Singapore Press Holdings-Kajima JV to build over 600 residences, mall on Bidadari site

SINGAPORE (June 22): Consortium partners Singapore Press Holdings (SPH) and Kajima Development plan to develop over 600 residential units with a retail/commercial component of roughly 310,000 sf gross floor area at the Bidadari site they recently won.

The 50:50 joint venture submitted the highest bid of S$1.132 billion (RM3.49 billion) for the 99-year leasehold land located next to Woodleigh MRT Station. Based on the site’s maximum gross floor area (GFA) of 958,450 sf, the bid translates into S$1,181 ppr.

As stated in the tender conditions, the successful bidder will also have to build a 6,000 sqm Community Club (CC), a 2,190 sqm Neighbourhood Police Centre (NPC), a commercial bridge towards Bidadari Park and an underpass to connect to the bus interchange as part of the development.

The consortium believes that the residents in the vicinity and the students from the schools nearby will provide a ready catchment for the upcoming retail/commercial development. The consortium will also bring in new ideas from Japan for this development.

The mixed commercial and residential site comes with an air space for a commercial bridge across Bidadari Park Drive towards Bidadari Park and a subterranean space for an underpass to the bus interchange in Woodleigh Village BTO.

The Bidadari estate will also encompass a green environment with a garden setting and the site overlooks the Alkaff Lake, Bidadari Park and Bidadari Heritage Walk.

Alan Chan, CEO of SPH, says: “SPH developed an upmarket residential condominium, Sky @ eleven, at Thomson Road, as well as 3 malls – Paragon, The Clementi Mall and The Seletar Mall. This strategic move shows our commitment in expanding and enhancing our property portfolio.”

Shares in SPH closed 5 Singapore cents higher at S$3.22. — theedgemarkets.com

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