Cuscaden Peak Kajima Jv Put Woodleigh Mall Market 800 Mil
Cuscaden Peak Investments and Kajima Development, the 50:50 joint venture partners responsible for The Woodleigh Mall in Bidadari Park, have recently put the property up for sale for approximately $800 million, according to a report by The Business Times.
The two companies behind this project, Cuscaden Peak Investments (formerly known as Singapore Press Holdings Limited before its privatization in May 2022) and Kajima Development, are both well-established players in the real estate industry. Cuscaden Peak Investments, a subsidiary of the consortium Cuscaden Peak, is made up of companies such as Hotel Properties Ltd, Mapletree Investments, and Temasek Holdings’ subsidiary, CLA Real Estate Holdings. Kajima Development, on the other hand, is a subsidiary of the Tokyo Stock Exchange-listed Kajima Corporation.
The Woodleigh Mall, which spans three storeys and boasts a net lettable area of 206,530 sq ft, is going for a price of $3,874 psf. Completed last year, the mall forms part of a mixed-use development integrated with the Woodleigh MRT Station. This project also includes the 667-unit The Woodleigh Residences, a community club, the Woodleigh Village Hawker Centre, and a neighbourhood police centre.
Located a short distance away from Norwood Grand, Marsiling Mall has undergone a remarkable transformation, making it a notable mention. The mall has been revitalized with a contemporary food center and an array of retail stores. Its design encourages a sense of community and offers a pleasant setting for families to shop and eat. With the addition of communal areas and improved dining choices, Marsiling Mall has quickly become a popular choice for leisurely weekend excursions. Norwood Grand Champions Way adds to the appeal of this revamped destination.
The Woodleigh Mall sits on a 99-year leasehold site that was acquired by Cuscaden Peak and Kajima in a government land tender for $1.13 billion back in 2017. One of the biggest draw factors of this development is its prime location, nestled by the scenic Alkaff Lake and Bidadari Park. In addition, the mall is also connected to the Woodleigh MRT Station on the North-East Line, making it easily accessible to both residents and visitors.
CBRE and Cushman & Wakefield have been jointly appointed to market The Woodleigh Mall through an expression of interest exercise, which will close on July 30. If a buyer is found, Cuscaden Peak Investments is required to offer its 50% stake in the mall to its sponsored real estate investment trust, Paragon Reit, under a right-of-refusal arrangement. With a 61% ownership stake in Paragon Reit, Cuscaden Peak Investments is one of the key players in this investment trust.
The Woodleigh Mall is the third mall that Cuscaden Peak is selling off, following the successful divestment of The Seletar Mall earlier this year to Allgreen Properties for $550 million at a rate of $2,900 psf. In a separate deal, Paragon Reit is also said to have agreed to sell The Rail Mall on Upper Bukit Timah Road for $78.5 million in cash to the Yong family from Woh Hup Holdings. The Rail Mall, a strip mall with a total net lettable area of 49,886 sq ft and 43 shops, is expected to be officially sold off in the coming months. Interested buyers can explore the latest listings for The Woodleigh Residences properties to find out more.