Chinese national buys 20 units at CanningHill Piers for over $85 mil
A redevelopment of the past Liang Court, CanningHill Piers becomes part of an upcoming integrated innovation that involves CanningHill Square, with F&B and also retail sites; the 475-room resort by Moxy under Marriott International; as well as 192 serviced residences under the Somerset brand of Ascott, the serviced residence arm of CapitaLand.
The units are all over several floors varying from the sixth to 23rd floors, as well as they are predominantly 3- and four-bedroom units in multiple stacks. Six 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 staying units are big four-bedroom units of 1,959 sq ft.
When CanningHill Piers was released last November, a total of 538 units (77%) were undertaken over one weekend, with complete sales worth of $1.18 billion. Standard rate of units marketed was around $3,000 psf. Even the sole penthouse of 8,955 sq ft on the 48th ground was sold off, for $48 million ($5,583 psf).
All the single- and two-bedroom units at CanningHill Piers are stated to be completely marketed. This current mass acquisition carries overall units cost CanningHill Piers to 639 units. Hence, the 696-unit residence project is close to 92% offered. The project was introduced last November.
Talk on the street is that a Chinese client recently purchased 20 units in a mass offer at high-class flat CanningHill Piers. The full purchase cost is believed to be over $85 million for the units. The offer was brokered by representatives from ERA Realty Network.
Located at Clarke Quay and overlooking the Singapore River, CanningHill Piers is a common project by City Developments as well as CapitaLand Development. The property comprises a 24-storey as well as a 48-storey household high rise attached by a sky link.
