The first private residential-cum-retail development shaping up in the new Bidadari estate will offer some 680 residential units and close to 28,000 sq m of retail gross floor area.
This maiden joint-venture project between Singapore Press Holdings (SPH) and Japanese developer Kajima Development will also connect to Singapore's first air-conditioned basement bus interchange.
Condominium units of The Woodleigh Residences range from two-to four-bedroom units.
SPH chief executive Ng Yat Chung told reporters at the project's ground-breaking yesterday that the actual date of launch and the number of units to be released have not been determined yet.
Ahead of the mixed-use project's completion in the second half of 2022, the developers are looking for potential partners to develop retail concepts, including food and beverage offerings, educational offerings and medical services.
The project's ground-breaking was attended by Japan's Ambassador to Singapore Kenji Shinoda.
This marks SPH's second residential project after Sky@eleven in Thomson Lane, which was completed in 2010 and sold out not long after.
Its mall portfolio now comprises the Paragon and The Clementi Mall, which are now part of SPH Reit, as well as The Seletar Mall.
"SPH's diversification into properties is an important element in our strategy to seek out new opportunities to add to our core media business," SPH chairman Lee Boon Yang said at the project's groundbreaking. "Faced with an evolving media environment, we believe that such selective and carefully considered diversifications will contribute significantly to SPH."
Singapore-based Kajima Overseas Asia is the South-east Asian arm of Tokyo-listed Kajima Corporation, while Kajima Development is the property development arm of Kajima Overseas Asia.
In June last year, SPH and Kajima Development had tabled a top bid of $1.13 billion for the much-coveted commercial and residential site, the first Government Land Sales site offered in the new Bidadari estate.
Widely referred to as the "future Bishan" due to its central location, the Bidadari estate, spanning 93ha, is part of Toa Payoh town, and is bounded by Bartley Road, Sennett Estate, Upper Serangoon Road and Mount Vernon Road.
New HDB flats launched in the area, envisaged as "a community in a garden", have so far been over-subscribed.
"We are encouraged by the demand around the area," Mr Ng said. "We believe The Woodleigh Residences will provide excellent value for those who want to have a home in this area."
Dr Lee also noted that the development will complement and benefit from the adjacent Bidadari Park, while residents will enjoy views over the Alkaff Lake and Bidadari Heritage Walk.
Visitors going to the mall, too, will be able to enjoy the surrounding park amenities.
Kajima Development project director Kazunori Ichihashi, who is based here, said Japanese design concepts will be introduced in the residential component.
As part of the integrated project, Kajima Development and SPH will work with the People's Association and the Singapore Police Force respectively to build a 6,000 sq m community club and a 2,200 sq m neighbourhood police centre.