Kajima leverages rich history, multi-disciplinary expertise
The Japanese firm is developing its first billion-dollar integrated development in Singapore. It is bringing its 179-year history to bear with its track record in building high-speed rail lines, suspension bridges, tunnels and integrated developments in Japan and elsewhere.
Kajima Corp has made a third attempt to crack the Singapore residential property market, after two earlier attempts in the last residential property boom of 2006-2007. Both projects were luxury, freehold condos in prime Districts 9 and 10. The first foray was the 40-unit, boutique, high-end development Sui Generis on Balmoral Road in District 10. Singaporean tycoon Peter Lim purchased 20 units en bloc in Sui Generis for $95 million ($1,934 psf) when it was completed in 2010.
The second development was the 31-unit Bishopsgate Residences located at 1 Bishopsgate. Completed in 2012, the ultra-luxury development contains a mix of three- to five-bedroom apartments, penthouses and triplexes with sizes ranging from 2,433 to 6,841 sq ft. Units in the development have been sold at prices ranging from $3,174 to $3,913 psf. The latest transaction at Bishopsgate Residences was for a 2,949 sq ft, four-bedroom unit on the first level that was sold early this month for $9.5 million ($3,221 psf).
