Mixed Development Residences at Clarke Quay
By Capitaland + CDL Singapore
By Capitaland + CDL Singapore
Here we review the launch of the upcoming Canninghill Piers Singapore. Canninghill is a new integrated development that includes a retail component Canninghill Square, and Canninghill Piers condo offering 696 residential units. This project is being built on the site of the old Liang Court at River Valley that is just across the road from Fort Canning Park (from which its name is derived).
The developers behind this promising project are two heavyweights, City Developments Limited (CDL) and Capitaland Limited. Their redevelopment of their Liang Court asset is a timely move that complements the ongoing rejuvenation of the Singapore River planning area.
Besides the 2-storey commercial podium to be managed by CapitaMall, Canninghill Square will integrate the 21-storey Moxy Hotel operated by Marriott International, and 20-storey serviced residences with hotel licence. It is next door, and directly connected to Fort Canning MRT station on the Downtown Line.
Canninghill Square Singapore . Overview
This integrated development is proposed to span 100,263 square metres, close to 1.1 million square feet of total floor space. It will comprise two residential towers housing the apartments, with the commercial, hotel, and serviced residences in separate blocks.
The Capitaland and CDL joint venture partners will own both the residential and commercial components in equal shares, 50:50.
CDL Hospitality Trusts (CDLHT) will own the hotel, to be operated by Marriott International under the Moxy brand. Ascott Residence Trust (Ascott Reit) will take over ownership of the 192-unit serviced residences and retain its Somerset branding.
The former Somerset at Liang Court offered 197 apartment units. The new Somerset serviced residences will provide 192 units, with more efficient room sizes and layouts. Over half of the units will be one and two bedders, to cater to business executives and expatriates on long stays. And with its hotel licence, it will be able to accommodate travellers on short stays as well.
As part of the redevelopment of the site, the consortium intends to refurbish the promenade that skirts the bank of the Singapore River beside the project. This will help to improve pedestrian accessibility, and attract more footfall. It should also generate more social activity, which is very much in line with URA’s master plan for ramping up the vibrancy of the area around the river.
Indeed its position, tucked between Fort Canning and the Singapore River, makes this a rather special location. On one side, Fort Canning Park is a recognised and well-loved hilltop landmark. On the other, the Singapore River is a vibrant local icon in the heart of Singapore – known for its lifestyle, heritage and cultural offerings.
Situated as it is in Clarke Quay, Canninghill Piers is right in the middle of one of Singapore’s most popular riverfront entertainment and lifestyle precincts. That also places it on the fringe of the Central Business District. In fact within a nice walk from it along the river promenade.
The site is easily accessible to public transport given its direct link to Fort Canning MRT Station, and the short walk to Clarke Quay MRT Station on the North East Line. For those who crave a spot of greenery or quiet, a pedestrian bridge provides direct access to Fort Canning Park.
Canninghill Square is targeting to complete and open in phases starting from 2024.
Canninghill Piers Singapore . Vision
The consortium partners behind this project have a clear vision of the potential and plans for this site. In the press release announcing the redevelopment of Liang Court, they made the following statements.
CDL’s Group Chief Executive Officer, Mr Sherman Kwek:
“… we are honoured to be partnering CapitaLand on yet another integrated development that will redefine Clarke Quay, one of Singapore’s most exciting entertainment precincts. With multiple frontages, breathtaking views and convenient access to Fort Canning MRT Station, the Liang Court site has outstanding locational attributes for an integrated development comprising residential, commercial, hotel and serviced residence components. By harnessing the strengths and capabilities of all the partners involved, we plan to transform the site into an iconic landmark along the Singapore River.”
The CapitaLand Group President for Singapore & International, Mr Jason Leow:
“Liang Court sits on a prime site with a coveted dual-frontage facing Singapore River and Fort Canning Hill. Its redevelopment offers CapitaLand a prized opportunity to deliver an upmarket, high-rise riverfront residential development that comes with stunning views of Singapore River and the city centre.
The commercial component of the integrated development will be seamlessly connected to Clarke Quay, offering residents the convenience of top-notch F&B and retail offerings right on their doorstep. Drawing on CapitaLand’s extensive experience in creating award-winning integrated developments, we will harness our partnership with CDL to shape the property into a fresh focal point along the Singapore River for local and international visitors of all ages.”
Neither CapitaLand nor CDL are newcomers to this precinct. In the vicinity of the Singapore River, CapitaLand has a stake in Park Hotel Clarke Quay, as well as in Clarke Quay Mall. CDL owns and operates Central Mall at Magazine Road, a retail-cum-office development.
So both have extensive experience in initiatives to bring vibrancy & buzz to the neighbourhood, that play their part to spearhead the Singapore River One pilot Business Improvement District.
The Canninghill Piers showflat is likely to launch for sale in 2021. Viewings will be arranged by appointment on a first-come-first-served basis only, as there is a cap on numbers.
