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CBRE revealed that the mall has a guide price of $38 million or $2,000 per sq ft (psf) based on its gross floor area.
Liv@Changi, a new mall along Upper Changi Road North, has been put up for sale after remaining empty since it was granted a Temporary Occupation Permit (TOP) in December 2019, reported Channel News Asia (CNA).
Marketed as a “brand new freehold three-storey commercial building”, real estate services firm CBRE revealed that the mall has a guide price of $38 million or $2,000 per sq ft (psf) based on its gross floor area.
The building is situated across the road from Changi Prison and is nestled on a site measuring around 13,561 sq ft.
In September last year, CNA reported that the mall’s developer, Fortune Assets Changi, was struggling to attract tenants due to the COVID-19 pandemic and planning restrictions.
Specifically, the developer’s request to convert six shop units on the first and second levels into restaurants has been rejected by the Urban Redevelopment Authority (URA) in February 2019 to “safeguard the amenities of the surrounding residents”.
URA later explained to CNA that the developer’s request was not granted due to feedback from residents regarding traffic and parking problems.
Residents living near the mall had been looking forward to the mall’s opening, with one resident telling CNA last year that he hoped for a supermarket nearby given that the nearest shops were in Loyang.
Clemence Lee, Senior Director of Capital Markets at CBRE, noted that the lack of retail facilities and amenities within the neighbourhood means the mall can host an anchor tenant such as a supermarket as well as other complementary trades like childcare facilities, health and beauty retailers, clinics and fitness centres.
“Alternatively, the building can also be used for offices, commercial schools and associations, subject to approval from relevant authorities,” he said as quoted by CNA.
When asked why the mall was being sold, CBRE declined to comment, citing the ongoing sale exercise. Parties looking to acquire the property must express their interest by 28 April.
Colliers International’s Senior Director of Investment Services Steven Tan noted that the sales process would typically be short if the mall is vacant. He also said the process could be completed within three months following the signing of the sale and purchase agreement.
T Prema, a 62-year-old retiree who lives in a condominium near the mall, said it is “about time” that the property 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,” she said as quoted by CNA.
“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.”
She described the neighbourhood as a “thriving residential zone, and not just home to the prison and Selarang Camp”.
Mdm Prema noted that residents only want “typical shops at any neighbourhood mall”, including a laundromat, supermarket, spa and ATMs.
“Perhaps URA can also be more flexible and understanding in not limiting the kind of tenants that can be brought in,” she added.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
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