Why City Developments is still the bellwether for Singapore residential property

EdgeProp Singapore

November 26, 2021

SINGAPORE (EDGEPROP) - Sweeping awards for projects ranging from the upscale Irwell Hill Residences in prime District 9 to the suburban condo The Tapestry in Tampines, City Developments (CDL) once again emerged the Top Developer at this year’s EdgeProp Singapore Excellence Awards. It has now achieved that feat for the fifth straight year.

CDL launched two projects this year, both of which are located in the Central region. The first was the 540-unit Irwell Hill Residences located just off River Valley Road, near Great World MRT station. Launched in April, over 50% of the project was sold within the launch weekend, including a four-bedroom Sky Penthouse that fetched over $9 million ($4,123 psf). To date, around 74% of the project has been sold, at a median price of $2,762 psf, based on transactions from September onwards.

The second launch this year was CanningHill Piers, a joint development between CapitaLand Development and CDL. A redevelopment of the former Liang Court at Clarke Quay fronting the Singapore River, the 696-unit CanningHill Piers saw 538 units (77%) sold on the weekend of Nov 20–21, with sales value of $1.18 billion. The average selling price achieved was $3,000 psf.

“The robust sales make CanningHill Piers the best-selling project launch in the Central area this year,” notes Chia Ngiang Hong, CDL group general manager.

Even the 8,956 sq ft super penthouse at level 48 of CanningHill Piers, with uninterrupted views of the city and riverfront found a buyer at $48 million ($5,360 psf).

Read more at: https://www.edgeprop.sg/property-new...ntial-property