Please drop us a line below if you wish to be kept updated, or to book a viewing slot.
|Developer||. Residential + commercial: CDL + CapitaLand (50:50 share basis)
. Hotel: CDL
. Serviced residence with a hotel licence: Ascott Reit
|Address||177 River Valley Road, Singapore 179030|
|Site Area||12,925.4 m² (139,129 sq ft)|
|Gross Floor Area||100,263 m² (1,079,230 sq ft)|
|Area Breakdown||. Residential: 60,158 m²
. Commercial: 11,530 m²
. Hotel: 15,541 m²
. Serviced Residence (with a hotel licence): 13,034 m²
|Estimated TOP||Phased Completion from 2024|
|No. of Storeys||. 24 storey and 48 storey residential towers
. 2 storey commercial / retail podium
. 21 storey hotel
. 20 storey serviced apartment block
|No. of Units||696 residential apartments|
The Canninghill Piers Floor Plans
The Canninghill Piers condo floor plans are being finalised. Kindly let us know via the Contact Form below if you would like the floor plans emailed to you once available.
Canninghill Piers Condo Site Plan
Canninghill Square Singapore occupies a roughly squarish site within the Clarke Quay enclave at River Valley. This place is one of the rare launches with fairly open views around it.
It fronts directly onto River Valley Road to its north-east, across which is the greenery of Fort Canning Park. Units facing this direction will have clear unblocked park views for quite a way, towards Orchard Road in the distance.
To its north-west across Clarke Quay lane is Fort Canning MRT station, which is underground. On part of the land above that is a low rise commercial building, ITS Centre.
Clark Quay lane turns around to hug the south-west of the project as well. This side fronts the Singapore River, which offers potential for creating a more lively and vibrant scene here, than the former Liang Court design did.
Tan Tye Place on the south-east of Canninghill Square separates it from 3B Clarke Quay. The latter comprises conserved warehouses, that have been refurbished into retail & dining spaces that exude character and charm.
Given the low-rise conservation precinct to the south-east, and the Singapore River fronting its south-west, units on the south of the site should get quite good views too. Possibly across the river to the CBD skyline, and down the river to Marina Bay, and MBS.
Canninghill Piers Condo Showflat · Viewing
The Canninghill Piers showflat is not ready yet. Please drop us a note in the Contact Form if you wish to be notified when showflat appointments can be booked for the VIP Preview.
The Canninghill Piers Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|Total Number of Units||696|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
CANNINGHILL PIERS PRICE RANGES
The Canninghill Piers prices are not finalised yet. Just drop us a line via the Contact Form if you wish us to keep you updated on the indicative pricing.
Liang Court was owned by CapitaLand Limited (CapitaLand), City Developments Limited (CDL), Ascott Residence Trust (Ascott Reit), and CDL Hospitality Trusts (CDLHT). For the redevelopment, CDLHT sold its total interest in Novotel Singapore Clarke Quay to the CDL-Capitaland consortium partners, and Ascott Reit sold part of its interest in Somerset Liang Court Singapore to CDL.
Hence unlike Government Land Sales (GLS) or en bloc collective sales sites, where the purchase price of the land is used as a guide to the possible selling price of the new launch, there is no such data in this case.
The closest guides would therefore likely be the selling price of current launches in the vicinity. Of these, the nearest and most comparable is the 99-year leasehold Rivière, also part of an integrated development, up the Singapore River. Rivière has recently been selling at around $2,5xx to $2,8xx PSF.
Do note however, that property prices are currently rising. Partly fuelled by rising land costs, that reflects developers’ optimistic outlook on private home demand, and continuing hunger for land.
This was especially cast into the limelight by record-high bids for the GLS tender closings on 22 July 2021.
In the tender, a unit of GuocoLand topped the bidding for a Lentor mixed development site at $1,204 PSF. Assuming development costs add another $600 PSF, analysts expect selling price to be close to $2,000 PSF.
A month earlier in June, a UOL joint venture had clinched a residential site in Ang Mo Kio for a record high then too. At close to $1,118 PSF, analysts were predicting sale pricing of about $1,900 PSF.
From which it would appear that 99 year leasehold OCR (Outside Central Region) homes near MRT stations are climbing to close to $2,000 PSF.
If that is the case, we would expect pricing in the RCR (Rest of Central Region) zone to rise in tandem. And even more so for integrated developments in the Central Region.
About the Developer
Canninghill Piers is being developed by a joint venture of City Developments and CapitaLand, in equal shares.
Both are very experienced and strong industry players, not just in real estate, but the delivery & management of mixed developments as well.
About City Developments Limited (“CDL” or the “Group”)
City Developments Limited is a leading global real estate company, with a network spanning 103 locations in 29 regions and countries. It is listed on the Stock Exchange of Singapore, where it is one of the largest companies by market capitalisation. Its geographically diverse, income-stable portfolio comprises offices, homes, serviced apartments, hotels, shopping malls, and integrated developments.
CDL has over 55 years of experience in real estate investment, development, and management. In the course of that time, it has built over 43,000 residences. It also controls real estate assets worldwide, that span over 18 million square feet of lettable floor area.
