible factor. The building itself is magnificent — friends from overseas always want to visit.”
— Investor-owner, three-bedroom, since 2015 (99.co)
Trophy architecture with measurable scarcity. Singapore has roughly 3,400 active condominiums but only a handful carry global architecture awards of this calibre. That scarcity has historically translated to a modest psf premium versus generic neighbours — recent transactions show The Interlace trading around S$1,580 per square foot (as of 2026-04), compared with roughly S$1,440 psf for non-landmark 99-year stock of similar vintage in the same micro-market. The premium is small but persistent, and architectural-trophy assets tend to hold a tighter bid in soft markets because the buyer pool is intrinsically motivated rather than purely yield-driven.
Greater Southern Waterfront optionality. The relocation of the Pasir Panjang container terminal to Tuas Mega Port is the largest masterplan event in the southern arc since Marina Bay. URA's master plan earmarks the freed land for mixed-use waterfront development, and the adjacent Pasir Panjang Power District is being studied for adaptive reuse. The Interlace sits roughly 1.2 kilometres inland from the future waterfront edge — close enough to benefit from amenity uplift, far enough to avoid construction noise during the next 8 to 12 years of build-out. Buyers running a long-horizon ROI scenario should model the GSW thesis as optionality rather than baseline, but the optionality is real and asymmetric.
Dual-line MRT and expressway access. HarbourFront's NEL + CCL interchange is one of only seven dual-line stations on the city fringe, and the upcoming Cross Island Line extension keeps the connectivity story improving. The 12-minute walk is the soft spot — competitors like Reflections at Keppel Bay are further from any MRT and rely on shuttle buses. Commuters can verify the trade-off using isochrone overlays.
Lush hilltop greenery and lifestyle stock. The 8-hectare site retains roughly 60 percent landscape coverage, with eight themed courtyards and a continuous canopy that buyers describe as resort-grade. The Mount Faber + Kent Ridge Park trail network is a 6-minute walk via the Telok Blangah Hill connector, and HortPark sits across the road. For families and remote-work households, the green-space depth is genuinely differentiating — most central-fringe sites of this density cannot match it.
1,040-unit absorption dynamics. The Interlace's scale is a double-edged sword. On any given month, anywhere from 12 to 22 units are concurrently listed for sale or rent — far more than at a 200-unit boutique. That depth keeps the market liquid but caps psf upside, because there is almost always a motivated seller benchmarking against the lowest recent transaction. URA transaction data shows median psf has oscillated in a S$1,520 to S$1,610 range over the last 24 months (as of 2026-05), compared with a wider S$1,400 to S$1,750 swing for boutique 99-year stock nearby. Stable but range-bound.
Lease at year 17. With ~82 years of runway, the asset is past the easy-financing window but still well inside the 60-year MAS LTV cliff. Bank loans remain comfortable, but the Bala's curve has begun its slow descent — model the lease-decay impact carefully if your holding horizon stretches past 2050. The lease-decay calculator shows that a buyer holding to year 25 will see roughly 4 to 6 percent of book value erode purely from leasehold mechanics, independent of market direction. MAS Notice 632 sets the LTV framework that becomes binding once the lease falls below 60 years.
Boutique-unit resale pricing. The hexagonal floorplate produces a high proportion of corner units with two or three exposed sides — architecturally striking, but the resulting unit layouts are heterogeneous. Some stacks have premium-pricing problems (oversized balconies, irregular living rooms) that take longer to clear at peak psf. Buyers focused on resale liquidity should favour the standard rectangular stacks in blocks 7, 9, and 11 over the rotated corner stacks in blocks 22, 25, and 28.
Maintenance fee weight. Eight pools, extensive landscape, and the structural complexity of the stacked blocks translate to maintenance fees in the S$420 to S$580 monthly range for two-bedroom units (as of 2026-04) — roughly 15 to 25 percent above comparable 99-year condos in the district. Investors should add this drag to their gross-yield calculation before comparing against simpler stock.
Best fit: design-conscious owner-occupier with a 10+ year horizon. The buyer who extracts the most value here lives in the apartment, walks the trails on weekends, and treats the architecture as part of the lifestyle bundle rather than a resale lever. With ~82 years of lease remaining (as of 2026-05) and the GSW masterplan running on a 10 to 15 year build-out, the asset rewards patience. Run the numbers through the affordability calculator and the total cost of ownership tool before committing — maintenance fees and the lease-decay tail both deserve explicit modelling.
Decent fit: rental investor targeting expat tenants. Gross yields run in the 3.0 to 3.4 percent range for two-bedroom units (as of 2026-04), comfortable for the central fringe and supported by demand from HarbourFront business park and Mapletree Business City tenants. The 1,040-unit scale means tenant turnover is manageable but never tight — expect a 4 to 6 week marketing window between leases. Stress-test the cash flow using the cash flow tool with a 90 percent occupancy assumption rather than 95 percent.
Weaker fit: short-horizon flipper. The 1,040-unit absorption dynamic and the architectural-premium volatility mean this is not a 3 to 5 year capital-gains play. Recent five-year price appreciation has tracked the broader 99-year RCR index closely — no structural outperformance versus simpler stock. Flippers should also consider seller's stamp duty on a sub-3-year exit; the stamp duty calculator shows the cost quickly erases any architecture-premium edge.
Comparison shortlist. Buyers drawn to The Interlace should also benchmark against Reflections at Keppel Bay and Caribbean at Keppel Bay — the two sibling waterfront landmarks share the trophy-architecture thesis but trade at different lease, location, and absorption profiles. Reflections offers true waterfront and a Daniel Libeskind signature, but sits further from MRT. Caribbean is older (TOP 2004), closer to VivoCity, but at a longer lease-decay tail. Use the price heatmap to compare district-level pricing dynamics.
Verdict — measured buy for the right profile, with a clear-eyed view of the trade-offs. The Interlace remains one of the most architecturally important residential buildings in Asia, and the GSW masterplan adds a credible long-dated catalyst. At current pricing of roughly S$1,580 per square foot (as of 2026-04), buyers are paying a modest architectural premium for an asset with ~82 years of lease, dual-line MRT, and genuinely differentiated landscape. That is defensible.
What it is not is a uniform asset. The 1,040-unit scale produces persistent absorption depth that caps upside, and the hexagonal floorplate creates a wide quality dispersion between stacks. The right unit in the right stack at the right price is a strong 10 to 15 year hold. The wrong unit at peak psf is a 5 to 8 year exit at flat returns.
For owner-occupiers committed to the design and the location, the verdict is a clear buy — particularly in the standard rectangular stacks where layout quirks are minimised. For investors, the gross yield of 3.0 to 3.4 percent (as of 2026-04) is competitive but not exceptional; the rationale has to lean on GSW optionality rather than current cash flow. For flippers, look elsewhere — this asset rewards patience, not turnover. Compare against other District 4 stock and run the mortgage calculator with a conservative rate scenario before committing.