Chinese national buys 20 units at CanningHill Piers for over $85 mil
A redevelopment of the former Liang Court, CanningHill Piers becomes part of an upcoming consolidated project that features CanningHill Square, with F&B as well as retail outlets; the 475-room property by Moxy under Marriott International; and also 192 serviced apartments under the Somerset brand name of Ascott, the serviced condo arm of CapitaLand.
All the one- and two-bedroom units at CanningHill Piers are stated to be totally marketed. This current mass acquisition carries overall units sold at CanningHill Piers to 639 units. For this reason, the 696-unit condominium venture is near to 92% sold. The venture was launched last November.
The units are from various levels ranging from the 6th to 23rd floors, and they are mostly 3- and also four-bedroom units in several stacks. 6 of the units are three-bedroom units of 1,259 sq ft, while another five units are three-bedroom units of 1,130 sq ft. The remaining units are large four-bedroom units of 1,959 sq ft.
When CanningHill Piers was launched last November, a total amount of 538 units (77%) were undertaken over one weekend, with whole sales value of $1.18 billion. Standard rate of units sold off was close to $3,000 psf. Even the single penthouse of 8,955 sq ft on the 48th ground was sold, for $48 million ($5,583 psf).
Word on the street is that a Chinese investor recently acquired 20 units in a bulk offer at luxury condominium CanningHill Piers. The complete investment value is believed to be over $85 million for the units. The deal was brokered by agents from ERA Realty Network.
Found at Clarke Quay and also facing the Singapore River, CanningHill Piers is a shared property by City Developments as well as CapitaLand Development. The proposal comprises a 24-storey as well as a 48-storey housing high rise connected by a sky overpass.