CDL’s third enhancement initiative in the Central Area
CDL’s third enhancement initiative in the Central Area. Following the proposed acquisition of Central Square for a purchase consideration of S$315 million, City Developments Limited (CDL) would transform its Central Mall holdings and the surrounding region into a sizable mixed-use complex. A serviced apartment and business spaces, including offices and retail units, make up the 99-year leasehold commercial and residential development known as Central Square, which is located at 20 Havelock Road. There are now about 72 years left on the lease.
“The strategic acquisition of Central Square crystallises our master plan to shape the precinct’s development into a fresh and vibrant lifestyle centre,” stated Mr. Sherman Kwek, Group Chief Executive Officer of CDL. This exceptional opportunity for placemaking strengthens our contribution to the revitalization of the Singapore River area and fits with our upgrade plan to bring out the hidden potential of our mature assets. With the larger site, we are able to plan and design the entire area with a multifaceted approach and shape the public realm to maximize value for all parties involved in this precinct. Our third revitalization project to change the cityscape in the Central Area is the Central Mall and Central Square renovation project.
Furthermore, CDL and CapitaLand Development are in the process of converting the former Liang Court site into an integrated project that will feature the 696-unit CanningHill Piers, the tallest residential structure along the Singapore River, CanningHill Square with F&B and retail establishments, a 475-room hotel operated by Marriott International under the Moxy brand, and a 192-unit serviced residence with a hotel license operated under the Somerset brand.
Under the CBD Incentive Scheme, CDL has also started redeveloping the former Fuji Xerox Towers at 80 Anson Road. A mixed-use integrated complex with 45 stories will make up the proposed makeover. 40% will be set aside for office and retail use, 35% for residential use, and 25% for serviced apartments, pending approval from the relevant authorities. The residential portion, which will have roughly 256 units, will debut in the second half of 2022.
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