CapitaLand and CDL to Transform Singapore’s Liang Court Site Into an Integrated Development With 700 Residential Apartments
CapitaLand, CDL, and Ascott Reit have teamed up to transform Singapore’s Liang Court into an integrated development after the proposed sale by CDLHT (CDL Hospitality Trusts) of its total interest in Novotel Singapore Clarke Quay. It should also be noted that a portion of Ascott Reit’s interest in Somerset Liang Court Singapore will be sold to CDL. The name of the integrated development was released as Canninghill Piers.
Canninghill Piers – The Proposed Integrated Development
The proposed integrated development will consist of two residential towers offering about 700 residential apartments, a hotel, a serviced residence with a hotel license, and a commercial component. It is also important to note that the total gross floor area of the project sits at 100,263 sq m. Upon completion, Ascott Reit will own the serviced residence with a hotel license, while the 50:50 CapitaLand-CDL joint venture entities will own both the commercial component and the residential component of the project. Based on a forward purchase agreement with CDL, CDLHT will end up owning the hotel, which will consist of 460-475 rooms. Although it is true that the serviced residence will still keep its Somerset branding, the hotel will end up being operated under Moxy by Marriott International. The proposed integrated development should start opening in 2024.
URA’s Master Plan
Apart from the redevelopment plan, the consortium is planning on remaking the river promenade that is surrounding the property. This move is actually a part of the URA’s Draft Master Plan 2019 to enhance the area’s vibrancy. The reason why this is a part of the big plan lies in the fact that they want to generate social activities around the proposed integrated development, improve pedestrian accessibility and increase footfall alongside the Singapore River.
Mr. Jason Leow – President of CapitaLand Group
Mr. Jason Leow (the President of CapitaLand Group) has stated that Liang Court is located on a prime site and that its coveted dual-frontage looks directly at Fort Canning Hill and the Singapore River. He has also stated that the Liang Court site’s redevelopment provides CapitaLand with a great opportunity to deliver a high-rise, upmarket riverfront residential development that is packed with some stunning views of both the city center and the Singapore River. It is also important to note that the commercial component of this development will have a seamless connection to Clarke Quay. The fact that the residents of this place will have the opportunity to enjoy the feeling of having top-notch retail and F&B options right next to their homes is just one of the things that make this project as good as it is. The people behind CapitaLand will harness their partnership with CDL to transform this property into a fresh focal point for both international and local visitors of all ages.
Mr. Sherman Kwek – CEO of CDL Group
Mr. Sherman Kwek (the CEO of CDL Group) has stated that he is honored to be teaming up with CapitaLand on yet another project that will have a great effect on the Clarke Quay area. Convenient access to the Fort Canning MRT station, breathtaking views, and multiple frontages – it is no secret that the Liang Court site has it all. By harnessing the capabilities and strengths of each partner that is involved in the project, the people behind CDL are planning on transforming the Clarke Quay site into an iconic landmark that sits right next to the Singapore River.
Surrounding Area of Canninghill Piers
There is no doubt that the Singapore River planning area is an international icon. It is home to all sorts of lifestyle, heritage, and cultural offerings. Sitting in the heart of Clarke Quay and right next to the Central Business District, the proposed integrated development is directly connected to the Central Expressway. The project is just a short walk away from the Clarke Quay MRT station, and it also features some great public transportation options that are directly connected to the Fort Canning MRT station. This property also enjoys a pedestrian bridge connection that provides direct access to Fort Canning Park, which is a well-known historical Singaporean hilltop landmark.
When it comes to the Singapore River precinct, CapitaLand has a stake in both Park Hotel Clarke Quay through Ascott Reit and the Clarke Quay mall through CapitaLand Mall Trust, while CDL owns a retail integrated development that is sitting right next to Magazine Road called Central Mall. Both CapitaLand and CDL are known for their extensive experience that comes in the form of activating the precinct by making initiatives through their championing of the Singapore River One pilot Business Improvement District.
The redevelopment of the Clarke Quay site marks another successful collaboration between CapitaLand and CDL following their last year’s joint bid that involved the development of a residential and commercial site in Sengkang Central – the project turned out to be a complete success. Since its initial launch date, which was November 2, 2019, the 680-unit residential component of Sengkang Grand Residences, has successfully managed to sell 235 units.