CEL Development launches Komo Shoppes for lease
By Cecilia Chow
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - CEL Development, the property development arm of Chip Eng Seng Corp, is planning to launch its 28 strata shop units at Komo Shoppes, the retail podium of its mixed-use development at Parc Komo. Five of these units, with sizes ranging from 743 to 1,184 sq ft, are designated for F&B use and have prime frontage along Upper Changi Road North.
Scale model of the retail podium of Parc Komo, called Komo Shoppes, which has 28 strata shop units across two floors (Photo: Albert Chua/EdgeProp Singapore)
Parc Komo is a redevelopment of the former Changi Garden, which CEL Development had acquired en bloc for $248.8 million, or $888 psf per plot ratio (psf ppr), in October 2017. The former Changi Garden had 72 apartments on the upper floors of the four-storey block, and 12 shops on the ground level. Among the F&B outlets that used to be there were a coffeeshop, bistro and an Italian restaurant, Porta-Porta, which had been there for more than 20 years ago.
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“These old shops did very well because there’s a huge catchment of people living in the area who would drop by for lunch, coffee break or dinner,” says Michael Ng, executive director of CEL Development. “And we want to make sure that the new Komo Shoppes does well too.”
Given that there are only five F&B units, the developer is very selective in ensuring that it gets the right tenants in. “We need to have at least three different F&B tenants to provide residents with variety,” says Peter Wee, CEL general manager of business development and marketing. “We want to secure brands that will be well-liked by residents.”
Showflat of a two-bedroom, duplex apartment at Parc Komo (Photo: Albert Chua/EdgeProp Singapore)
Catchment — private condos and landed housing estates
When completed sometime in 1H2022, Komo Shoppes will be accessible to the public too. Its catchment area therefore extends beyond the residents of the 276 units at Parc Komo. In the vicinity are the landed housing estate of Jalan Mariam and Toh Estate, as well as the private condos in the Flora Drive and Flora Road enclave. That translates to a combined total of 5,000 households and population size of about 20,000, estimates CEL Development’s Ng.
Nearby is not just Changi Business Park, but the Changi North and Changi South industrial estates, Loyang Industrial Estate and the Aviation Logistics Park. On weekdays, the shops will benefit from the lunch crowd from the offices in the neighbouring industrial estates and logistics park, notes Wee.
The change in the Service 5 bus route is also a boon for the future tenants at Komo Shoppes. The new route for Service 5 will include stops at Flora Drive and Mariam Way before reaching the bus stop in front of Komo Shoppes. This brings greater convenience for residents living in the neighbourhood who want to dine or shop at Komo Shoppes, adds Wee.
Besides the five F&B shop units, there are seven other strata-titled units on the first level with a combined strata area of 7,212 sq ft. CEL Development therefore wants to lease the space to an upscale supermarket, notes Ng. Several supermarket operators are already vying for the space and negotiations are “at an advanced stage”, he adds.
On the second level of Komo Shoppes are 16 strata shop units of various sizes, ranging from 323 to 1,679 sq ft in strata area. These retail units are ideal for tuition centres or enrichment schools, amenities such as hair salons, wellness spas, or even medical clinics and dental clinics. It is already seeing interest from a private medical group interested in occupying several units on the second level and operating a specialists’ centre there, says Ng.
Second level of two-bedroom, duplex showflat at Parc Komo (Photo: Albert Chua/EdgeProp Singapore)
Laidback lifestyle
This is because the residential enclave in that part of Changi is predominantly made up of mid-upper to high-income households, continues Ng. Komo Shoppes is well-positioned as a high-end project, which is in line with Parc Komo’s concept of a “resort lifestyle, with lush landscaping”, he adds.
With the Covid-19 pandemic this past year, more people — both young and old — have discovered the merits of a laidback lifestyle. In addition to its resort-style setting, Parc Komo is situated near Changi Village, the 2.2km Changi Boardwalk coastal trail, Changi Beach Park and Changi Sailing Club. It is also near Jewel at Changi Airport, as well as within a nine-minute walk to the future Loyang MRT Station on the Cross Island Line.
Besides underground parking for visitors, there is dedicated parking space for bicycles at Komo Shoppes too. “More people have taken up cycling since the circuit breaker,” says Ng. CEL’s priority is to lease out the shop units, the F&B outlets and supermarket space at Komo Shoppes. Doing so will create a vibrant community in the area once the project is completed, adds Ng.
CEL Development intends to add Komo Shoppes into its investment portfolio of income recurring assets. It hopes to have pre-commitments for the entire retail podium before the end of 2021.
Since the residential units at Parc Komo were launched for sale in May last year, 134 units (49%) have been taken up. The average price of units sold is $1,503 psf. “A freehold project priced at $1,500 psf today is attractive indeed,” notes Ng.
In fact, following the launch of the strata shop and F&B units, CEL Development will roll out the next phase of residential units for sale at Parc Komo next year.
Check out the latest listings near Parc Komo, Jalan Mariam, Toh Estate, Flora Road, Changi Business Park, Changi Village, Loyang MRT Station
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