[UPDATE] CanningHill Piers chalks up 77% sales worth over $1.18 bil
By Cecilia Chow
/ EdgeProp Singapore |
Showflat of a two-bedroom unit at CanningHill Piers (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - City Developments Ltd (CDL) and CapitaLand Development, joint developers of CanningHill Piers announced that 538 out of a total of 696 units in the project were sold by the close of 6pm today. This brings the sales rate to 77%, with total sales valued at over $1.18 billion. Average selling prices achieved was around $3,000 psf.
The sole super penthouse of 8,955 sq ft was sold for $48 million ($5,360 psf), just 4% below the $50 million ($$5,583 psf) price tag. The buyer is believed to be a Singaporean businessman, although the developer declined to comment. The deal is brokered by PropNex. The super penthouse is located on the topmost level of the 48-storey residential tower and is said to have “unmatched panoramic views of the city and the riverfront”.
“The robust sales make CanningHill Piers the best-selling project launch in the Central Area this year,” according to the developers in a joint statement. All unit types were said to be “well received, with selected stacks fully sold”.
Singaporeans made up 81% of the buyers, with the remaining 19% comprising Permanent Residents and foreigners mainly from China, Malaysia, Indonesia, Australia, South Korea, USA, UK and others.
CanningHill Piers’ distinctive design by the renowned Bjarke Ingels Group, with a 24-storey and 48-storey residential tower linked by a sky bridge. It will be the tallest residential tower along the Singapore River (Photo: Samuel Isaac Chua/EdgeProp Singapore)
“Homebuyers are attracted by CanningHill Piers’ distinctive design by the renowned Bjarke Ingels Group, rare river and hill dual-frontage and superb location in the Clarke Quay lifestyle and entertainment precinct,” comments Jason Leow, CEO of CapitaLand Development. “We are confident that the project’s iconic status, well-appointed homes and excellent connectivity will continue to attract robust interest from prospective homebuyers.”
With a 24-storey and 48-storey residential tower linked by a sky bridge, CanningHill Piers is part of an upcoming integrated development that will become a new landmark fronting the Singapore River. It includes CanningHill Square, with F&B and retail outlets; the 475-room hotel by Moxy under Marriott International; and 192 serviced apartments under the Somerset brand of Ascott, the serviced apartment arm of CapitaLand.
“As the tallest residential development along the Singapore River, [CanningHill Piers] 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,” comments Sherman Kwek, CDL group CEO.
The entire integrated project is a redevelopment of the former Liang Court that stood out with its twin 25-storey, orange towers on the riverfront. Built in the 1980s, one tower housed the hotel Novotel Singapore Clarke Quay and the other, serviced residence Somerset Liang Court. Liang Court had F&B outlets and retail shops that catered to the Japanese expatriates in Singapore, including Kinokuniya’s bookstore and Meidi-ya supermarket.
The former Liang Court, with its twin 25-storey orange towers along the Singapore River will be redeveloped into a new landmark integrated development that includes CanningHill Piers (Photo: CapitaLand Development/CDL)
Sales at CanningHill Piers even surpassed the expectations of the real estate agencies who were marketing the project. “We knew that it was going to be one of the best-selling projects in the Central area,” says Ismail Gafoor, CEO of PropNex. “I expected the project to sell at least two-thirds of the units, but 77% is very impressive.”
In the lead-up to yesterday’s launch, more than 1,000 cheques were collected as expressions of interest from five agencies, namely PropNex, ERA, Huttons, Edmund Tie & Company/OrangeTee & Tie and Singapore Realtors Inc (SRI). On the eve of the public launch yesterday, there was a VIP preview for business associates in the morning followed by purchases by multiple unit buyers and purchases by property agents themselves.
“Family members, either siblings or related parties were picking up two or more units, probably on the same floor,” notes Gafoor. “We also saw a fair number of agents from across all the agencies purchasing more than 30 units. That means over 100 units or close to 20% were taken up during the VIP preview.”
Strong sales momentum was seen throughout the first day of launch, says Ken Low, managing partner of SRI. “We all knew that the one-bedroom and one-bedroom-plus study units would sell well, but there was strong take-up for the two-bedroom and three-bedrooms as well,” he adds. “A whole stack of four-bedroom units were fully sold, demonstrating that buyers were willing to pay a premium for the view.”
The one-bedroom units are believed to be almost fully sold (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Take-up was strong for the one-bedroom units with sizes from 409 to 560 sq ft and priced from $1.16 million ($2,836 psf). Almost all 328 units are believed to be sold. “Many were purchasing these units from an investment angle as the entry price is very appealing to investors,” says PropNex’s Gafoor.
Two-bedroom units account for 203 units (29%), with sizes from 732 to 883 sq ft. These are priced from $2.12 million (about $2,900 psf). Three-bedders make up 80 units in the development with sizes from 893 to 1,313 sq ft.
Meanwhile four-bedroom units account for 60 units, with sizes from 1,755 to 1,959 sq ft, with prices of four-bedroom premium units from $5.22 million. Five-bedroom units of 2,788 sq ft account for 20 units and are priced from $8.1 million ($2,905 psf). There are also four sky suites sized from 2,874 sq ft.
SRI’s Low observes that many of the Singaporean buyers were also buying for their children who were young adults, mainly teenagers and those in their 20s. “It’s the rarity of the location that makes them want to buy a unit as a legacy for their children,” he says.
Showflat of a three-bedroom unit, where sizes range from 893 to 1,313 sq ft (Photo: Samuel Isaac Chua/EdgeProp Singapore)
When CanningHill Piers is completed in 2025, Low expects the residents to be primarily young professionals, executives and businesspeople. “The nightlife at Clarke Quay, the proximity to the CBD, Orchard Road and Fort Canning Hill are some of the attractions of the site,” he says.
Doris Ong, deputy CEO of ERA Realty attributes the strong sales to the fact that CanningHill Piers is an “iconic development”.
Beyond that, it's also the rarity of having an integrated project with dual river and hill frontage, says Lee Sze Teck, senior director of research at Huttons Asia.
PropNex’s Gafoor sees CanningHill Piers’ sales bringing 2021 to a strong close.
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