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CanningHill Piers’ joint developers, CapitaLand Development and City Developments Ltd (CDL) , revealed today that 538 of the project’s 696 flats have been sold as of 6 p.m. today. With total sales of almost $1.18 billion, this takes the sales rate to 77 percent. The average selling price per square foot attained was roughly $3,000 per square foot.
The single 8,955 sq ft super penthouse was sold for $48 million ($5,360 psf), barely 4% less than the $50 million ($$5,583 psf) asking price. Although the developer refuses to comment, the buyer is said to be a Singaporean businessman. PropNex facilitated the transaction. The super penthouse sits on the 48-story residential tower’s top floor and is touted to feature “unrivaled panoramic views of the city and riverside.”
According to the developers, “the solid sales make CanningHill Piers the best-selling project launch in the Central Area this year.” “All unit kinds were warmly welcomed,” according to the report, with “chosen stacks totally sold.”
Profiles of Canninghill Piers Buyers
Permanent Residents and foreigners from China, Malaysia, Indonesia, Australia, South Korea, the United States, the United Kingdom, and other countries made up the remaining 19 percent of purchasers.
The famous Bjarke Ingels Group designed CanningHill Piers, which has a 24-story and 48-story residential skyscraper connected by a sky bridge. Along the Singapore River, it will be the highest residential skyscraper.
Attractions of Canninghill Piers
“The unusual design by the famous Bjarke Ingels Group, uncommon river and hill dual-frontage, and great position in the Clarke Quay entertainment zone entice homebuyers,” says Jason Leow, CEO of CapitaLand Development. “We are optimistic that the project’s historic position, well-appointed houses, and good connections will continue to pique the curiosity of potential homeowners.”
CanningHill Piers is a new integrated development that will become a new icon fronting the Singapore River, with a 24-story and 48-story residential skyscraper connected by a sky bridge. CanningHill Square has F&B and retail businesses, as well as a 475-room Moxy hotel operated by Marriott International and 192 serviced apartments operated by Ascott, CapitaLand’s serviced apartment branch.
“As Singapore’s highest residential building along the Singapore River, [CanningHill Piers] is located on an unique and iconic location that will establish a new bar for integrated urban living at the heart of Singapore’s top entertainment and leisure zone,” said CDL group CEO Sherman Kwek.
The whole integrated project is a rehabilitation of the previous Liang Court, which stood out on the riverbank with its two orange 25-story buildings. The hotel Novotel Singapore Clarke Quay and the serviced apartment Somerset Liang Court were both built in the 1980s. Kinokuniya bookshop and Meidi-ya grocery were among the F&B restaurants and retail stores in Liang Court that catered to Japanese expatriates in Singapore.
The old Liang Court, with its twin orange 25-story buildings along the Singapore River, will be converted into a new iconic integrated property that will feature CanningHill Piers.
CanningHill Piers exceeded the expectations of the real estate agents who were promoting the project. “We thought it would be one of the best-selling projects in the Central region,” says PropNex CEO Ismail Gafoor. “I anticipated the project to sell at least two-thirds of its apartments, but 77 percent is a fantastic result.”
Canninghill Piers draw Strong Interest during Preview
More than 1,000 checks were gathered as expressions of interest in the run-up to yesterday’s inauguration from five agencies: PropNex, ERA, Huttons, Edmund Tie & Company/OrangeTee & Tie, and Singapore Realtors Inc. (SRI). On the eve of the public debut, a VIP preview for business colleagues was held in the morning, followed by multiple unit purchases and purchases by real estate brokers.
“Family members, whether siblings or connected parties, were taking up two or more units, most often on the same level,” Gafoor observes. “We also noticed a lot of agents from different agencies buying more than 30 apartments.” That implies more over 100 items, or almost 20%, were sold during the VIP preview.”
According to Ken Low, managing partner of SRI, “strong sales momentum was evident throughout the first day of launch.” “We all expected the one-bedroom and one-bedroom with study flats would sell well,” he says, “but the two-bedroom and three-bedroom units also did quite well.” “A whole slew of four-bedroom homes were completely sold out, suggesting that purchasers were ready to pay a premium for a better view.”
One-bedroom flats with sizes ranging from 409 to 560 sq ft and prices starting at $1.16 million ($2,836 psf) were in high demand. Almost all of the 328 apartments are thought to have been sold. “Many were buying these apartments as an investment since the entrance price is highly attractive to investors,” explains Gafoor of PropNex.
Two-bedroom homes make up 203 (29%) of the total, with sizes ranging from 732 to 883 square feet. These start at $2.12 million (about $2,900 per square foot). There are 80 three-bedroom homes in the property, ranging in size from 893 to 1,313 square feet.
Meanwhile, there are 60 four-bedroom luxury homes available, ranging in size from 1,755 to 1,959 square feet and starting at $5.22 million. Twenty five-bedroom homes with 2,788 square feet start at $8.1 million ($2,905 per square foot). There are also four sky suites ranging in size from 2,874 to 2,874 square feet.
Many of the Singaporean purchasers, according to SRI’s Low, were purchasing for their young adult offspring, mostly adolescents and those in their twenties. “They want to acquire a unit as a legacy for their children because of the exclusivity of the site,” he explains.
Low predicts that when CanningHill Piers is finished in 2025, the occupants will mostly be young professionals, executives, and businesses. “The site’s nightlife, closeness to the CBD, Orchard Road, and Fort Canning Hill are some of the site’s attractions,” he adds.
The significant sales are attributed to the fact that CanningHill Piers is a “iconic development,” according to Doris Ong, deputy CEO of ERA Realty.
CanningHill Piers sales, according to PropNex’s Gafoor, will bring 2021 to a solid end.
