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THE first private residential-cum-retail development that is shaping up in the new Bidadari estate will offer some 680 residential units and close to 28,000 square metres of retail gross floor area.
The project, being developed jointly by Singapore Press Holdings (SPH) and Japanese developer Kajima Development, will also be connected to Singapore’s first air-conditioned basement bus interchange.
Condominium units of The Woodleigh Residences, ranging from two to four bedroom units, are likely to priced at above S$2,000 per square foot (psf) when the development is launched, likely in September, sources say.
OrangeTee & Tie and Savills Singapore are the appointed marketing agents for The Woodleigh Residences.
As for the retail component The Woodleigh Mall, it will be retained by the developers for recurring income.
The mixed-use project by SPH and Kajima Development marked its groundbreaking on Wednesday.
“We aim to transform this parcel of raw land into a much sought after oasis for homeowners to live close to park-land surroundings yet enjoy the convenience of a well provisioned and vibrant mall,” said SPH chairman Lee Boon Yang at the project’s groundbreaking.
SPH and Kajima Development had in June last year tabled a top bid of S$1.13 billion for the much-coveted commercial and residential site, which is the first Government Land Sales site offered in the new Bidadari Estate.
Their winning bid worked out to a land rate of S$1,181 per square foot per plot ratio (psf ppr) based on the maximum gross floor area allowed for the 99-year leasehold site.
Widely referred to as the “future Bishan” due to its central location, the Bidadari estate spanning 93 hectares is developed as part of Toa Payoh town, bounded by Bartley Road, Sennett Estate, Upper Serangoon Road and Mount Vernon Road.
It is envisaged to be “a community in a garden”, with new HDB flats launched in the area so far being over-subscribed.
Dr Lee noted that the development will complement and benefit from the adjacent Bidadari Park while residents will enjoy views over the Alkaff Lake and Bidadari Heritage Walk. Visitors coming to the shopping mall too will benefit from the surrounding park amenities.
“Connectivity will be another key attraction, with multiple transport links such as Woodleigh MRT station and direct access to Singapore’s first air-conditioned basement bus interchange,” he said.
The development at the junction of Upper Serangoon and Upper Aljunied Road is also within a one to two kilometre catchment of popular primary, secondary and international schools.
This marks SPH’s second residential project after Sky@eleven in Thomson Lane, which was completed in 2010 and sold out not long after. Its mall portfolio now comprises Paragon and The Clementi Mall, which are now part of SPH Reit, as well as The Seletar Mall.
“SPH’s diversification into properties is an important element in our strategy to seek out new opportunities to add to our core media business,” Dr Lee added. “Faced with an evolving media environment, we believe that such selective and carefully considered diversifications will contribute significantly to SPH.”
Kajima Development is the property development arm of Singapore-based Kajima Overseas Asia, which in turn is the South-east Asia arm of Japan’s Kajima Corporation, whose businesses include construction, property development, engineering and design. The groundbreaking was attended by Japan’s ambassador to Singapore Kenji Shinoda.
The Japanese developer has undertaken real estate projects in seven countries in this region. In Singapore, it has developed Regent Singapore and Millennia Singapore, and luxury residences such as Sui Generis and Bishopsgate Residences.
Keisuke Koshijima, senior managing officer of Kajima Corporation, said the group has established local subsidiaries in each region, tailoring them to specific conditions in regional markets to deliver quality projects.
“Having our own platform that encompasses every aspect of the development process is a major competitive advantage that increases the opportunities available to us through partners and networks,” he added.
The Woodleigh Residences & The Woodleigh Mall is scheduled to complete in the second half of 2022.
As part of the integrated project, Kajima and SPH will work with the People’s Association and the Singapore Police Force respectively to build a 6,000 sq m Community Club and a 2,200 sq m Neighbourhood Police Centre.
Credits : Business Times