CanningHill Piers sits on the former Liang Court site along the Singapore River and right across from the popular entertainment area Clarke Quay, it is an integrated development, which means there will be both residential along with commercial buildings within the development in itself, as well as an immediate connection with Fort Canning MRT Station via an underpass.
This is the result of the result of the amalgamation of several icons, and is slated to be the next icon.
The development’s one-side is on one side the Singapore River promenade. It is a emblem of Singapore’s early years as a crucial destination in shipping lines. On the other hand, there is Fort Canning Hill and Fort Canning Park that witnessed important moments in World War II.
While at the same time the 48-storey residential tower will be a notch above other buildings on the Singapore River, and become immediately identifiable.
Oh, and the 99-year lease starts 17 September 2021. That’s right, yes you did read it right. Sept 2021.
That means there’s a great deal of lease available to buyers as opposed to the majority of new launches, which have at minimum one year lease left the time they are made available for purchase by the public.
In this article, we’ll examine the characteristics and possibilities for an upcoming development that is highly anticipated.
A Look at the Evolution of Liang Court and the $400 million sale
In the days of its glory, Liang Court was often referred to as the one-stop shop for everything Japanese Meidi-Ya’s supermarket as the only stop for Japanese foods and other items. It was the most popular spot to go for members of people from the Japanese community to meet up.
Liang Court opened in January 1984, as the first major mall on River Valley Road. It was designed through Wuthelam Group. Wuthelam Group in collaboration with Daimaru Inc. At that moment of its opening the mall was home to Japanese department stores and the supermarket chain Daimaru as well as a lifestyle bookshop Kinokuniya, Chinese restaurant Tung Lok Signatures and karaoke chain Party World, consumer electronics chain SAFE Superstore and more than 60 specialty tenants, mostly catering towards Japanese expatriates. In the upper floors of Liang Court were two 25-storey tower blocks that were occupied by the Hotel New Otani Singapore and serviced apartments Liang Court Regency, which was opened in November 1984. The year 2000 saw Rainforest Cafe opened in the lower levels, but it was shut down in 2004 because of a drop in customers.
The year 2003 saw Daimaru was shut down in 2003 due to falling sales and a the need for restructuring. The department store was purchased by Meidi-Ya and the department store section was taken over by the Electronics chain Audio House and smaller shops. The management of Hotel New Otani was acquired from Accor Hotels in December 2004 The hotel was later renamed Novotel Singapore Clarke Quay. The mall was sold twice. It was first transferred in 1999 to Pidemco Land in 1999 and later was sold by the Asia Retail Management Fund in the year 2006.
Under ARMF management the mall was subject to major overhauls in 2007 along with a change in its image. The space that was once occupied by Daimaru was rearranged into smaller shops. Audio House was relocated to Level 4. The basement stores were substituted by Japanese eateries and stores serving Japanese expatriates. Renovations were completed in the year 2010.
Uniqlo opened in The mall’s main floor on November of 2013. In August of 2016, Audio House closed down the mall’s only store. After a decline in sales the mall was transferred into a joint venture of CapitaLand as well as City Developments Limited in March 2019. Kinokuniya shut down its store in April of 2019, due to the expiration of its lease for 32 years which saw a variety of restaurants and shops following suit at the end of the year. All stores eventually shut down in April 2020, as well with the hotel and serviced apartments.
In November of 2019, CapitaLand and its subsidiary Ascott REIT, along with City Developments Limited announced that Liang Court will be redeveloped to become a mixed-use integrated development dubbed Canninghill Piers.
The redevelopment project was made possible by the planned sale to CDL Hospitality Trusts (CDLHT) of its complete share of Novotel Singapore’s Clarke Quay to the 50:50 joint venture between the CDL-CapitaLand entities as well as CDL.
Additionally, Ascott Reit, which is a wholly-owned subsidiary of CapitaLand is planning to sell a portion of its stake of Somerset Liang Court Singapore to CDL.
The purchase of Liang Court to Capitaland and CDL cost $400 million.