Lessons learnt from the success of CanningHill Piers

EdgeProp Singapore

March 2, 2022



SINGAPORE (EDGEPROP) - CanningHill Piers is a 99-year leasehold mixed development built on the site of the former Liang Court. When completed in 2025, the development will have two residential towers with 696 units, CanningHill Square (three levels of shops and restaurants), Somerset Serviced Residence and Moxy Singapore Clarke Quay (hotel).

The residential units sold extremely well with 563 units sold during November 2021 when it was launched. Main pull factors include being within walking distance of Singapore River, Fort Canning Park, Clarke Quay and Raffles Place as well as direct access to Fort Canning MRT station. Orchard Road and Great World City are a short drive away. Being a mixed development with a variety of amenities also helped boost sales. In addition, CanningHill Piers is developed by City Developments Limited (CDL) and CapitaLand; two of Singapore’s most prestigious developers with impressive track records for luxury homes.

Attractive pricing

CanningHill Piers was one of the top 10 best-selling projects when it launched. The attractive average price of $2,902 to $3,075 psf, impeccable reputation of the developers and lack of new nearby projects contributed to its popularity. At the time of writing, CanningHill Piers had a take-up rate of 85.5%.



The super penthouse (#48-08) was also sold in November 2021 at $48.0 million ($5,360 psf); just under the asking price of $50.0 million thus making it one of the largest deals for penthouses in 2021. The 8,956-sq ft unit is also the only penthouse in CanningHill Piers that is sold. Four smaller penthouses are still up for sale.

The next two largest deals (in terms of price per square foot) are for #44-08 ($3,481 psf) and #48-06 ($3,454 psf). #44-08 is a 732-sq ft two-bedroom unit while #48-06 is a 409-sq ft one-bedroom unit. The high level and small size translated to the higher price.

The average price for CanningHill Piers has stayed largely unchanged since launch; a testament to the developers’ commitment to maintain their well-deserved stellar reputation over short-term profits.

Small is still beautiful

An analysis of the sales transactions captured by Urban Redevelopment Authority (URA) indicates that #04-06 fetched the lowest total price of $1.160 million in November 2021. The property is a one-bedroom 409-sq ft unit on a low level which accounted for the low price. The next 15 transactions with the lowest total price are also one-bedroom units from the same stack and sold during the same month. Prices for these 16 transactions ranged from $2,836 to $3,039 psf which is on par with the overall average of $2,937 psf for the development.

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