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SINGAPORE Press Holdings (SPH) and Kajima Development are planning 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.
Their winning bid of S$1.132 billion translates to S$1,181 per square foot 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 and other educational institutions and the green environment in the Bidadari Estate including a park and a lake.
"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 (Build to Order) flat launches have been very well received and continue to see high demand among potential homebuyers," said the release.
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.