Woods Square To Benefit From Opening Of Thomson-East Coast Line
SINGAPORE – Woods Square, a mixed-use commercial project linked to the Woodlands MRT Station, is anticipated to gain from the opening of the Thomson-East Coast Line (TEL). It will also benefit from the authorities’ plans to turn Woodlands into a regional hub, reported The Edge on Tuesday afternoon (17 May, SGT).
Notably, Woods Square offers office space and retail premises. Office units in the project’s Tower 1 are available for sale, while developer Far East Organization (FEO) retained the office units in Tower 2 in order to rent them out.
At present, the office units in Woods Square command an average office rent of S$3.40 psf per month, while their average capital value stands at S$1,883 psf. As the development is zoned for commercial use, buyers of office space there do not have to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
Meanwhile, the Thomson-East Coast Line will improve accessibility to the MRT network for people residing in Singapore’s east region as well as those living along the north-south corridor.
TEL’s Stage 1, which stretches from Woodlands North to Woodlands South, opened on 31 January 2020. Stage 2, which comprises six stations from Springleaf to Caldecott, started operating in August 2021.
Stage 3 will open later this year, except for the MRT stations servicing Mount Pleasant and Marina South. Stage 4 is slated to begin operating by 2024 with the exception of Founders’ Memorial station. The remaining two stations under Stage 5 are poised to open in 2025.
As for the MRT stations in Mount Pleasant, Marina South, and Founders’ Memorial, they are anticipated to open in tandem with developments in those areas.
Singapore’s Land Transport Authority (LTA) stated that when the TEL is fully operational commuters will be able to travel from Woodlands South to Orchard in 35 minutes, instead of the present 50 minutes by bus and MRT.