SINGAPORE - Viva Industrial Trust, a Singapore-focused business park and industrial property trust, has unveiled a $20 million plan to reposition Technopark@Chai Chee (TPCC) business park with retail and lifestyle amenities.
The Asset Enhancement Initiative (AEI) has been tentatively named 'Project Viva City' under which the first retail offerings could be available as early as end of this year, a company press release stated, to serve existing tenants as well as residents in Bedok.
Alterations and Additions work will include converting the ground-floor carpark and unutilised areas into retail and commercial space at three of Technopark's six blocks, as well as enhancing its facade and other amenities.
Viva Industrial Trust said pre-committed tenants include OWL Cafe, Singapore's renowned food and beverage company, with first-of-its-kind offering of drive-through concept for a Straits Asian menu.
Decathlon, one of the world's largest retailers of sporting goods is another pre-committed tenant, while marketing agents have been engaged to reach out to more retail and food and beverage tenants, as well as service providers in the education and sports-related sectors.
"We look forward to receiving all the necessary approvals to start work on the makeover of TPCC..," CEO of Viva Industrial Trust Management Pte Ltd, Mr Wilson Ang, said. "We believe the AEI will help realise the intrinsic value of this asset and unlock further potential through optimising unutilised space and prime leasable areas."
"We are also confident that this initiative will raise the value proposition for current and potential business park tenants by providing more and better amenities at their doorstep," he said.
TPCC, located near Bedok Town Centre, is the only business park development in the vicinity, with easy access from the Bedok and Kembangan MRT stations as well as the Bedok Interchange.
To date, VIT has received in-principle consent from the HDB and Provisional Permission from the Urban Redevelopment Authority for the proposed A&A and change of use.