Are you hunting for an excellent real estate investment? Maybe the chance you have been waiting for is the Woodleigh Mall in Bidadari Park. Currently on sale for about $800 million, this gem of a property is jointly held by Cuscaden Peak Investments and Kajima Development, says The Business Times.
Let’s begin with some background. Originally Singapore Press Holdings Limited before turning private in May 2022, Cuscaden Peak Investments is a wholly owned subsidiary of the Cuscaden Peak consortium. This group comprises heavyweights, including Temasek Holdings’ wholly-owned subsidiary, Hotel Properties Ltd, Mapletree Investments, and CLA Real Estate Holdings. Conversely, Kajima Development is a wholly-owned subsidiary of Kajima Corporation, which is listed on the Tokyo Stock Exchange.
What then makes The Woodleigh Mall especially unique? With a net lettable space of 206,530 square feet, this three-story wonder breaks out to be about $3,874 per square foot. Finished only last year, the mall is part of a mixed-use project cleverly connected with the Woodleigh MRT Station. Along with the opulent 667-unit The Woodleigh Residences, a community club, the busy Woodleigh Village Hawker Centre, and even a neighbourhood police station, it covers Built on a 99-year leasehold land; this property faces Bidadari Park and Alkaff Lake.
Cuscaden Peak and Kajima bought this excellent site from government land procurement in 2017 for a hefty $1.13 billion. By now, CBRE and Cushman & Wakefield are marketing the property under an expression of interest exercise set to close on July 30.
The interesting wrinkle is that, should a buyer show interest, Cuscaden Peak Investments has to present its 50% share to Paragon Reit, a real estate investment trust it sponsors, under a right-of-refusal arrangement. Cuscaden Peak Investments notably owns Paragon Reit, around 61%.
Cuscaden Peak is selling a mall, not this first time, either. Working with United Engineers, they sold The Seletar Mall to Allgreen Properties for $550 million earlier this year or $2,900 per square foot. More recently, Paragon Reit signed a sales and purchase agreement to sell The Rail Mall on Upper Bukit Timah Road for $78.5 million. Said to have been acquired by the Yong family of Woh Hup Holdings, a well-known construction and civil engineering company, this strip mall boasts 43 stores and a net lettable space of 49,886 square feet.
The Woodleigh Mall basically offers a wonderful investment possibility. For discriminating investors, its strategic position, first-rate facilities, and strong owner support set it apart. Are you therefore prepared to act before the July 30 deadline?
Don’t hesitate if this is the chance you have been waiting for. The Market waits for none; excellent assets like The Woodleigh Mall are not always accessible for long.
