CDL, CapitaLand and Ascott to redevelop Liang Court site in Singapore

WCN Editorial Team 22 Nov 2019 ASIA BUILDINGS

Singapore-based property developer City Developments, real estate company CapitaLand and hospitality real estate investment trust company Ascott Residence Trust (Ascott REIT) have partnered to redevelop the Liang Court site in Clarke Quay.

Currently, the site comprises Liang Court mall, Novotel Singapore Clarke Quay hotel and Somerset Liang Court Singapore hotel.

Subject to approval from the authorities, the Liang Court site, with a total gross floor area (GFA) of 100,263m², will be redeveloped into an integrated development.

The project will comprise two residential towers consisting of about 700 residential units, a commercial component, a hotel with 460 to 475 rooms, and a 192-unit serviced residence with a hotel licence.

City Developments said that the plans for the project follow the CDL Hospitality Trusts (CDLHT) proposal to sell its stake in Novotel Singapore Clarke Quay to the 50:50 CDL-CapitaLand joint venture (JV) entities and CDL.

Upon completion of the project, the residential and commercial components of the new development will be owned by the JV entities, while the serviced residence with a hotel licence will be owned by Ascott REIT.

Under a forward purchase agreement with CDL, CDLHT will own the hotel, which will have 460 to 475 rooms.

The new hotel will be operated under the Moxy brand by Marriott International, while the serviced residence will keep its Somerset branding.

The proposed mixed-use project is scheduled to open in phases from 2024.

CDL Group CEO Sherman Kwek said: “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.”

Along with the redevelopment of the site, the consortium also intends to rejuvenate the river promenade flanking the property, a programme which is in line with the Urban Redevelopment Authority’s 2019 Draft Master Plan to improve the vibrancy of the area.

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Image: CDL, CapitaLand and Ascott to redevelop Liang Court site in Singapore. Photo: courtesy of CapitaLand Limited.

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