Singapore, 21 June 2017 – The consortium formed by Singapore Press Holdings Limited (“SPH”) and Kajima Development Pte Ltd (“Kajima”) has been awarded the tender for a 99 year leasehold mixed commercial and residential site at Upper Serangoon Road by HDB. It submitted the highest bid of S$1.132b for the land size of approximately 25,440.8 sqm. The two consortium partners will take equal stakes in the joint venture.
The mixed commercial and residential site, which 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, is next to Woodleigh MRT station. It forms part of the new Bidadari Estate, a new housing estate at the fringe of the city centre, and envisioned to be a “community in a garden”. The Bidadari estate will encompass a green environment with a garden setting and the site overlooks the Alkaff Lake, Bidadari Park and Bidadari Heritage Walk.
Popular primary schools such as Maris Stella High School and St Andrew’s Junior School, as well as the Stamford American International School and Australian International School, are also close by.
The consortium plans to develop over 600 residential units with a retail/commercial component of ~310,000sf gross floor area. 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.
In view of the positive attributes of the site, the consortium believes that there will be demand for residential units in the project. The HDB Bidadari BTO flat launches have been very well received and continue to see high demand among potential homebuyers.
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.