Liang Court's rejuvenation to unlock value, yield synergies
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Nisha Ramchandani
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CITY Developments Limited (CDL) and CapitaLand's plans to team up with Ascott Residence Trust (Ascott Reit) to turn the Liang Court complex into an integrated development probably didn't come as a massive surprise to market watchers.
The duo's S$400 million purchase of Liang Court mall in May from an entity linked to PGIM Real Estate already sparked expectations that the commercial and residential-zoned site would be redeveloped to unlock value, especially given its attractive location at Clarke Quay and along the Singapore River.
The existing Novotel Singapore Clarke Quay (NCQ) hotel and Somerset Liang Court Singapore serviced residence at the site are owned by CDL Hospitality Trusts (CDLHT) and Ascott Reit respectively. CDLHT is looking to divest NCQ to the 50:50 CDL-CapitaLand joint venture and CDL while Ascott Reit will sell part of its stake in Somerset Liang Court to CDL.
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