Special Feature
First-mover in Woodlands Central
By Woods Square
/ Brought to you by Far East Organization |
Far East Organization offers premium strata office space for sale at Woods Square, in the heart of Singapore’s upcoming business hub in the north.
The transformation of Woodlands, which has just started, is likely to accelerate over the next five to 10 years. It was sparked by National Development Minister Lawrence Wong’s April 16 announcement that 10,000 new homes will be built in the northern regional centre as part of HDB’s Remaking Our Heartland Programme.
Woodlands Regional Centre is made up of two precincts: Woodlands Central, which has been designated a retail and mixed-use hub; and Woodlands North Coast, which will incorporate work-live-play elements.
The new housing projects at Woodlands Central will be a mix of private and public residences, located near the Woodlands MRT station. Meanwhile, Woodlands North Coast will feature public housing projects with a “home-in-the-woods” theme, as well as offer views of Admiralty Park and the Straits of Johor.
Business hub for companies with Malaysian, ASEAN links
Under the government’s Master Plan 2014, Woodlands Regional Centre – which stretches from the northern coastline fronting the Straits of Johor all the way to the heart of Woodlands – was identified as the business hub of the north. It’s ideally situated to cater for companies with Malaysian and ASEAN links.
At 1,198 ha, Woodlands is 3.3 times the size of Marina Bay. About 100 ha (close to 11 million sq ft) of land has been set aside for the development of Woodlands Regional Centre over the next 10 to 15 years. It is projected to yield over 7 million sq ft of commercial space and generate about 100,000 new jobs when completed.
A new pedestrian-friendly regional retail hub and town plaza is slated for development on a 30ha land parcel at Woodlands Central. It will be situated in the vicinity of Woodlands MRT station and Causeway Point shopping centre.
Another 70ha parcel of land will be made available at Woodlands North Coast. Located between Republic Polytechnic and Woodlands Waterfront, the land has been designated for the development of a business park. Targeted at small and medium sized enterprises, it will be the first such cluster in the northern region.
Woodlands Regional Centre will anchor the other developments in the north – from the North Coast Innovation Corridor, to the Punggol Creative Cluster and Learning Corridor. It will also extend to the neighbouring Sembawang Shipyard, which is being redeveloped, as well as the future Seletar Regional Centre.
Enhanced amenities, walking trails and gardens
Other projects in the pipeline for the northern region include Woodlands Health Campus, a new integrated healthcare complex with 1,800 beds. When completed in 2022, it will be the first healthcare complex with seamless complementary offerings such as a new acute care hospital, specialist clinics, community hospital and nursing home.
A new community hub called Community Nexus is also in the pipeline, to be located next to Admiralty MRT station. It will house a wide range of amenities – from a hawker centre, F&B and retail outlets, to a medical centre, childcare and eldercare facilities, as well as housing for the elderly.
To encourage an active lifestyle and interaction in the community, an existing 4.2km park connector along the North-South MRT Line viaduct will be upgraded into a “Social Corridor” with community gardens, pavilions and rest points. There will also be a new 1.9km path linking Woodlands Central to the Waterfront. Named WoodsVista Gallery, it will have dedicated, scenic trails for pedestrians and cyclists.
The existing Woodlands Town Garden will also be upgraded, with a new boardwalk, children’s play area and heritage corner. When completed, it will be renamed Marsiling Park.
Increased connectivity
Public transport at Woodlands Regional Centre will also be greatly enhanced with three new MRT stations slated for completion over the next two to three years. The three new MRT stations – Woodlands North, Woodlands and Woodlands South – will form part of the Thomson-East Coast Line (TEL).
By 2024, the TEL will connect commuters from Woodlands to the North-South Line, Circle Line and the CBD. The future cross-border MRT system will also link Woodlands to Johor.
Last month, the government announced that the Woodlands Checkpoint would be extended to the Old Woodlands town centre. Two private plots of land will be acquired by the government to build the checkpoint extension, and it is expected to spearhead a renewal of the ageing town centre.
Meanwhile, the new 21.5 km North-South Expressway, which will link Woodlands to the city, is scheduled for completion by 2026. The highway will also be the first in Singapore to have a dedicated express bus lane.
There will also be a cycling path and a wide pedestrian walkway along the entire route of the expressway. In the future, they will be part of a seamless walking and cycling network linking towns such as Ang Mo Kio, Bishan, Sembawang, Toa Payoh and Yishun.
Scarcity factor
Woodlands Regional Centre is modelled after the success of two other regional centres – Tampines in the east, and Jurong in the west. However, there are hardly any strata office spaces for sale in Tampines as most commercial buildings are held by established developers, real estate investment trusts or property funds. In Jurong, there is only one commercial development with strata office space for sale.
At Woodlands, there has been no strata office space available for sale until now, with the launch of Woods Square at Woodlands Central by Far East Organization and its partners.
Far East Organization, along with its partners – its listed entity Far East Orchard and Japanese developer Sekisui House – won the Woods Square site with a top bid of $634 million in April 2014. It marked the first sale of site by the government since plans for Woodlands Regional Centre were first unveiled in 2013.
As such, Woods Square will be the first massive commercial development to be built as part of the future Woodlands Central. The project sits on two adjacent land parcels with a total area of almost 200,000 sq ft, and will have a gross floor area of 700,000 sq ft.
New-to-market offering
Woods Square comprises a 16-storey office tower and a 12-storey office block, both of which come with sky terraces. There is also a pair of SOLO (small office, loft office) blocks, a shopping gallery with 39 shops and a 5,000 sq ft childcare centre.
It presents a new-to-market opportunity for individual investors and businesses looking to buy into office space in Woodlands. Only a limited number of strata office units are available for sale, as Far East Organization intends to hold one of the towers for lease.
Woods Square is also well located as it is adjacent to the Woodlands Civic Centre and Causeway Point Shopping Centre. It will be linked to the bus interchange and two MRT stations – the existing Woodlands MRT station on the North-South Line and the upcoming MRT station on the TEL. More business opportunities will be opened up when the future cross-border MRT link between Woodlands and Johor is completed.
Demand is expected to come from existing businesses in the northern region of Singapore. For those who have a factory, warehouse or logistics facility, and are now seeking a suitable location for their corporate office or sales gallery location, Woodlands Square in Woodlands Central is ideally situated for that purpose.
An added bonus is that there is no Additional Buyer’s Stamp Duty nor Seller’s Stamp Duty.
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