CanningHill Piers in River Valley sells 77% of its 696 units, including $48m penthouse
SINGAPORE – CanningHill Piers’ sole penthouse, which boasts panoramic views of the city and the Singapore River, was sold for $48 million during the development’s launch on the weekend.
It was among 538 units of the project by City Developments Limited (CDL) and CapitaLand Development (CLD) that were snapped up.
The 696-unit, 99-year leasehold luxury condominium is part of an integrated development coming up on the site of the former Liang Court shopping mall, Novotel Singapore Clarke Quay hotel and Somerset Liang Court.
The average selling price was about $3,000 per sq ft (psf), with the 8,956 sq ft penthouse going for $5,360 psf.
Apartments ranged in size from 409 sq ft for a one-bedroom unit to 1,313 sq ft for a three-bedder and 2,788 sq ft for a five-bedroom premium.
All unit types were well received, with selected stacks fully sold, the companies said in a joint release on Sunday (Nov 21).
Singaporeans made up 81 per cent of buyers, with the remaining 19 per cent comprising permanent residents and foreigners from mainly China, Malaysia, Indonesia, Australia, South Korea, the United States and the United Kingdom, they added.
The robust sales make CanningHill Piers the top-selling project launch in the central area this year.
Last Friday, Jervois Mansion condominium in the same River Valley area sold the last of its 105 units, after 100 units were booked during the freehold project’s launch in October. They went at prices averaging $2,548 psf.
Defying the Covid-19 pandemic, sales of new private homes in the first 10 months of 2021 – at 10,918 units – have surpassed full-year sales in the previous three years.
Analysts are predicting that the market will end on an eight-year high of around 12,000 to 13,000 new sales. The previous record was 14,948 units in 2013.
CanningHill Piers’ 48-storey tower will be the tallest residential development by the Singapore River, while a second, 24-storey tower will overlook Fort Canning Hill. They will be linked by a 24th-level sky bridge with an infinity pool.
Mr Sherman Kwek, group chief executive of CDL, said: “The project is situated on a rare and iconic site that will set a new benchmark for integrated urban living at the heart of Singapore’s premier entertainment and lifestyle district.”
CLD chief executive Jason Leow said home buyers were attracted by the project’s “distinctive design” by Danish architecture firm Bjarke Ingels Group, known for its award-winning works such as Lego House in Denmark.
The development also has a direct link to Fort Canning MRT station and is within a short walk to Clarke Quay MRT station.
CanningHill Piers is part of an integrated development that will include CanningHill Square mall, a 475-room hotel and a 192-unit serviced residence.
The project will be the largest integrated development in the central area when completed in 2025.
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