CDL, CapitaLand and Ascott Reit are teaming up to establish Liang Court after CDLHT is selling out to CDL, CapitaLand and Ascott Reit. Simultaneously, Ascott Reit would sell their share of Somerset Liang Court to CDL.
The planned integrated development Canning Hill Square Showflat would include two residential buildings and a commercial department to serve the facility, a hotel and a serviced residence with a hotel license. The 50:50 joint venture company will acquire all the land properties and Ascott will obtain the commercial holdings.
CDLHT can buy from CDL the hotel buildings with different facilities. The hotel will be owned by Moxy, while the serviced residence will be built under the Somerset name. The aim of the integrated creation will be open in phases from 2024.
Besides the renewal, this scheme would revitalize the river-front promenade. Social events and new leisure facilities are projected to occur across the integrated growth, growing footfall and enhancing pedestrian connectivity along the Singapore River.
Additionally, Liang Court has two sides which face Singapore River and Fort Canning Hill. The regeneration offers CapitaLand a chance to put in place an upmarket, high-rise riverfront residential building.
It will provide residents convenient exposure to high-end restaurants and retail items available at Clarke Quay. CapitaLand is preparing to build a museum-based district to the Singapore River riverfront.