On Thursday Nov. 21, Ascott Residence Trust (Ascott Reit) announced that it will join City Developments Limited (CDL) and CapitaLand Limited (CapitaLand) to redevelop the Liang Court site into an integrated development.
The Liang Court site comprises of Somerset Liang Court Singapore, Liang Court mall and Novotel Singapore Clarke Quay.
Several tenants, such as Kinokuniya and Saizeriya, have departed Liang Court mall due to their expiring lease and poor business.
New integrated development ready by 2024
According to Ascott Reit, the new integrated development will include two residential towers, a commercial component and a hotel, subject to approval from the relevant authorities.
The new development is slated to open in the second half of 2024.
Upon completion, the CDL-CapitaLand 50:50 joint venture entities will own the residential and commercial components while Ascott Reit will own the Somerset serviced residence which is expected to offer 192 units.
Half of the units in Somerset serviced residence is expected to be one- and two-bedroom units.
CDL Hospitality Trusts (CDLHT) will own the hotel, subject to CDLHT's unitholders' approval under a forward purchase agreement with CDL.
The hotel will have around 460 to 475 rooms and be operated under the Moxy brand by Marriott International.
The integrated development will also be connected to the Central Expressway via River Valley Road with a direct link to Fort Canning MRT.
According to Ascott Residence Trust Management Limited’s (ARTML) Chairman, Bob Tan, the redevelopment will strengthen Ascott Reit's presence in a prime location in "Singapore's popular lifestyle hub".
He added that this transaction is part of their ongoing strategy to actively reconstitute Ascott Reit’s portfolio to ensure stable returns to unitholders.
Top photo via the Robertson Quay’s website