CanningHill Piers Review

Rare Integrated Development with River and Hill Dual Frontage

Developer: Capitaland & CDL

20 August 2021

CanningHill Piers eBrochure Download

As of this moment in writing, the CanningHill Piers eBrochure is not ready yet. 

For more updates and to download the eBrochure once it is available check out the official website!

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CanningHill Piers Location Map

See High Res Version of Location Map

CanningHill Piers: An Introduction 

CanningHill Piers is the much awaited launch of 2021, being the high profile sale of the Liang Court site to Capitaland and CDL. 

Not only is it situated in a prime location along the Singapore River and right across from entertainment hub Clarke Quay, it is also an integrated development, meaning that there will be a commercial component with retail options within the project itself, and also a direct connection to Fort Canning MRT via an underpass. 

In this article we'll review the traits and potential for this highly anticipated development.

Check out the CanningHill Piers website here.

Project NameCanningHill Piers
DeveloperJointly Developed by Capitaland & City Developments Limited
Location / AddressFormer Liang Court
(River Valley Road / Tan Tye Place / Clarke Quay)
District / Planning Area6 / Singapore River Planning Area
Description of SiteProposed Mixed-Use Development Comprising
• 1 Block 48-Storey and 1 Block 24-Storey Residential Flats (Total 696 Units)
• 1 Block 21-Storey Hotel (477 Guest Rooms)
• 1 Block 20-Storey Serviced Residence with Hotel Licence (192 Guest Rooms)
• 2-Storey Commercial Podium
• 4 Levels Basement Car Park with Commercial at Basement 1
No. of Units696 Residential Units
Facilities• Level 45: Sky Club (Clubhouse) 1900sqft, Sky Garden
• Level 24: Sky Bridge connecting residential towers, Sky Gym, Infinity Lap Pool, Sky Gourmet, Flexi Lounge, Function Room
• Level 3: Outdoor jogging track, bouldering wall, adventure-themed children's play area
Tenure of Land99-year leasehold
Estimated TOP2025
Expected Date of Vacant PossessionTBA
Site Area12,925.4 sqm (139,128 sqft)
Building Height• 180-metres (48-storey residential tower)
• 100-metres (24-storey residential tower)
Carpark LotsTBA
Design ArchitectBjarke Ingels Group
Project ArchitectDP Architects Pte Ltd
Landscape ConsultantRamboll Studio Dreiseitl
Project Interior DesignerAsylum Creative Pte Ltd

The Evolution of Liang Court and $400m Sale

In its heyday, Liang Court was fondly remembered as the go-to for all things Japanese, with Meidi-Ya supermarket being the one stop for Japanese groceries and food. It was the favourite place for the Japanese community to hang out. 

Liang Court opened in January 1984 as the first major shopping mall along River Valley Road. It was developed by the Wuthelam Group in collaboration with Daimaru Inc. At that time of opening, it had Japanese department store and supermarket chain Daimaru, lifestyle bookstore Kinokuniya, Chinese restaurant Tung Lok Signatures, karaoke chain Party World, consumer electronics chain SAFE Superstore and more than 60 speciality tenants mostly catering to Japanese expatriates. Above Liang Court were two 25-storey tower blocks occupied by Hotel New Otani Singapore and serviced apartment Liang Court Regency, which opened in November 1984. In 2000, Rainforest Cafe opened in the lower floors but was closed in 2004 due to declining patronage.

In 2003, Daimaru closed down due to declining sales and restructuring. Its supermarket section was taken over by Meidi-Ya and department store section taken over by electronics chain Audio House and smaller shops. Hotel New Otani's management was taken over by Accor Hotels in December 2004, and was subsequently renamed Novotel Singapore Clarke Quay. The mall changed hands twice, having been sold to Pidemco Land in 1999 and subsequently sold to the Asia Retail Management Fund in 2006.

Under ARMF management, the mall underwent major refurbishment works in 2007, coupled with a repositioning of its image. The space once taken up by Daimaru was reconfigured into smaller shops, and Audio House was relocated to Level 4. The basement shops were replaced by Japanese restaurants and shops catering to Japanese expatriates. Refurbishment works were completed in 2010.

Uniqlo opened at the mall's ground floor in November 2013. In August 2016, Audio House closed down its only mall-based store. Following declining business, the mall was sold to a joint venture between CapitaLand and City Developments Limited in March 2019. Kinokuniya closed its store in April 2019, following the end of its 32-year lease, with various shops and restaurants following suit by the end of that year. All shops were eventually closed in April 2020, along with the hotel and serviced apartments.

In November 2019, CapitaLand and its subsidiary Ascott REIT, along with City Developments Limited announced that Liang Court will be redeveloped into a mixed-use, integrated development named Canninghill Piers.

This redevelopment effort was made possible following the proposed sale by CDL Hospitality Trusts (CDLHT) of its entire stake in Novotel Singapore Clarke Quay to the 50:50 CDL-CapitaLand joint venture entities and CDL.

