Enbloc of Former Liang Court
Following the proposed sale by CDL Hospitality Trusts (CDLHT) of its complete interest in Novotel Singapore Clarke Quay, CapitaLand Limited (CapitaLand), City Developers Limited (CDL) and Ascott Residence Trust (Ascott Reit) have joint venture up to revamp the Liang Court site into an integrated development, subject to the consent of the unitholders of CDLHT at its extraordinary general meetings, to the 5 Ascott Reit would also sell part of its stake in Singapore Somerset Liang Court to CDL at the same period.
The planned integrated development with a combined gross floor area (GFA)3 of 100,263 square meters (sq m) would comprise two residential towers providing approximately 700 apartment units, a commercial portion, a hotel and a hotel-licensed serviced residence, subject to the approval of the competent authorities.
Upon construction, the residential and industrial elements would be held by the 50:50 CDL-CapitaLand joint venture companies, while Ascott Reit will own a hotel license for the 192-unit serviced home. Under a forward purchasing deal with CDL5, CDLHT will operate the hotel, which will have around 460-475 rooms4. Marriott International will run the hotel under the Moxy name while the serviced residence maintains its Somerset identity. The proposed integrated development is expected to open in stages starting in 2024.
Facelift of Singapore River
In addition to the reconstruction, the consortium intends to rejuvenate the river promenade flanking the property in accordance with the 2019 Draft Master Plan of the Urban Regeneration Authority to improve the vibrancy of the city. This is supposed to stimulate social activities along the Singapore River across the planned integrated construction, increase footfall and enhance pedestrian accessibility.
Mr. Jason Leow, Founder, Singapore & Foreign, CapitaLand Company, said: “Liang Court sits on a prime site facing the Singapore River and Fort Canning Hill with a coveted dual-frontage.” Its redevelopment provides CapitaLand a valuable opportunity to have an upmarket, high-rise residential development on the riverfront that provides spectacular views of the Singapore River and the city center.
Clarke Quay would be seamlessly linked to the commercial portion of the integrated growth, offering residents the comfort of top-notch F&B and retail offers right on their doorstep. We will leverage our collaboration with CDL to shape the property into a new focal point along the Singapore River for local and foreign tourists of all ages, building on the vast expertise of CapitaLand in developing award-winning integrated projects.
Mr Sherman Kwek, CDL Group Chief Executive Officer, said: “We are honored to partner with CapitaLand on another integrated development that will redefine Clarke Quay, one of the most exciting entertainment districts in Singapore, after our recent sales success at Sengkang Grand Residences.”
Former Liang Court site at Canning Hill Square has excellent location characteristics for an integrated development comprising residential, industrial, hotel and serviced residence components with numerous frontages, stunning views and easy access to Fort Canning MRT Station. We intend to turn the site into a historic landmark along the Singapore River by harnessing the talents and skills of all the stakeholders concerned.
A lively local and foreign landmark, host to a multitude of cultural, heritage and leisure offerings, is the Singapore River planning area. The proposed integrated development is connected to the Central Expressway via River Valley Lane, located in the heart of Clarke Quay, Singapore’s most iconic riverfront lifestyle and entertainment precinct, and on the edge of Singapore’s Central Business District. With a convenient link to Fort Canning MRT Station on the Downtown Line, it enjoys outstanding public transit links and is a quick walk from Clarke Quay MRT Station on the North East Line. The property is also linked to an overhead pedestrian bridge which provides direct access to a well-known historical hilltop landmark, Fort Canning Park.
CDL owns Central Mall, an integrated office-cum-retail development along Magazine Road within the Singapore River precinct, while CapitaLand has a stake in Clarke Quay mall, located within five blocks of conserved shophouses, from CapitaLand Mall Trust and a stake in Park Hotel Clarke Quay through Ascott Reit6. Through championing the Singapore River One pilot Business Improvement Area, both CDL and CapitaLand have extensive knowledge in enabling the precinct with placemaking initiatives.
Following last year’s active collaborative offer to build a mixed development site in Sengkang Central and also Buangkok MRT station, the renovation of Liang Court represents another partnership between CDL and CapitaLand. Sengkang Grand Residences, the 680-unit residential portion of the integrated construction, has sold more than 200 units since its launch.