Central Square Will Be Acquired By CDL For S$315m

Announced on Thur, 2nd Dec 2021, Central Square will be acquired by CDL (City Developments Limited) in Q1 2022 at the price of S$315 million.

Central Square:

credit:cdl

Flanked By Two MRT Stations:

The 99-year leasehold Central Square belonging to Far East Hospitality Trust comprises residential and commercial components located at No. 20 Havelock Road. It is within the Singapore River precinct flanked by not one but two mrt stations namely the Clarke Quay mrt station (North-east Line) and the Fort Canning mrt station (Downtown Line).

Central Mall Owned By CDL:

Right next door is Central Mall which is owned by CDL. It consists of the freehold Central Mall office tower which is 7-storey tall and a group of 99-year leasehold shophouses under conservation status with 71 years of tenure left. This entire site is 81,660 sqft in size.

With the acquisition of Central Square, CDL plans to convert Central Mall, Central Square and its surrounding areas into a mixed-use lifestyle facility with hospitality, serviced apartments and commercial components. CDL will work with the authorities to add a residential component, if possble.

Added to the existing 441,650 sq ft of gross area, the enlarged area could reach 735,500 sq ft.

URA Strategic Development Incentive Scheme:

The Urban Redevelopment Authority (URA) approved CDL’s redevelopment plan under its Strategic Development Incentive Scheme. In acquiring Central Square, CDL confirms their vision for transforming the area into a vibrant lifestyle destination. With the enlarged site, they can enhance the public space and plan the entire area for maximum value for everyone in the area.

This will be the third project CDL has undertaken to enhance the Central area.

In addition to this, the company is also involved in the redevelopment of the former Liang Court site with CapitalLand Development, into a fully integrated development. This integrated Singapore condo is called Canninghill Piers with its commercial component at the first level known as Canninghill Square. This is poised to bring more vibrancy to the already upbeat Clarke Quay area.

CanningHill Piers will have 696 units, CanningHill Square will feature F&B and retail outlets, a 475-room Marriott International hotel operating under the Moxy brand and the Somerset brand will have 192 serviced residences.

CDL has also begun redeveloping the ex Fuji Xerox Towers on 80 Anson Road.

Upon completion of the redevelopment, a 45-storey mixed-use integrated project will encompass 40 percent offices and retail, 35 percent residences consisting of 256 units, and 25 percent serviced apartments. This Singapore integrated development will launch in the 2nd half of 2022.

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source:https://www.businesstimes.com.sg/companies-markets/cdl-to-acquire-central-square-for-s315m-as-part-of-central-area-facelift