CDL, CapitaLand to redevelop Liang Court

Ascott Reit will rebuild 13,034 sqm out of the Liang property for a partial sale of $163.3m.

City Developments Limited (CDL), CapitaLand Limited (CapitaLand), and Ascott Residence Trust (Ascott REIT) have teamed up to rebuild the Liang Court site into an integrated development of 700 residential apartments. At the same time, Ascott Reit is also set to sell part of its interest in Somerset Liang Court Singapore to CDL, the company announced. 

Also read: CapitaLand could bank on Liang Court's potential yield of up to 4.7%: analyst

The proposed integrated development has a total gross floor area (GFA) of 100,263 sqm and will comprise two residential towers offering around 700 apartment units, a commercial component, a hotel and a serviced residence. 

Upon completion, the 50:50 CDL-CapitaLand joint venture will own the residential and commercial components whilst the 192-unit serviced residence with a hotel licence will go under the ownership of Ascott Reit.

Meanwhile, 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 retains its Somerset branding.

Development for the project is targeted to open in phases by 2024.