Liv@Changi mall along Upper Changi Road North, empty since Dec 2019, now on sale for S$38 million

tripleme

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A new mall in Changi that has remained empty since it was granted a Temporary Occupation Permit (TOP) in December 2019 has been put up for sale.

Liv@Changi mall along Upper Changi Road North is being marketed as a "brand new freehold three-storey commercial building" by real estate services company CBRE.


It is located across the road from Changi Prison and is surrounded by private residential neighbourhoods.

The building's guide price is S$38 million, or S$2,000 per square foot on the gross floor area, CBRE said in a news release on Mar 16. The building sits on a site measuring about 13,561 sq ft.

CNA first reported on the empty mall in September last year, when its developer Fortune Assets Changi said it struggled to attract tenants because of planning restrictions and the COVID-19 pandemic.


The "circuit breaker" measures in April last year had affected leasing of the retail spaces, while Urban Redevelopment Authority (URA) restrictions prevented the developer from bringing in "desired trades" like cafes and restaurants.

In February 2019, URA rejected the developer's request to turn six shop units on the first and second floor into restaurants to "safeguard the amenities of the surrounding residents".

URA later told CNA that the mall was not allowed to have restaurants due to residents' feedback about traffic and parking problems.

Residents who live near the mall told CNA last year that they had been looking forward to its opening for their everyday needs. One resident hoped for a supermarket nearby, pointing out that the nearest shops were in Loyang.

The lack of retail facilities and amenities in the neighbourhood means the building can host an anchor tenant like a supermarket and other complementary trades like health and beauty retailers, childcare facilities, fitness centres and clinics, CBRE senior director of capital markets Clemence Lee said.

"Alternatively, the building can also be used for offices, commercial schools and associations, subject to approval from relevant authorities," he said in the news release.

CBRE declined to comment when asked why the building was being sold, citing the ongoing sale exercise. Parties must express interest in buying the property by Apr 28.

If the mall is vacant, the sale process is typically short, said Mr Steven Tan, senior director of investment services at Colliers. He told CNA that the process, which includes ensuring that the building complies with the relevant requirements, could be completed three months after the sale and purchase agreement is signed.

Mr Tan said the developer might have decided to sell the property as it could be some time before retail activity returns to pre-pandemic levels.

While retail sales grew by 5.2 per cent year-on-year in February, it is still a 1.6 per cent fall compared to the previous month on a seasonally adjusted basis.

"It could take a while before all goes back to normal; the developer may have taken the view that instead of waiting out the crisis, it could be timely to ride on the current positive investment sentiment to monetise the asset," Mr Tan said.

"There are also possible investors who have resources to better reposition the property to maximise the value."

The struggle to attract tenants could also have proved too much, with Mr Tan pointing out that the mall cannot have food and beverage outlets to attract shoppers.

"While there is a residential catchment, there is limited footfall as it is not located near a key transport node or MRT station," he added.

Mr Lee said the Upper Changi and Tampines MRT stations are a "short bus ride away", with "numerous bus services" stopping along Upper Changi Road North.

"The property will also be able to capitalise on its proximity to several mega projects such as Changi East Industrial Zone, Changi City and Changi East Urban District," he added.

"The successful buyer will also enjoy potential naming and signage rights to the building."

Mr Tan expects the buyer to woo tenants that offer retail services catering to residents, like education centres, spas and salons.

"ABOUT TIME" MALL IS SOLD

Resident T Prema, who lives in a condominium next to the mall, told CNA that it is "about time" the mall is put up for sale.

"As a resident in an area well short of amenities, all I want is for the mall to be occupied as soon as possible," the 62-year-old retiree said.

"This is quite a densely populated area with eight to 10 condos and many landed properties, yet our only convenience store is a minimart at a petrol station."

Mdm Prema said residents are only asking for the "typical shops at any neighbourhood mall", including a supermarket, laundromat, spa and ATMs.

She believes the developer had "plenty of time" to attract tenants, even in the current difficult climate.

"I find it hard to understand their struggles, especially given all the support that the Government has provided to businesses to stay afloat over the past year," she said.

Mdm Prema said the neighbourhood is now a "thriving residential zone, and not just home to the prison and Selarang Camp".

"Perhaps URA can also be more flexible and understanding in not limiting the kind of tenants that can be brought in," she added.

 

Kunkka

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Don't know why they have such a bad name for the mall
 

DulanMax

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Don't know why they have such a bad name for the mall
Confirm is boomer set de lol, they love to have @ when naming things. Like the 'We care @ East Coast'
 

TrollAndOgres

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Retiree like a bit karen, think so easy to attract tenant to rent esp in such an ulu place lol
 

flame2000

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So many CECA there, also cannot survive? :D
 

Blahhh

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Pwned by high SES residents in the area, until URA won't allow them to open restaurants lol.
 

archon75

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EDMW forumers can perhaps crowd fund to help tge poor changi resident by buying the mall.... And huat la huat la together for a merely sum of 38m only
 

Xiao Sinkie

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No fnb allowed. The shop workers all tapao from the prison opposite is it.
 

