Changi, now coming up with new commercial opportunities!

    • In the wake of opening Jewel a year ago, Changi Airport Group (CAG) has started making arrangements for a new commercial venture, despite of the fact that it might take time for the plans to work as intended.
    • CAG is aiming to develop retail, office and hotel project along Tanah Merah Coast Road post acquiring provisional permission from the Urban Redevelopment Authority in the last quarter of 2019. Summing up to nearly 1.16 million sq.ft., the approval received is for 413,011 sq.ft. of offices, 621,938 sq.ft. for retail and 120,879 sq.ft. for hotel component individually.
    • Analyzers of market anticipate this venture to be a have a share of the Changi East Urban District, which was brought into focus in URA’s Master Plan 2019. However, when approached by The Business Times, CAG avoided talking anything about it.
    • Terminal 5, which was primarily scheduled for completion in 2030, is now going to be the entrance of this new lifestyle and business district.
    • Transport Minister Khaw Boon Wan on Tuesday raised a concern about the life of aviation post pandemic, halting the construction of the Mega T5 project for a minimum of two years.
    • The government is presently analyzing the life of aviation sector post Covid-19 and considering the new safety measures, the design of T5 is expected to be changed, said Khaw Boon Wan.
    • Because of Covide-19, CAG integrated the airport’s terminal operations last month revamping the resources in between the sharp decline in the flights and passenger traffic.
    • In order to ease the up gradation and development works on T2 operations have been put on hold for 18 months from May 01. Since May 16, operations at T4 have also been put on hold for a temporary basis. However, T1 and T3 will be functioning regularly.
    • This venture is visualized as a part of Changi City, circumscribing the transformation and eco-system leveraging on the Singapore University of Technology and design (SUTD) and the Changi Business Park.
    • Changi City might also present a waterfront district in the long run offering new amusement and tourism probabilities, mounting on its planned coastal location.
    • The retail space in the proposed venture by the Changi Airport Group will sum up to nearly about 500,000 sq.ft. Net Letable Area (NLA) making it kind of larger than Causeway Point in the Woodlands which has NLA of 420,000 sq.ft., said Desmond Sim, the Head of Research for Singapore and South-east Asia Property Consulting Group CBRE.
    • According to him, the NLA for the office component of 350,000 sq.ft. – Little smaller than OUE Bayfront’s 400,000 sq.ft.
    • The offices will be perfect for aviation companies. Both, the tourist and domestic markets would be served by the retail space, said Mr. Desmond Sim.
    • Indicating to the mall at the southern tip of the main island of Singapore and the one next to international cruise, this could be another VivoCity – he added.
  • Mr. Sim also stated that – Considering the entire project, the Changi East Urban District will be the hub that will collaborate the existing areas housing the SUTD, Changi Business Park and even the future T5. This great evolution will offer sufficient commercial space which will certainly be connected with the aviation hub that Singapore will be establishing.

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