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Viva Industrial Trust’s (VIT) Technopark@Chai Chee (TPCC) is set to undergo a S$20 million asset enhancement initiative (AEI) that will create new retail and lifestyle amenities at the business park.
The ‘Project Viva City’ AEI involves converting the ground-floor carpark and unutilised areas into retail and commercial space at three of the six blocks at TPCC, as well as enhance the development’s facade and other amenities.
Depending on regulatory approvals, up to 15 percent of property’s gross floor area will be converted for ‘white uses’, yielding as much as 230,000 sq ft of retail and commercial space.
“We look forward to receiving all the necessary approvals to start work on the makeover of TPCC in Q2 2015. We believe the AEI will help realise the intrinsic value of this asset and unlock further potential through optimising unutilised space and prime leasable areas,” said Wilson Ang, CEO of Viva Industrial Trust Management.
VIT has so far received HDB’s in-principle consent and Provisional Permission from the Urban Redevelopment Authority (URA) for the proposed alterations and additions (A&A) as well as change of use.
According to VIT, the first retail offerings could open as early as December 2015, and TPCC’s occupancy rate is expected to increase from 63 percent currently to 80 percent after the completion of the upgrade works.
Meanwhile, experts noted that more business parks in Singapore are incorporating retail and lifestyle components similar to what is being done at Technopark@Chai Chee.
This was made possible as the authorities have increasingly added ‘white’ components into business parks and other industrial development over the years, said Chia Siew Chuin, Director of Research & Advisory at Colliers International, as reported in the media.
The URA allows ‘white’ spaces in business parks to be utilized for retail or ancillary purposes.
“Therefore, we have seen integrated developments whereby there are the core industrial space as well as supporting F&B, retail, lifestyle components, so indeed this is an increasing trend over time,” added Chia.
Artist’s impression of the revamped Technopark@Chia Chee. Source: VIT
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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