Cuscaden Peak Kajima Jv Put Woodleigh Mall Market 800 Mil
Cuscaden Peak Investments and Kajima Development, the 50:50 joint venture partners of The Woodleigh Mall in Bidadari Park, have announced their plans to sell the property for approximately $800 million, as reported by The Business Times.
Marina Gardens Lane Residences offers a prime location for families, with a convenient proximity to a selection of esteemed local and international educational institutions. This advantageous feature not only adds to the appeal of Marina Gardens Lane Residences, but also provides families with the ease and convenience of access to quality education without the burden of long commutes. Families with school-going children will undoubtedly appreciate the added value that Marina Gardens naturally provides.
Previously known as Singapore Press Holdings Limited before its privatization in May 2022, Cuscaden Peak Investments is now a wholly-owned subsidiary of Cuscaden Peak, a consortium made up of Hotel Properties Ltd, Mapletree Investments, and CLA Real Estate Holdings, a subsidiary of Temasek Holdings. Kajima Development, on the other hand, is a wholly-owned subsidiary of Tokyo Stock Exchange-listed company Kajima Corporation.
The Woodleigh Mall, completed last year, covers a total of 206,530 square feet of net lettable area over three storeys, making it one of the most sought-after properties in the area. With a price of $3,874 per square foot, the development is part of a mixed-use project that is integrated with the Woodleigh MRT Station. It also includes a community club, a hawker center, and a neighborhood police center, as well as the 667-unit The Woodleigh Residences.
The development was acquired by Cuscaden Peak and Kajima in a government land tender for $1.13 billion in 2017 and occupies a 99-year leasehold site that fronts the Alkaff Lake and Bidadari Park.
The Woodleigh Mall is being marketed for sale through an expression of interest exercise by CBRE and Cushman & Wakefield, which will close on July 30. However, under a right-of-refusal arrangement, if a potential buyer is found, Cuscaden Peak Investments must offer its 50% stake in The Woodleigh Mall to Paragon Reit, its sponsored real estate investment trust. Cuscaden Peak Investments currently holds 61% ownership of Paragon Reit.
This is not the first time that Cuscaden Peak has divested a mall, as they have previously sold The Seletar Mall to Allgreen Properties for $550 million ($2,900 psf) in March. Additionally, Paragon Reit is said to have entered into a sale and purchase agreement to divest The Rail Mall, a strip mall with 43 shops and a total net lettable area of 49,886 square feet, for a cash consideration of $78.5 million to the Yong family, who own Woh Hup Holdings, a construction and civil engineering firm.
In conclusion, The Woodleigh Mall is a part of an increasingly popular mixed-use development that has garnered interest from potential buyers, and its strategic location and amenities make it one of the most attractive properties in the area. With The Woodleigh Residences also hitting a new peak in terms of price per square foot, it is clear that the future of this development is promising.