'Brand new' mall in Changi, empty for over a year, on sale for S$38 million

Over a year.

Lean Jinghui | April 08, 2021, 12:41 PM

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A new mall in Changi that has been empty since its completion in 2019 has now been put up for sale for S$38 million.

Image via Syahindah Ishak and Guan Zhen Tan

The history

Located at Upper Changi Road, the area is considered by some to be somewhat lacking in general amenities.

According to CNA, its developer Fortune Assets Changi struggled to attract tenants because of planning restrictions by URA, and the Covid-19 pandemic.

The planning restrictions meant that the mall was not able to bring in desired trades like cafes or restaurants, a guideline that according to URA, had been clearly laid out to the developer since 2015.

URA previously told Mothership that the guideline had been conveyed in response to "local feedback" from residents, that F&B uses would only "exacerbate traffic and parking problems in the neighbourhood".

Most of the residents Mothership spoke to back in 2020 had expressed hopes of having a supermarket nearby in the future.

Which brings us to the now.

The sale

In a statement released by real estate services company CBRE on Mar. 16, "a brand new three-storey commercial building" was marketed for sale at 933 Upper Changi Road North.

The guide price? S$38 million, which works out to about S$2,000 per square foot on the gross floor area.

In their statement, they said investors could "explore" leasing part of the space to an anchor tenant "such as a supermarket" and other spaces for complementary trades, including childcare facilities and fitness centres.

This was due to "the lack of immediate retail facilities and amenities in the neighbourhood".

Top image via Syahindah Ishak and Guan Zhen Tan