Ravi Chandran
CanningHill Piers sold 538 units on launch weekend, with total sales value over S$1.18 billion
- 538 units (77%) sold at ASP of around S$3,000 psf
- Sole Super Penthouse sold for S$48 million with ASP of S$5,360 psf
- All unit types were well-received, with selected stacks fully sold
- Homebuyers won over by the project’s iconic design, stunning views as well as strong accessibility which includes direct linkage to Fort Canning MRT station
City Developments Limited (CDL) and CapitaLand Development (CLD) commenced sales for the highly-anticipated 696-unit CanningHill Piers on Saturday, 20 November 2021. As of 6.00 pm today, 538 units (or 77%) have been sold at an average selling price (ASP) of around S$3,000 per square foot (psf), with total sales value of over S$1.18 billion.
The 8,956 square feet (sq ft) Super Penthouse – the project’s sole penthouse unit located at level 48 with unmatched panoramic views of the city and riverfront – was sold for S$48 million (S$5,360 psf). The robust sales make CanningHill Piers the best-selling project launch in the Central Area this year. 81% of buyers are Singaporeans with the remaining 19% comprising Permanent Residents and foreigners from mainly China, Malaysia, Indonesia, Australia, South Korea, USA, UK and others.
Units come in a wide range of sizes from 409 sq ft for a one-bedroom, 1,313 sq ft for a three-bedroom premium to 2,788 sq ft for a five-bedroom premium. All unit types were well-received, with selected stacks fully sold. All apartments come with a branded Italian Ernestomeda kitchen system and premium brand kitchen and bathroom appliances from Miele and De Dietrich and Gessi and Laufen respectively.
Mr Sherman Kwek, CDL Group Chief Executive Officer, said, “We are heartened by the overwhelming response and the phenomenal success during this launch weekend. The positive take-up is a testament to the combined strength of both CDL and our JV partner, CapitaLand. Encouraged by the trust and confidence that buyers have placed in us, we are excited to bring our vision of this architectural icon to fruition. CanningHill Piers is truly a unique residential masterpiece that offers an exemplary design in an excellent location. As the tallest residential development along the Singapore River, 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.”
Mr Paul Ho, chief officer at iCompareLoan, said: “There aren’t too many locations near Singapore that are filled with as much prestige and heritage as the River Valley area. This is one main reason why the Canninghill Piers project will be exciting for buyers.”
Residential Loan Information for Canninghill Piers
| Loan | First Loan | Second Loan | Third Loan | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Age | Up to 65 | Up to 70-75 | Up to 70-75 | Up to 65 | Up to 70-75 | Up to 70-75 | Up to 65 | Up to 70-75 | Up to 70-75 |
| Loan Tenure | Up to 30 years | Up to 30 years | 31-35 years | Up to 30 years | Up to 30 years | 31-35 years | Up to 30 years | Up to 30 years | 31-35 years |
| Maximum Loan To Value (LTV) Limit | 70% | 55% | 55% | 45% | 25% | 25% | 35% | 15% | 15% |
| Min Cash Down | 5% | 10% | 10% | 25% | 25% | 25% | 25% | 25% | 25% |
Progressive Payment Stages
| Construction Stage | Percentage of Purchase Price |
|---|---|
| Upon Issue of Option to Purchase (OTP) | 5% |
| Upon signing Agreement / Within 8 weeks immediately after date of Option | 20% (Less the 5% Booking Fee which was paid above) |
| Upon Completion of Foundation Work | 10% |
| Upon Completion of Reinforced Concrete Framework | 10% |
| Upon Completion of Partition Walls | 5% |
| Upon Completion of Roofing | 5% |
| Upon Completion of Door sub-frames / door frames, window frames, electrical wiring (without fittings), internal plastering and plumbing | 5% |
| Upon Completion Car park, roads and drains serving the housing project | 5% |
| Upon Completion Building, roads and drainage and sewerage works in the housing estate, connection of water, electricity and gas supplies (At this stage the Temporary Occupation Permit is typically released, meaning you can pick up your keys and move in) | 25% |
| Final Payment Date and/or Completion (might be staggered further depending on when the Certificate of Statutory Completion is issued) | 15% |
Stamp Duty Rates and Computation
| Purchase Price or Market Value of Property | Buyer Stamp Duty Rates for Residential Properties | Buyer Stamp Duty Rates for Commercial Properties |
|---|---|---|
| First $180,000 | 1% | 1% |
| Next $180,000 | 2% | 2% |
| Next $640,000 | 3% | 3% |
| Remaining Amount | 4% |
Additional Buyer Stamp Duty Rates and Computation
| Nationality | 1st Property | 2nd Property | 3rd Property |
|---|---|---|---|
| Singapore Citizens | N.A | 12% | 15% |
| Permanent Residents | 5% | 15% | 15% |
| Foreigners | 20% | 20% | 20% |
| Entities / Companies | 25% | 25% | 25% |
“Anyone who wants to own a residence in a history-packed site which sits right next to the Singapore River, should first speak to a mortgage consultant,” said Mr Ho.
With a myriad of Smart Home features and curated recreational facilities, this prime luxury residence is within one of the largest integrated redevelopment projects in the Central Area, with a gross floor area of 1.1 million sq ft. Scheduled for completion in 2025, CanningHill Piers is part of an integrated development that includes CanningHill Square with F&B and retail outlets, a 475-room hotel operated under the Moxy brand by Marriott International and a 192-unit serviced residence with a hotel licence operated under the Somerset brand, managed by The Ascott Limited.
Designed by Danish architecture firm Bjarke Ingels Group (BIG), the project’s façade is artistically draped in an iconic geometric lattice that unifies the entire integrated development with a sculptural form. The 48-storey (180 metres) residential tower facing the riverside will be the tallest residential development along the Singapore River, while the 24-storey (100 metres) residential tower overlooks Fort Canning Hill. The two majestic towers are connected by a scenic sky bridge on Level 24 with spectacular views of the city, river and hill. Residents at CanningHill Piers will enjoy easy access via a direct link to Fort Canning MRT station and a short walk to Clarke Quay MRT station.
The CanningHill Piers sales gallery, located along Merchant Road, is open daily from 10.00 am to 7.00 pm, by appointment only.
