CanningHill Piers' S$1.18b of sales in one weekend underscore hot demand for luxury condos

A SPRAWLING penthouse unit atop the luxury residential condominium CanningHill Piers fetched S$48 million during its launch weekend, a testament to the red-hot demand for high-end real estate in Singapore.

The price tag for the 8,956 square foot apartment - set to be the highest unit atop the tallest residential development along the Singapore River - translates to about S$5,360 per square foot (psf).

Homebuyers snapped up a total of 538 units - or 77 per cent - out of the 696 units at an average selling price of around S$3,000 psf, according to a statement from City Developments Ltd and CapitaLand Development, the joint developers of this project. Total sales hit over S$1.18 billion.

All unit types - from smaller 409 sq ft one-bedroom apartments to 2,788 sq ft five-bedroom apartments - were well received, with selected stacks fully sold, the companies said in a joint statement. The 99-year leasehold condominium, part of the integrated redevelopment on the former Liang Court site, is now the best-selling project launch in the Central Area this year.

The majority - or 81 per cent - of buyers were Singaporeans, while the remaining 19 per cent were permanent residents and foreigners from China, Malaysia, Indonesia, Australia, South Korea, USA, UK, among others.

Singapore private home prices have been rising despite the pandemic. Sales of new private homes in the third quarter rose at a faster rate amid tightened Covid-19 restrictions, fuelled by demand from citizens looking to upgrade their homes and an improving economy.

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Sherman Kwek, chief executive of City Developments Ltd, said that the positive take-up is a "testament to the combined strength of both CDL and our JV partner, CapitaLand".

"The project is situated on a rare and iconic site that will set a new benchmark for integrated urban living at the heart of Singapore’s premier entertainment and lifestyle district," he added.

CanningHill Piers is situated in the heart of Clarke Quay - a lifestyle and entertainment precinct, and is within walking distance to Clarke Quay and Fort Canning MRT stations.

Jason Leow, chief executive of CapitaLand Development, said homebuyers were attracted to CanningHill Piers' "distinctive design" by the Danish architecture firm Bjarke Ingels Group, known for the Toyota Woven City in Japan.

"We are confident that the project's iconic status, well-appointed homes and excellent connectivity will continue to attract robust interest from prospective homebuyers," said Leow.

READ MORE:

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