New Reporter
03-11-23, 10:08
Cuscaden Peak upbeat on Singapore’s retail scene as it opens The Woodleigh Mall
Nov 02, 2023
CUSCADEN Peak Investments is seeing positive momentum for Singapore retail property.
Its chief executive officer, Gerald Yong, told The Business Times: “Singapore is seeing a positive momentum. Retailers do not just look at current market conditions, but look ahead for the next three years.”
Yong noted that “international and luxury brands have invested substantial capital expenditure to build flagship stores in Paragon, a signal of their confidence and favourable sentiments”.
He added that suburban malls in the group’s portfolio have remained resilient and have shown positive momentum, too.
Cuscaden Peak announced it had achieved full occupancy at its newly opened mall – The Woodleigh Mall – at Bidadari estate in a press release on Thursday (Nov 2).
The new mall is part of the integrated community and lifestyle hub that includes a private condominium development with 680 residential units.
The mall was developed by Cuscaden Peak – formerly known as Singapore Press Holdings before it was privatised in May 2022 – and Kajima Development. It is part of the integrated development that is located above the Woodleigh MRT station and has about 28,000 square metres of retail gross floor area.
The mall houses 160 tenants, consisting of a significant proportion of F&B and retail brands, a wide array of healthcare and wellness tenants and a diverse mix of enrichment tenants.
Yong said The Woodleigh Mall uses turnover rents as part of its rental formula since it is a widely accepted form of rental structure in most malls. It is considered a win-win formula for landlords and tenants, to bring more footfall and sales to the shops in the mall, he added.
Besides The Woodleigh Mall, Cuscaden Peak’s ownership interest in other Singapore retail assets include Paragon in Orchard Road, The Clementi Mall and the Rail Mall through Paragon Reit as well as The Seletar Mall.
The Woodleigh Mall celebrated its grand opening on Thursday, six months after its soft launch in May 2023.
The mall’s opening was officiated by guest of honour Minister of State for Trade and Industry and Culture, Community and Youth Low Yen Ling, together with Mayor for Central Singapore District Denise Phua, Cuscaden Peak chief executive officer Gerald Yong as well as Kajima Development CEO Shuichi Oishi.
“Located in the heart of Bidadari Town, Woodleigh Mall is nestled among the lush green spaces of the Bidadari estate. In line with the Bidadari master plan of developing the estate into a tranquil urban oasis, The Woodleigh Mall has thoughtfully included nature-inspired gathering spaces within the mall, cleverly integrating them with the surrounding green spaces such as the upcoming Bidadari Park and Alkaff Lake”, said Low.
Woodleigh Mall has been awarded the Building and Construction Authority’s Platinum Green Mark Award for its sustainability efforts.
The mall caters to millennial families with young children, and there is a “good demand for F&B, enrichment and healthcare and wellness trade categories”, said Yong.
It features tenants such as Surrey Hills Grocer, which is opening as Singapore’s first grocer and cafe for consumers and pets. Other notable tenants in the mall include FairPrice Finest, Kiztopia, Little Italy and VeganBurg.
https://www.businesstimes.com.sg/property/cuscaden-peak-upbeat-singapores-retail-scene-it-opens-woodleigh-mall
Nov 02, 2023
CUSCADEN Peak Investments is seeing positive momentum for Singapore retail property.
Its chief executive officer, Gerald Yong, told The Business Times: “Singapore is seeing a positive momentum. Retailers do not just look at current market conditions, but look ahead for the next three years.”
Yong noted that “international and luxury brands have invested substantial capital expenditure to build flagship stores in Paragon, a signal of their confidence and favourable sentiments”.
He added that suburban malls in the group’s portfolio have remained resilient and have shown positive momentum, too.
Cuscaden Peak announced it had achieved full occupancy at its newly opened mall – The Woodleigh Mall – at Bidadari estate in a press release on Thursday (Nov 2).
The new mall is part of the integrated community and lifestyle hub that includes a private condominium development with 680 residential units.
The mall was developed by Cuscaden Peak – formerly known as Singapore Press Holdings before it was privatised in May 2022 – and Kajima Development. It is part of the integrated development that is located above the Woodleigh MRT station and has about 28,000 square metres of retail gross floor area.
The mall houses 160 tenants, consisting of a significant proportion of F&B and retail brands, a wide array of healthcare and wellness tenants and a diverse mix of enrichment tenants.
Yong said The Woodleigh Mall uses turnover rents as part of its rental formula since it is a widely accepted form of rental structure in most malls. It is considered a win-win formula for landlords and tenants, to bring more footfall and sales to the shops in the mall, he added.
Besides The Woodleigh Mall, Cuscaden Peak’s ownership interest in other Singapore retail assets include Paragon in Orchard Road, The Clementi Mall and the Rail Mall through Paragon Reit as well as The Seletar Mall.
The Woodleigh Mall celebrated its grand opening on Thursday, six months after its soft launch in May 2023.
The mall’s opening was officiated by guest of honour Minister of State for Trade and Industry and Culture, Community and Youth Low Yen Ling, together with Mayor for Central Singapore District Denise Phua, Cuscaden Peak chief executive officer Gerald Yong as well as Kajima Development CEO Shuichi Oishi.
“Located in the heart of Bidadari Town, Woodleigh Mall is nestled among the lush green spaces of the Bidadari estate. In line with the Bidadari master plan of developing the estate into a tranquil urban oasis, The Woodleigh Mall has thoughtfully included nature-inspired gathering spaces within the mall, cleverly integrating them with the surrounding green spaces such as the upcoming Bidadari Park and Alkaff Lake”, said Low.
Woodleigh Mall has been awarded the Building and Construction Authority’s Platinum Green Mark Award for its sustainability efforts.
The mall caters to millennial families with young children, and there is a “good demand for F&B, enrichment and healthcare and wellness trade categories”, said Yong.
It features tenants such as Surrey Hills Grocer, which is opening as Singapore’s first grocer and cafe for consumers and pets. Other notable tenants in the mall include FairPrice Finest, Kiztopia, Little Italy and VeganBurg.
https://www.businesstimes.com.sg/property/cuscaden-peak-upbeat-singapores-retail-scene-it-opens-woodleigh-mall