Cushman & Wakefield and CBRE, as the joint-exclusive marketing agents, are pleased to offer for sale Liv@Changi, a 3-storey suburban retail mall located at 933 Upper Changi Road North. The sale will be conducted via an Expression of Interest exercise, which closes on Wednesday, 27 March 2024, at 3pm.
Sitting on a premium, corner freehold land parcel, Liv@Changi has a site area of approximately 13,428 square feet and enjoys prominent visibility with its 75-metre wide, unobstructed dual road frontage along Upper Changi Road North and Mariam Way. The 3-storey retail mall was completed in 2019 and has a total built-up area of approximately 18,986 square feet. Presently fully approved for commercial use, the mall is occupied by a diversified mix of tenants, such as a supermarket, medical clinic, takeaway food stall, fitness studios and a gym. The incoming investors will be well-positioned to enjoy stable and immediate rental income as well as the naming rights to the building.
The guide price for Liv@Changi is S$36 million and this translates to about S$1,896 per square foot based on current built up area. As the property sits on a site zoned for “Commercial” use, foreigners are eligible to purchase the subject property. There will be no Additional Buyer’s Stamp Duty (ABSD), or Seller’s Stamp Duty (SSD) imposed upon the transaction.
Clemence Lee (利伟强), Executive Director of Capital Markets at CBRE says, “Freehold commercial developments at less than $50 million are typically tightly held by investors and are rarely available for sale. Given the site’s excellent attributes such as its freehold tenure, dual road frontage, and proximity to employment centres at Changi Airport, Changi North Industrial Estate, and Loyang Industrial Estate that are home to a large number of Aerospace, Logistics, Shipping, and Maritime occupiers. We are confident that the asset will appeal to a wide pool of investors that includes boutique funds, family offices, high-net-worth-individuals, small to mid-sized developers, or owner-occupiers who are looking for standalone commercial buildings or a boutique retail mall in the East Region of Singapore.”
Clemence added, “Furthermore, the asset is strategically located within a densely-populated residential enclave, with more than 15 condominium projects containing more than 6,000 residential units within its immediate vicinity. Notable new developments that were completed in the vicinity include Parc Komo, a mixed-use development with a 2-storey retail podium, and a 276-unit condominium that has been fully sold. The retail podium which opened its doors in 2023 has secured established tenants such as FairPrice Finest and Coffee Bean & Tea Leaf. There is still a shortage of retail outlets and amenities in the immediate neighbourhood, with the nearest mall located at Loyang Point, which is more than a kilometre away.”
Mr. Shaun Poh (傅子伟), Executive Director of Capital Markets at Cushman & Wakefield adds: “With the enhancement of Changi Northern Corridor, which includes the Loyang Viaduct along Loyang Avenue and 3km of new cycling paths (to existing Park Connector Network), slated for completion by 2028, we shall anticipate the growth plans of this area to allow for live, work and play. With a major multi-modal infrastructure improvement, Liv@Changi would enjoy greater accessibility and traffic in the near future which will in turn promote more extensive retail offerings. “After the sale of Changi City Point, we have noticed suburban retail complexes continue to be favoured amongst investors, especially ones surrounding a good residential catchment. With a palatable price tag Liv@Changi offers an opportunity for new-to-market investors to establish its brand presence in an up-and-coming area which will see the growth of new private residences in District17 (e.g., Kassia, The Shorefront) as well as key industrial and business sectors.”
The property is well-connected to other parts of Singapore via public and private transportation. Upper Changi MRT, Tampines MRT, and the upcoming Loyang MRT (Cross Island Line) station(s) are a short drive away and numerous bus services can be found along Upper Changi Road North. It is also within close proximity to several arterial roads and expressways such as the Pan-Island Expressway (PIE), Tampines Expressway (TPE), and East Coast Parkway (ECP). This makes it highly accessible to other parts of Singapore such as Changi Airport and the Central Business District (CBD).
