Liang Court En Bloc to CDL & Capitaland for $400M

 

 

ABOUT THE EN BLOC SALE

Liang Court is built during the early 1980’s by developer Wuthelam Group which is owned by the premier businessman Goh Cheng Liang. This property which include a list of service apartments and shared by a space that is a hope to Liang Court Shopping Centre and Hotel New Otani is addressed at 177 River Valley Road.

The transition of this en bloc to various owners include Pidemco Land who bought 58.9% stake of Liang Court Holdings that is taking ownership of the regency apartments and the mall in 1999. The company have renamed to Somerset Holdings upon its takeover. A year after, a merger between Somerset Holdings and DBS Land’s Ascott known as Ascott Group have emerged. They later sold the Liang Court Mall in 2006 bought by Asian Retail Mall Fund II.

The complexity of the history of the ownership record proves how sought and high potential it is. The PGIM Real Estate is the present owner of this property which entered an agreement With City Developments (CDL) and CapitaLand for a $400 million sale.

The Ascott Residence Trust and CDL Hospitality Trust (CDLHT) which are subsidiaries of CapitaLand and CDL respectively already owned the service residence and Novotel. There are speculations that there would be a joint development from these three developers for the site.

 

 

LIANG COURT LOCATION

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The Liang Court address is surrounded with a beautiful area. It was a place of different towering buildings and at the same time enclosed by greenery which include the Fort Canning Park. Outdoor recreational amenities like the Singapore Cricket Club and Esplanade Park are also within a short distance. It offers an excellent ambiance that breaks the busy vibes of the metropolitan address.

Sitting just about 600 meters away from Clarke Quay, this property have an excellent accessibility that offers exceptional opportunity to its residential neighborhood. The area have an abundant list of establishments that brings enjoyment and recreation. Some of these nearby businesses are Amped Trampoline Park at River Valley, Excelsior Shopping Centre, Funan Mall, Victoria Theatre, Robertson Walk and a lot more.

The availability of nearby renowned schools is such a huge feature of this location. The residential neighborhood is able to find the prefect schools for them and their family. Schools such as the Nanyang Institute of Management are just a few meters away. To ensure better standards, international schools like Asia Pacific International Academy are just within minutes away.

Connectivity to its neighboring districts and nearby amenities is very convenient. MRT stations like Clarke Quay MRT, City hall MRT and Fort Canning MRT are easily reachable. The Central Expressway (CTE) offers great accessibility to other parts of the country.

 

MODE OF TRANSPORT

• Central Expressway (CTE)
• Clarke Quay MR
• Raffles Place MRT
• Dhoby Ghaut MRT
• Bras Basah MRT
• Fort Canning MRT
• City Hall MRT
• Jalan Besar MRT
• Chinatown MRT

NEARBY AMENITIES

• Jalan Kukoh Market & Hawker Centre
• Nanyang Institute of Management
• EF International Language Schools
• River Valley Primary School
• Asia Pacific International Academy
• UE Shopping Mall
• High Street Centre
• Amped trampoline Park – River Valley
• Esplanade – Theatres on the Bay
• Fort Canning Park

 

POTENTIAL OF THE SITE

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With only two companies now holding the Liang Court, there is a huge potential for redevelopment. This property is planned to be redeveloped into a mixed-used building with a gross floor area measuring 100,263 square meters upon approval of authorities.

The proposed new developed site will be composed of a commercial complex, service residences and a hotel. This 50-50 venture of CDL and Capitaland will make them own the commercial and residential part of the development, while Ascott Reit will have the 192-unit service residence with hotel license. The residential building will be comprised of 700 units in this integrated development.

The area’s vibrancy will also be enhanced in line for the URA’s 2019 Draft Master Plan. This including improving pedestrian accessibility and footfall near the Singapore River.

The new project development is expected to commence its first phase in the year 2024. According to the release joint statement of City Developments and CapitaLand. This new project will also be joined by Ascott Reit which will sell some of its parts in Somerset Liang Court.

 

LIANG COURT NEW CONDO REGISTRATION OF INTEREST

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