Cuscaden Peak-Kajima JV put The Woodleigh Mall on the market for $800 mil
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
The three-storey The Woodleigh Mall was completed just last year (Photo: Google Maps)
Cuscaden Peak Investments and Kajima Development, 50:50 joint venture partners of The Woodleigh Mall in Bidadari Park, have put the property on the market for sale at about $800 million, according to a report by The Business Times.
Cuscaden Peak Investments (formerly known as Singapore Press Holdings Limited before its privatisation in May 2022) is a wholly-owned subsidiary of Cuscaden Peak, a consortium comprising Hotel Properties Ltd, Mapletree Investments, and CLA Real Estate Holdings, a wholly-owned subsidiary of Temasek Holdings. Kajima Development is a wholly-owned subsidiary of the Tokyo Stock Exchange-listed Kajima Corporation.
The development sits on a 99-year leasehold site that Cuscaden Peak and Kajima purchased in a government land tender for $1.13 billion in 2017 (Photo: DP Architects website)
The Woodleigh Mall spans three storeys and has 206,530 sq ft of net lettable area. Therefore, the price works out to $3,874 psf. Completed last year, The Woodleigh Mall is part of a mixed-use project integrated with the Woodleigh MRT Station. It includes the 667-unit The Woodleigh Residences, a community club, the Woodleigh Village Hawker Centre, and a neighbourhood police centre.
The development sits on a 99-year leasehold site that Cuscaden Peak and Kajima purchased in a government land tender for $1.13 billion in 2017. It fronts the Alkaff Lake and Bidadri Park.
The Woodleigh Mall is linked to the Woodleigh MRT Station on the North-East Line (Source: EdgeProp Landlens)
CBRE and Cushman & Wakefield are jointly marketing The Woodleigh Mall through an expression of interest exercise that will close on July 30.
If a prospective buyer is found, Cuscaden Peak Investments has to offer its 50% stake in The Woodleigh Mall to its sponsored real estate investment trust, Paragon Reit, under a right-of-refusal arrangement. Cuscaden Peak Investments has about 61% ownership of Paragon Reit.
The Woodleigh Mall is part of the mixed-use development that includes the 667-unit The Woodleigh Residences and was completed last year (Photo: DP Architects website)
Last 10 transactions at The Woodleigh Residences (Source: EdgeProp Buddy)
The Woodleigh Mall is the third mall that Cuscaden Peak is divesting. The first was The Seletar Mall, which Cuscaden Peak and United Engineers had sold to Allgreen Properties for $550 million ($2,900 psf) in March.
Last month, Paragon Reit is said to have entered into a sale and purchase agreement to divest The Rail Mall on Upper Bukit Timah Road for a cash consideration of $78.5 million. The Rail Mall is a strip mall with 43 shops and a total net lettable area of 49,886 sq ft. The Yong family of construction and civil engineering firm Woh Hup Holdings is said to be the buyer.
Check out the latest listings for The Woodleigh Residences properties
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