16/05/2021
CDL and CapitaLand to redevelop Singapore’s Liang Court site into an integrated development with 700 residential apartments
Proposed integrated development will be directly linked to Fort Canning MRT station and also include a commercial component, a hotel and a serviced residence with a hotel licence
Timely rejuvenation of mature asset will complement revitalisation of the Singapore River planning area
City Developments Limited (CDL), CapitaLand Limited (CapitaLand) and Ascott Residence Trust (Ascott Reit) have teamed up to redevelop the Liang Court site into an integrated development following the proposed sale by CDL Hospitality Trusts (CDLHT) of its total interest in Novotel Singapore Clarke Quay, subject to the approval of CDLHT’s unitholders at its extraordinary general meetings, to the 50:50 CDL-CapitaLand joint venture entities and CDL. Concurrently, Ascott Reit will sell part of its interest in Somerset Liang Court Singapore to CDL.
Liang Court site comprises Liang Court mall, Novotel Singapore Clarke Quay and Somerset Liang Court Singapore.
Subject to approval from the relevant authorities, the proposed integrated development with a total gross floor area (GFA) of 100,263 square metres (sq m) will comprise two residential towers offering around 700 apartment units, a commercial component, a hotel and a serviced residence with a hotel licence. Upon completion, the 50:50 CDL-CapitaLand joint venture entities will own the residential and commercial components while Ascott Reit will own the 192-unit serviced residence with a hotel licence. CDLHT will own the hotel, which will have about 460 to 475 rooms, under a forward purchase agreement with CDL. The hotel will be operated under the Moxy brand by Marriott International while the serviced residence will retain its Somerset branding. The proposed integrated development is targeted to open in phases from 2024.
Along with the redevelopment, the consortium plans to rejuvenate the river promenade flanking the property which is in line with the Urban Redevelopment Authority’s Draft Master Plan 2019 to enhance the area’s vibrancy. This is expected to generate social activities around the proposed integrated development, increase footfall and improve pedestrian accessibility along the Singapore River.