Concurrently, Ascott Reit, which is a wholly owned subsidiary of CapitaLand, will sell part of its interest in Somerset Liang Court Singapore to CDL.

The sale of Liang Court to Capitaland and CDL cost $400 million. 

Read: Liang Court site in Clarke Quay to be turned into mixed-use development with 700 apartments

CanningHill Piers Joint Developers: Capitaland and CDL

The CanningHill Piers development brings together two of the biggest names in the property development scene: Capitaland and CDL. 

These two developers are currently the top ranking developers on the BCA list, and really does not need any further introduction. 

The biggest concern for most property buyers is the reputation and reliability of the developers behind the project, and in case, what we can say, really, is that buyers will have the best of both worlds for this project. 

Check out the BCA Top Ten Developer List here

Joint Developer: Capitaland

CapitaLand Limited (CapitaLand) is one of Asia’s largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth about S$138.7 billion. CapitaLand’s portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential.

They have a presence across more than 250 cities in over 30 countries.

It is interesting to note that Capitaland is also in charge of managing Clarke Quay.

Joint Developer: City Developments Limited (CDL)

City Developments Limited (CDL) is a leading global real estate company with a network spanning 112 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls.

 

CanningHill Piers: Project Information 

 

What's in the name? 

CanningHill Piers is so named to reflect its unique river and hill dual frontage.

To the north lies Fort Canning Hill, a lush expanse of greenery that holds the key to much of Singapore's history, and to the south, the Singapore River and Clarke Quay, which used to function as a pier for the loading and unloading of stores for the warehouses that used to line the quay side. 

Artists' Impression of the towers of CanningHill Piers, with the Sky Bridge connecting the residential towers.

CanningHill Piers: Site Structure

CanningHill Piers is an integrated development, meaning that it will have a commercial component within the project itself and also direct access to an MRT station. 

The design and layout of CanningHill Piers comprises of 4 towers placed around a central podium area that has a direct view up towards the sky. 

These 4 towers are of different heights and functions.

Covering the residential portion first, there are 2 residential towers that are diagonally facing. The first is a 48-storey residential tower standing at 180m (will be the tallest structure along the Singapore River) and facing the river. The other residential tower stands at 100m, with 24-storeys, facing Fort Canning Hill. In total, both towers will house 696 units. These 2 towers will be linked via a Sky Bridge on the 24 storey.

From here it is clear that the 48-storey building will be the higher priced among the 2 towers.

Next, the other 2 towers include a 21-storey Hotel managed by Marriott International under the Moxy Brand, with 477 guest rooms, and a 20-storey Somerset Serviced Residence with 192 guest rooms. 

These 4 towers are set atop a double-storey double-storey commercial podium, named CanningHill Square. The courtyard of CanningHill Square will open to the sky.

For its facade, the landscaping of CanningHill Piers draws inspiration Fort Canning Hill to its various sky terraces. There is a a single continuous drape adorning the façade that ties the various components together into an iconic and sculptural whole. Strategic parts of the façade drape are lifted to unveil building entrances, communal areas and green spaces at various heights.

CanningHill Piers will have direct connection to Fort Canning MRT via an underpass. 

CanningHill Piers: Unit Mix

There are as many as 11 types of units at CanningHill Piers, but the unit composition is skewed towards the smaller unit types. 

  • 1 BR (+Study) : 328 units
  • 2 BR (+Ensuite Study) (+Study) : 203 units
  • 3 BR (and 3BR Premium) : 80 units
  • 4 BR Premium : 60 units
  • 5BR Premium : 20 units
  • Sky Suites : 4 units
  • Super Penthouse : 1 unit
SEE UNIT MIX  ►

CanningHill Piers: Design Architect

CanningHill Piers is designed by Danish architecture firm Bjarke Ingels Group (BIG) led by Bjarke Ingels, one of the world’s most well-known contemporary architects.

They are behind award-winning residential developments such as 8 House in Copenhagen and Via 57 West in New York. BIG is also the design architect for CapitaSpring, a soon-to-be-completed 51- storey integrated development by CapitaLand Group in Singapore’s Raffles Place CBD. CanningHill Piers is expected to be BIG’s first residential project to be completed in Asia.

CanningHill Piers: Facilities

The facilities at CanningHill Piers are mostly set on the higher floors, which will definitely offer great views of the surrounding area. 

At level 45, the Clubhouse named Sky Club spanning 1900sqft and a Sky Garden. This will be situated within the 48 storey residential tower.

At level 24, a Sky Bridge connecting the 2 residential towers, along with facilities like a Sky Gym, Infinity Lap Pool, Sky Gourmet, Flexi Lounge, Function Room.

At level 3: Outdoor jogging track, bouldering wall, adventure-themed children's play area

CanningHill Piers Showflat Location

The actual location of CanningHill Piers is right at the Liang Court site. 

As for the showflat, it is located just across the river, a very short walk away. 

