The development was completed last year (Image: Woodleigh Mall)
Cuscaden Peak is marketing its Woodleigh Mall in north-central Singapore for S$800 million ($596 million), sources confirmed to Mingtiandi on Friday.
The retail project next to Woodleigh MRT station was completed last year and is held in a 50:50 joint venture of Temasek-backed Cuscaden and Japan’s Kajima Corp. The asking price values the mall at S$3,874 per square foot for its net lettable area of 206,530 square feet (19,187 square metres), with a net operating income yield around 3.8 percent.
Parties that have shown buying interest include local investment giants UOL Group and Frasers Property, Robert Kuok’s Allgreen Properties and Hong Kong-listed Link REIT, sources told Mingtiandi. Cuscaden-sponsored Paragon REIT has a right of first refusal on Woodleigh Mall but is yet to make an announcement.
The potential disposal was first reported by the Business Times. CBRE and Cushman & Wakefield are conducting the expression of interest exercise for the mall until 30 July.
Liquidation Gathers Steam
Woodleigh Mall and its adjoining residential complex are the last properties in Singapore directly owned by Cuscaden Peak — a consortium formed by tycoon Ong Beng Seng and his Hotel Properties group alongside Temasek units CapitaLand and Mapletree — following the March sale of Seletar Mall to Allgreen for S$550 million.
Ong Beng Seng’s Cuscaden Peak is ready to offload another mall
Last month, Paragon REIT agreed to sell The Rail Mall in the Upper Bukit Timah area for S$78.5 million, reducing the SGX-listed trust to just two properties in its home market, with another two in Australia. The deal is expected to close in the second half of this year.
The transactions mark the latest disposals of properties formerly linked to Singapore Press Holdings since the company’s real estate assets and the manager of SPH REIT (later rebranded as Paragon) were acquired by Cuscaden in 2022.
In April, Cuscaden agreed to sell a portfolio of 31 European student housing properties to Mapletree, with those assets also having previously been part of the SPH real estate empire.
Shrinking Portfolio
In 2023, Cuscaden sold three mansions on Singapore’s Nassim Road for S$206.7 million, with a market source identifying the buyer as a wealthy Indonesian family.
That sale followed Cuscaden’s disposal of a two-storey home along Yarwood Avenue in November 2022 for a reported S$29.7 million.
Cuscaden-managed Paragon REIT continues to hold the Paragon and Clementi Malls in Singapore, along with the Westfield Marion mall in Adelaide and the Figtree Mall in Wollongong, south of Sydney.
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