SINGAPORE (EDGEPROP) - CEL Development, the property development arm of Singapore-listed conglomerate Chip Eng Seng Corp, announced that it has secured pre-committed leases for up to 60% of its retail space for its retail podium Komo Shoppes at its mixed-use development Parc Komo in Changi. (See also: CEL Development launches Komo Shoppes for lease)
Parc Komo and Komo Shoppes is a redevelopment of the former Changi Garden, which Chip Eng Seng acquired en bloc for $248.8 million in October 2017. The freehold residential component Parc Komo will have 276 residential units across seven low-rise, five-storey blocks. Komo Shoppes, the two-storey retail podium with 27,000 sq ft of net lettable area, occupies a prominent spot fronting Upper Changi Road North and on the junction of Jalan Mariam, which leads to a quiet landed housing estate.
Since Komo Shoppes was soft-launched for lease last December, it has secured FairPrice Finest, White Lodge International Preschool & Childcare, Pinnacle Family Clinic and Coffee Bean & Tea Leaf as tenants. “We are on the lookout for other complementary trades to fill up the remaining 40% of available space," says Michael Ng, executive director of CEL Development.
In addition to providing fresh produce, grocery items and daily essentials, NTUC FairPrice is inviting residents to “co-create and curate FairPrice Finest Komo Shoppes”, says Trevor Ng, general manager for FairPrice Finest and Warehouse Club, NTUC FairPrice. The supermarket will occupy about (40%) of the retail space on the first level. White Lodge on the other hand, will take up about 500 sq m (5,382 sq ft) on the second level.
"Komo Shoppes has attracted many enquiries due to its prime frontage and high visibility to the busy thoroughfare at the corner of Jalan Mariam and Upper Changi Road North,” says CEL Development’s Ng. “We have turned down offers to purchase the units as we are committed to creating a well-managed retail and lifestyle hub not only for residents of Parc Komo but also the surrounding community."
Previewed in May 2019, the residential units at Parc Komo had an initial average selling price at $1,450 psf. Based on options to purchase issued as at June 27, about 56% of the units have been sold at an average price of $1,510 psf.
Parc Komo and Komo Shoppes are scheduled to complete in 2023. Future residents, tenants and visitors to Parc Komo and Komo Shoppes will enjoy enhanced connectivity from its proximity to the future Loyang MRT Station on the Cross Island Line. The accessibility of the site is further increased following the rerouting of bus service 5 as the bus stop is located right in front of the development.
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