Singapore mall idling for nine months, up for saleBusiness | 8 Apr 2021 8:15 am
A new mall in Changi in Singapore that has remained empty since it was granted a temporary occupation permit in December 2019 has been put up for sale, Channel News Asia reports.
Liv@Changi mall along Upper Changi Road North is being marketed as a "brand new freehold three-story 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 March 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 coronavirus disease 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.
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 April 28.-Photos: CNA