SINGAPORE: The Liang Court site at Clarke Quay is set to be turned into an integrated development with two residential towers consisting of 700 units.
In a joint news release on Thursday (Nov 21), City Developments (CDL) and CapitaLand announced that they will be joined by Ascott Residence Trust (Ascott Reit) in the project which is expected to be open in phases from 2024.
Currently, the site consists of Liang Court mall, Novotel Singapore Clarke Quay hotel and the Somerset Liang Court Singapore apartments.
With a total gross floor area of 100,263 sq m, the proposed development, which is subject to approval from authorities, will also include a commercial component, a hotel and a serviced residence, the release said.
The redeveloped site will be directly linked to the Fort Canning MRT, it added.
Plans for site follow the proposed sale by CDL Hospitality Trusts (CDLHT) of its total interest in Novotel Singapore Clarke Quay to 50:50 CDL-CapitaLand joint venture entities and CDL, the developers said.
Ascott Reit will also sell part of its interest in Somerset Liang Court Singapore to CDL, the release added.
Upon completion, the 50:50 CDL-CapitaLand joint venture entities will own the residential and commercial components while Ascott Reit will own the 192-unit serviced residence with a hotel licence.
CDLHT will own the hotel, which will have about 460 to 475 rooms, under a forward purchase agreement with CDL. The hotel will be operated under the Moxy brand by Marriott International while the serviced residence will retain its Somerset branding, according to the joint release.
The consortium also added that it plans to rejuvenate the river promenade flanking the property. This is it said was "in line with the Urban Redevelopment Authority’s Draft Master Plan 2019 to enhance the area’s vibrancy".
The plan is expected to increase footfall and improve pedestrian accessibility along the Singapore River.