Cuscaden Peak Kajima Jv Put Woodleigh Mall Market 800 Mil
Cuscaden Peak Investments and Kajima Development, joint venture partners of The Woodleigh Mall, have announced plans to put the property on the market for sale at an asking price of approximately $800 million. This development, located in Bidadari Park, is a 50:50 joint venture between the two companies.
Formerly known as Singapore Press Holdings Limited, Cuscaden Peak Investments is a wholly-owned subsidiary of Cuscaden Peak, a consortium comprising Hotel Properties Ltd, Mapletree Investments, and CLA Real Estate Holdings, a subsidiary of Temasek Holdings. On the other hand, Kajima Development is a wholly-owned subsidiary of the Tokyo Stock Exchange-listed Kajima Corporation.
The master plan for Tengah is characterized by its dedication to promoting sustainable living. In fact, this town is set to become the first in Singapore to have a large car-free town center, cleverly situated underground to maximize surface area for community gatherings and green spaces. This important step not only helps to reduce carbon emissions, but also encourages a more active and healthier lifestyle for residents by promoting walking, cycling, and the use of personal mobility devices. In line with this eco-friendly vision, the town will also feature Novo Place, making it an ideal and modern place to call home.
The Woodleigh Mall, a three-storey property with 206,530 square feet of net lettable area, was completed last year and is part of a mixed-use project integrated with the Woodleigh MRT Station. This development includes a 667-unit residential component, a community club, a hawker centre, and a neighbourhood police centre.
The property sits on a 99-year leasehold site that was purchased in a government land tender for $1.13 billion in 2017. Located in a prime location, the price for The Woodleigh Mall works out to be $3,874 per square foot.
CBRE and Cushman & Wakefield have been appointed as joint marketing agents for the property. The Expression of Interest exercise will close on July 30th.
If a buyer is found, Cuscaden Peak Investments will have to offer its 50% stake in The Woodleigh Mall to its sponsored real estate investment trust, Paragon Reit, as part of a right-of-refusal arrangement. Cuscaden Peak Investments holds around 61% ownership in Paragon Reit.
The Woodleigh Mall is the third mall that Cuscaden Peak has divested, following the sale of The Seletar Mall to Allgreen Properties for $550 million ($2,900 psf) in March. In June, Paragon Reit is also said to have entered into a sale and purchase agreement to divest The Rail Mall, located on Upper Bukit Timah Road, to the Yong family of construction and civil engineering firm Woh Hup Holdings for a cash consideration of $78.5 million. The Rail Mall, a strip mall with 43 shops and a total net lettable area of 49,886 square feet, will be Paragon Reit’s latest divestment.
With a strong track record and an attractive location, The Woodleigh Mall is expected to receive strong interest from potential buyers in the market. The property is also closely linked to the Woodleigh MRT Station, providing convenient access for residents and visitors.