The Group’s hotel subsidiary, London-based Millennium & Copthorne Hotels (M&C), is one of the largest hotel chains in the world. M&C operates over 145 hotels globally, many of them are in key gateway cities.
Among the many projects that CDL have developed in Singapore are ones like Boulevard 88, Nouvel 18, Residences @ Evelyn, St Regis Residences, Cliveden @ Grange, Gramercy Park, New Futura at Leonie Hill, The Glyndebourne, The Pier at Robertson, The Sail @ Marina Bay, The Oceanfront @ Sentosa Cove, Amber Park (both old and upcoming), MeyeRise, Golden Hill Villas, Goldenhill Park, and South Beach with South Beach Residences (a mixed development) at Beach Road.
CDL is also building Sengkang Grand Residences and Mall, another integrated development, in partnership with Capitaland as well.
About Capitaland Limited (“Capitaland” or the “Group”)
CapitaLand is one of Asia’s most diversified and largest real estate groups. It is listed and headquartered in Singapore, but manages and owns a worldwide portfolio totalling SGD$131.7 billion as at 30 September 2019.
The Group’s portfolio covers diverse real estate classes that include residential, commercial and retail space. Also integrated and urban developments, logistics & industrial space, and business parks.
While having a global presence across 200 cities in more than 30 countries, Capitaland focuses mainly on Singapore & China as its core markets. However it is continuing to expand in markets such as Europe, Australia, the USA, Vietnam, and India.
The Group also runs one of the biggest real estate investment management businesses globally. These comprise eight listed business trusts and real estate investment trusts (REITs), and more than 20 private funds.
The REITS include names like Ascendas Reit, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust, CapitaLand Malaysia Mall Trust and Ascendas Hospitality Trust.
Capitaland has developed numerous projects, including some high-profile ones. Among them are The Nassim, Interlace, D’Leedon, Orchard Residences, One Pearl Bank, Sky Habitat, and the mixed developments Marina One, and Bedok Residences & Mall.
For more info on Capitaland, see www.capitaland.com (opens in new window).
Canninghill Piers Location · Features
The Canninghill Square site is situated in the lifestyle enclave of Clarke Quay, between River Valley Road and the Singapore River. Clarke Quay is a unique historical landmark known for its conservation warehouses and shophouses, that have been transformed into delightful retail spaces and F&B outlets.
Overall this is quite a prime location on the fringe of the Orchard Road shopping district, and just up-river from the central business district of Raffles Place / Shenton Way / Marina Bay.
- F&B, Retail, Banking, Supermarkets, Hotels.
Being located within an integrated development, Canninghill condo residents will of course, get most amenities right at their own doorstep. While the retail tenant mix has not been selected yet, it is likely to include a supermarket, and certainly plenty of dining outlets and shops. It will have also have its own hotel.
Apart from that, the Canninghill Piers location is close to a variety of F&B and shopping places, and hotels and boutique hotels nearby, many of which line the river. Some interesting ones include the upcoming Fraser Residence Promenade mixed development on the former Zouk site, the beautifully refurbished Warehouse hotel from an old godown, and riverside dining at Robertson Quay.
Quite conveniently, a bridge called Ord Bridge crosses Singapore River at this point. Across the river, a promenade runs along the bank, going down to Boat Quay, and Raffles Place and the CBD. So Canninghill condo residents can cycle or walk to work if so inclined.
- Lifestyle Amenities.
The Canninghill location being at Clarke Quay, is right in the middle of the Singapore River Lifestyle Corridor that includes Boat Quay downstream, and Robertson Quay upstream. All three are popular entertainment hotspots, with a choice of speciality cafes, hotel restaurants, bistros and pubs, alfresco dining, wine bars, and art houses.
They exude an appealing hang loose ambience and cosmopolitan vibe, set against the old world charm and rich character of the conservation godowns and shophouses along the quays. It makes for an attractive place for an intimate dinner by the river, or for relaxing with friends and colleagues after work.
For those who want to be within 1 KM of a good primary school, the Canninghill Piers location would suit them. River Valley Primary School at River Valley Close is just within the 1km radius.
Further afield within the 2 km radius, there are Anglo-Chinese School (Junior) at Winstedt Road and St Margaret’s Primary at Wilkie Road.
- Nearest MRT Station.
The Canninghill Piers location has the advantage of being right beside, and directly connected to Fort Canning MRT station on the Downtown Line. This line goes straight down to Chinatown and Telok Ayer from this point, and on to Downtown and Bayfront stations at Marina Bay. That is less than 10 minutes by train, which makes it very convenient for those working in the CBD.
The Canninghill location lies in the Core Central Region (CCR), on the fringe of Singapore’s central business and financial district. It is within 10 minutes drive off-peak to Raffles Place / Marina Bay / Tanjong Pagar, which should attract potential tenants from offices there. This place also offers quick access to the expressway network through the Central Expressway (CTE), via Clemenceau Avenue.