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About Canninghill Piers
Canninghill Piers is an upcoming integrated development situated at River Valley Road and in the vicinity of Clarke Quay. The property is set to house about 700 units in two residential towers. The former development on the site comprises Novotel hotel, Liang Court Mall, and Somerset Liang Court’s serviced residences.
Through a joint release, City Development (CDL) and CapitaLand announced the entry of Ascott Residence Trust (Ascott Reit) into the consortium that will develop Canninghill Piers expected to be completed in 2024.
Canninghill Piers site enjoys a GFA of 100,263 sq m. The proposed development, once approved by the respective authorities, will feature a hotel, commercial units, and a serviced residence. It will enjoy direct connectivity to Fort Canning MRT.
The redevelopment of the site comes after CDL Hospitality Trusts (CDLHT) sold the property to CLD and CapitaLand to be developed on a 50:50 ratio. Ascott Reit has also sold some of its assets on the site including Somerset Liang Court to CDL.
Upon completion of Canninghill Piers, CDL-CapitaLand will own the commercial and residential components while 192 units of serviced residence with a hotel license will be under Ascott Reit. CDLHT is set to own the hotel featuring between 460 and 470 rooms on a forward purchase agreement with CDL. The hotel will be run by Marriott International operating as Moxy, and the serviced residences will operate as Somerset.
The three leading developers in Singapore also plan to revamp the river promenade to add new life to Canninghill Piers. The plans agree with URA’s 2019 Master Plan of increasing vibrancy in the area. The demand for Canninghill Piers is expected to be high because of its strategic location with easy access to amenities.
The three heavy weight developers behind Canninghill Piers are CDL, CapitaLand and Ascott Reit. The residential and commercial units are shared between CapitaLand and CDL on a 50:50 basis, the hotel is under CDL, while Ascott Reit takes the serviced apartments with a hotel license. These Singapore-based developers are not new in the real estate scene and completed high performing past projects designed to surpass the industry’s standards.View More