A bulk purchase of luxury units at CanningHill Piers signals strong demand in the high-end property market.
A Chinese buyer has made a substantial investment in the CanningHill Piers condominium, previously known as Liang Court, securing 20 units for more than S$85 million. The majority of the purchased units are large three- and four-bedroom apartments located on the sixth to 23rd floors of the development in Clarke Quay. The three-bedroom units, ranging from 1,130 sq ft to 1,259 sq ft, were priced between S$3.1 million and S$3.3 million, while the four-bedroom units of 1,959 sq ft were valued between S$5.3 million and S$5.6 million.
According to reports, the buyer is a national from Fujian, China, with sources indicating that they are considering purchasing an additional 10 units, potentially bringing the total transaction to over S$100 million. If this happens, it would incur S$30 million in stamp duties, following the new property cooling measures.
The CanningHill Piers project has seen strong sales since its launch in November 2021, with 538 units snapped up in just one weekend. The development, which features a 24-storey and a 48-storey residential tower connected by a sky bridge, is nearly 92% sold. All one- and two-bedroom units have already been taken, with a total of 639 units sold, including this bulk purchase.
Developed by City Developments and CapitaLand Development, CanningHill Piers also boasts an integrated mixed-use development, CanningHill Square, with dining and retail outlets, a 475-room Moxy hotel under Marriott International, and 192 serviced apartments managed by Ascott, CapitaLand’s serviced apartment arm.
