SPH, Kajima to build over 600 homes in Bidadari Estate
Development of the 2.54-hectare site includes a retail/commercial component of about 310,000 sq ft
Thursday, June 22, 2017 - 05:50
The 99-year leasehold site overlooks Alkaff Lake, Bidadari Park and Bidadari Heritage Walk.
SINGAPORE Press Holdings (SPH) and Kajima Development plan to develop more than 600 residential units and a retail/commercial component with a gross floor area of about 310,000 square feet on a 99-year leasehold site in the new Bidadari Estate that they were awarded on Wednesday.
The two teamed up to form an equal partnership that placed the top bid for the site at a tender conducted by the Housing & Development Board. The tender closed on June 13, drawing 12 bids.
The SPH-Kajima consortium's winning bid of S$1.132 billion translates to S$1,181 per square foot per plot ratio based on the maximum gross floor area of 958,450 sq ft allowed for the commercial and residential site next to Woodleigh MRT Station.
The consortium will bring in new ideas from Japan for this development, the two partners said in a news release issued on Wednesday evening.
They highlighted the site's proximity to popular primary schools (such as Maris Stella High School and St Andrew's Junior School) and other educational institutions as well as the green environment in the Bidadari Estate.
The 2.54-hectare site overlooks Alkaff Lake, Bidadari Park and Bidadari Heritage Walk.
Given the site's positive attributes, the consortium believes that there will be demand for residential units in the project. "The HDB Bidadari BTO (Build-To-Order) flat launches have been very well received and continue to see high demand among potential homebuyers," the release stated.
Residents in the vicinity and students from the schools nearby will provide a ready catchment for the upcoming retail/commercial development, it added.
As part of the tender conditions, the successful bidder will also have to build a 6,000 square metre community club, a 2,190 sq m neighbourhood police centre, a commercial bridge towards Bidadari Park and an underpass to connect to the bus interchange as part of the development.
SPH chief executive Alan Chan noted that the group has developed the upmarket Sky@eleven condo in Thomson Road as well as three malls - Paragon, The Clementi Mall and The Seletar Mall.
"This strategic move shows our commitment in expanding and enhancing our property portfolio."
He highlighted partner Kajima's strong development and construction capabilities and workmanship, which along with SPH's experience and expertise and the site's potential, will contribute to the project's success.
Kajima Development CEO Shuichi Oishi said: "Our partnership with SPH defines our ironclad commitment to make this project a hallmark for further development in Singapore."
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 estate.