SHOWFLAT DIRECTIONS  ►

Pricing: Location Analysis

Here's a look at the condo developments that are around CanningHill Piers, and more specifically, along the Singapore River.

There has not been any new launches in this area for a while, except for Riviere, which started sales in May 2019 and is slated for TOP in 2023. Riviere is currently averaging S$ 2,589 psf.

It is safe to say that the condo projects around the area have generally seen an appreciation in price. 

For some of the newer projects such as Riviere and Centennia Suites, the psf is currently hovering at around $2500 to $2600 psf. 

CanningHill Piers : The Pros

(1) River and Hill Dual Frontage

Whilst it may sound like marketing spiel, CanningHill Piers does indeed enjoy the rarity of having views of both the Singapore River and Fort Canning Hill, two of the most historical symbols of the city state. 

The structure of CanningHill Piers, with its majestic 48 and 24 storey dual residential towers, will become the new icons along the Singapore and provide breathtaking views for residents. 

(2) Integrated Development means Enhanced Convenience

CanningHill Piers will have a direct connection to Fort Canning MRT via an underpass, which makes a lot of sense since it is just beside the MRT Station.

This means unparalleled convenience for residents, visitors and especially tenants. 

And we all know real estate in Singapore gets a huge boost from being directly connected to a train station. 

 

(3) Top Developers Behind The Project

CanningHill Piers has 2 of the top ranked developers behind it - Capitaland and CDL. 

This factor alone is sufficient to allay any concerns that buyer may have regarding the quality of finishing, management of the premises, etc. 

 

(4) High Rentability

If you are intending to purchase a unit at CanningHill Piers to rent out, it may prove to be a good investment.

The following chart shows the rentals at the developments around the Singapore River, with rental psf at at least $4 psf. 

Building on the earlier point that CanningHill Piers is an integrated development, this boosts its rentability even further because tenants most likely do not drive and are only looking for convenience and access to public transport options. 

With Fort Canning MRT being directly connected via an underpass, it means tenants can commute to and from CanningHill Piers rain or shine, which is a significant factor when considering rental for tenants. 

At the same time, CanningHill Square is a 2-storey commercial building right within the development, so tenants practically never need to leave the premises. 

 

CanningHill Piers : The Cons

(1) It's Going to Be Priced at a Premium

Having 2 of the biggest industry heavyweights as developers for the project is a great thing. 

But the trade off is that, this project is going to be priced at a premium, especially considering the fact that there has been no new launches in the area for a while, except for The Riviere, which arguably does not enjoy the same traits of accessibility and convenience to MRT that CanningHill Piers does. 

As a comparison, lets take a look at some price points of new launches in the surrounding area. 

Some new launches around CanningHill Piers

First, the developments on the West of CanningHill Piers, namely The Landmark, Martin Modern, Riviere, The Avenir, Irwell Hill Residences, 8 Saint Thomas and Lloyd Sixty Five. 

PSF is hovering from the $2500 to $3200 range. 

Next, for the developments on the East side of CanningHill Piers, namely Haus on Handy, Midtown Modern, Midtown Bay, The M and South Beach Residence. 

The variance in psf is from $2500 to $3200.

 

Combining the above factors, and especially considering that existing developments around CanningHill Piers are already at $2500psf, it is very likely that the psf for CanningHill Piers will be at least $2800 and up. 

(2) No more new Residential Land in that Area

To be fair, this point can really be a pro or con, depending on how you see it. 

The pro is that with no new residential land plot, people who are looking to purchase a unit there with picturesque views of the Singapore River and Fort Canning Hill now have the option of going for CanningHill Piers. In other words, no more new land means existing owners are holding onto rare and exclusive units.

The cons is that, if there are no new residential land plots for sale by government, the only way for prices to move up in that area is general demand and supply, and inflation. I.e., as time goes by, and there are buyers who are keen to look for units there, they will turn to buying from existing owners, who are then in a position to ask for better prices than what they bought for. 

Government Land Sales programmes has the effect of rejuvenating interest in the region and also helping to boost land prices up. Without GLS, prices can still move, but at a slower pace. 

The other way for prices to move, would then be via enbloc sales, just like what happened to Liang Court. Attractive as the idea may sound, enbloc actually isn't that easy to achieve. 

 

CanningHill Piers: In Conclusion

As a summary, we do think this is a very exciting development to look out for, given these qualities: 

  • Backed by the 2 biggest names in property development: Capitaland and CDL 
  • Unique river and hill dual-frontage 
  • With its 48 storey residential block and 4-tower structure, it will become the new icon along Singapore River 
  • Being an integrated development means that it will provide utmost convenience to residents and tenants 
  • Very good rental potential 

What investors do need to look out for: 

  • It will be priced at a premium (we will update with pricing once we have the info) 
  • No new land in the area means price appreciation will be at a slower pace 

 

For more information, check out the CanningHill Piers website. 

SEE CANNINGHILL PIERS WEBSITE!  ►
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