CapitaLand, CDL, Ascott Reit to redevelop Liang Court

Site will be turned into an integrated development with total GFA of 100,263 sq m, subject to approval

Fiona Lam

Published Thu, Nov 21, 2019 · 09:50 PM

Singapore

REAL estate heavyweights CapitaLand Limited, City Developments Limited (CDL) and Ascott Residence Trust (Ascott Reit) have formed a consortium to redevelop the Liang Court site, according to filings on Thursday.

The site comprises Liang Court mall, mid-scale hotel Novotel Singapore Clarke Quay and serviced residence Somerset Liang Court Singapore.

This comes as CDL Hospitality Trusts (CDLHT) has proposed to sell its entire stake in Novotel Singapore Clarke Quay to the 50:50 CDL-CapitaLand joint ventures (JVs) and CDL.

At the same time, Ascott Reit will sell part of its interest in Somerset Liang Court to CDL. Under a put and call option agree…