Woodlands Regional Center is ready to take off on a huge 99-year leasehold woodlands site that is right next to Causeway Point. This will be the first site to do so.
New Woodlands Site for Sale
A lot of the site will be used for offices, according to sources over 90 percent of the 699,557 sq ft maximum gross floor area will be used for these offices. After that they are setting aside a minimum of 5,382 sq ft for a childcare center. Of course the rest of the gross floor area will be used for other commercial purposes such as food, retail, and entertainment. However, no residential use is allowed.
Offices to be built at New Woodlands Site
Strata subdivision is allowed for the office components and this should increase the sites attraction toward other potential bidders who are looking to sell these strata offices. However, the other non-office units such as the childcare unit and the entertainment or retail compenents, must be under a single strata lot under a single entiy. This tender will close on April 8.
Right now property consultants say that they expect anywhere from five to eight bids for this site. The hope is that bidders will be drawn by what is known as the “first-mover advantage” that the site offers in the area. The expectation on the price of the winning bid differs a lot from site to site. The expectation is anywher efrom $500 per square foot per plot ratio all the way to $1,100 per square foot per plot ratio.
According to the people who launched the tender for the site yesterday, Urban Redevelopment Authority (URA), the plan is that the minimum 90 percent office compenent is right on target for the plan that the Woodlands Regional Center should be developed as a major employment center in Singapore’s northern area. There are plans to create a pedestrian netwrok from the Causway point to the Woodlands Civic Center, this includes a bus interchange as well as maybe a Thomson Line MRT.
Boardwalk Residences should see great interest
The sales sight that is along Woodlands square is composed of two larger plots of land and three smaller plots. One of these plots is to provide airspace in order to provide an elevated pedestrian bridge to link the other plots. The other two are there to be underground plots. Out of these two one of them is used as a carpark and area to connect the two plots by vehicle. The other is a “pedestrian” link between the plots and Causeway point.
According to the spokesperson from the URA, the planning is intended for “quality and relatively more affordable office development which can meet the needs of SMEs and businesses that may not require prime office spaces in the city centre, but which would still benefit from proximity to a transport node”. The neighboring towns combined with Woodlands contain a total of more than 500,000 residents.
The transport network in the Woodlands Regional Center is a big focus and will contain over five MRT stations in the future.