Zinna

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This is i remember should be quite close to expo, last time go expo area got remember seeing this mall

But then expo is quite close to airport, and next to airport got jewel leh, how to compete?
 

pattanispirit

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The "circuit breaker" measures in April last year had affected leasing of the retail spaces, while Urban Redevelopment Authority (URA) restrictions prevented the developer from bringing in "desired trades" like cafes and restaurants.

In February 2019, URA rejected the developer's request to turn six shop units on the first and second floor into restaurants to "safeguard the amenities of the surrounding residents".

URA later told CNA that the mall was not allowed to have restaurants due to residents' feedback about traffic and parking problems.


Residents who live near the mall told CNA last year that they had been looking forward to its opening for their everyday needs. One resident hoped for a supermarket nearby, pointing out that the nearest shops were in Loyang.

The lack of retail facilities and amenities in the neighbourhood means the building can host an anchor tenant like a supermarket and other complementary trades like health and beauty retailers, childcare facilities, fitness centres and clinics, CBRE senior director of capital markets Clemence Lee said.





Resident T Prema, who lives in a condominium next to the mall, told CNA that it is "about time" the mall is put up for sale.

"As a resident in an area well short of amenities, all I want is for the mall to be occupied as soon as possible," the 62-year-old retiree said.

"This is quite a densely populated area with eight to 10 condos and many landed properties, yet our only convenience store is a minimart at a petrol station."

Mdm Prema said residents are only asking for the "typical shops at any neighbourhood mall", including a supermarket, laundromat, spa and ATMs.


She believes the developer had "plenty of time" to attract tenants, even in the current difficult climate.

"I find it hard to understand their struggles, especially given all the support that the Government has provided to businesses to stay afloat over the past year," she said.

Mdm Prema said the neighbourhood is now a "thriving residential zone, and not just home to the prison and Selarang Camp".

"Perhaps URA can also be more flexible and understanding in not limiting the kind of tenants that can be brought in," she added.


how does URA come out w such lame excuses ?

if because of "residents' feedback about traffic and parking problems" ?

When i12 Katong opened in late 2011, it cause traffic jam & parking problem in the area for a year or two, the traffic junction changed to no turning, and after a while, the traffic back to normal.

but few yrs later, i12 Katong has to close again due to bad biz. need to have extensive revitalization works.

if URA uses "residents' feedback about traffic and parking problems", what about the town centres like AMK hub, TPY hub :s22:

any hip will go away in a couple of years, in fact most small malls really fail attract much crowd, see those like Thomson V Two, hardly anyone walk in, even when new. those who invested, really lost a lot of $$$.

nearest bark cafe...followed by Loyang point or changi north canteen

not every one goes to Bark cafe, no kpt nor shop within 1km radius. the nearest probably Changi North canteen which exceed 1km.




《 学会宽恕,才能超越别人对你的伤害》

我们不可能要求世界上所有的人都跟我们一样,有相同的水平;不能因为我们善良的心不被别人重视,我们就自己去放弃它。当你不被别人认可,遇到挫折的时候,记住了,我们要有韧性,我们要学会忍辱。

佛法讲“忍辱才能精进”。而有的人在人际交往当中,经常把别人对他的好不当回事,犹如把玉石当作石头一样,没有把别人对你的爱和对你的好作为一种珍惜的、爱戴的感情,对这种人,我们学佛人要学会宽容地笑一笑,宽恕他们,让你自己也超越了别人对你的伤害,得到解脱。


法国巴黎《玄艺综述》大型解答会 20190908
 

chickenpiez007

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This is i remember should be quite close to expo, last time go expo area got remember seeing this mall

But then expo is quite close to airport, and next to airport got jewel leh, how to compete?
erm....where got near expo.......nearest none residential building is changi prison opposite......
 

Shutterbox

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i dun even know where it is. where is the location?
 

chickenpiez007

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how does URA come out w such lame excuses ?

if because of "residents' feedback about traffic and parking problems" ?

When i12 Katong opened in late 2011, it cause traffic jam & parking problem in the area for a year or two, the traffic junction changed to no turning, and after a while, the traffic back to normal.

but few yrs later, i12 Katong has to close again due to bad biz. need to have extensive revitalization works.

if URA uses "residents' feedback about traffic and parking problems", what about the town centres like AMK hub, TPY hub :s22:

any hip will go away in a couple of years, in fact most small malls really fail attract much crowd, see those like Thomson V Two, hardly anyone walk in, even when new. those who invested, really lost a lot of $$$.



《 学会宽恕,才能超越别人对你的伤害》

我们不可能要求世界上所有的人都跟我们一样,有相同的水平;不能因为我们善良的心不被别人重视,我们就自己去放弃它。当你不被别人认可,遇到挫折的时候,记住了,我们要有韧性,我们要学会忍辱。

佛法讲“忍辱才能精进”。而有的人在人际交往当中,经常把别人对他的好不当回事,犹如把玉石当作石头一样,没有把别人对你的爱和对你的好作为一种珍惜的、爱戴的感情,对这种人,我们学佛人要学会宽容地笑一笑,宽恕他们,让你自己也超越了别人对你的伤害,得到解脱。


法国巴黎《玄艺综述》大型解答会 20190908
a good example of lesson learnt..... arbo you all kpkb they never learn from.past mistakes.....
 
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