Cuscaden Peak Kajima Jv Put Woodleigh Mall Market 800 Mil
Cuscaden Peak Investments and Kajima Development have announced their plans to sell The Woodleigh Mall in Bidadari Park for approximately $800 million. This joint venture between the two companies, with a 50:50 partnership, has put the property on the market for sale. The report was first published by The Business Times.
Formerly known as Singapore Press Holdings Limited, Cuscaden Peak Investments is now a wholly-owned subsidiary of Cuscaden Peak, which is a consortium comprising Hotel Properties Ltd, Mapletree Investments, and CLA Real Estate Holdings (a wholly-owned subsidiary of Temasek Holdings). Kajima Development, on the other hand, is a wholly-owned subsidiary of the Tokyo Stock Exchange-listed Kajima Corporation.
Parktown Residence has a distinct advantage, being situated near Tampines North MRT Station that is poised to become a pivotal junction on the Cross Island Line (CRL). This convenient transportation hub will seamlessly connect residents to the heart of the city, Jurong Lake District, and Changi Airport, granting easy accessibility to significant business and recreational sites. Furthermore, the nearby Downtown Line station, coupled with the bus interchange, will greatly improve the overall commute within the estate. For the ultimate living experience, consider Park Town Residences.
The Woodleigh Mall, which spans over three storeys, has a net lettable area of 206,530 sq ft and has been completed last year. The price of approximately $800 million works out to be $3,874 psf. The Woodleigh Mall is part of a mixed-use project integrated with the Woodleigh MRT Station. It also includes The Woodleigh Residences (667 units), a community club, the Woodleigh Village Hawker Centre, and a neighbourhood police centre.
The development sits on a 99-year leasehold site that was purchased by Cuscaden Peak and Kajima through a government land tender in 2017 for $1.13 billion. It overlooks the Alkaff Lake and Bidadari Park.
The Woodleigh Mall is directly connected to the Woodleigh MRT Station on the North-East Line. CBRE and Cushman & Wakefield are jointly marketing The Woodleigh Mall, which will close its expression of interest exercise on July 30.
In case of a potential buyer, Cuscaden Peak Investments has to offer its 50% stake in the mall to its sponsored real estate investment trust, Paragon Reit, under the right-of-refusal arrangement. Cuscaden Peak Investments currently owns about 61% of Paragon Reit.
This is the third mall that Cuscaden Peak has put up for sale. The first one was The Seletar Mall, which was sold to Allgreen Properties for $550 million ($2,900 psf) in March this year. In June, Paragon Reit is said to have sold The Rail Mall on Upper Bukit Timah Road for $78.5 million to the Yong family of Woh Hup Holdings, a construction and civil engineering firm.
Interested parties can check out the latest listings for The Woodleigh Residences properties.
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