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Viva budgets S$20 million for Technopark@Chai Chee makeover
VIVA Industrial Trust plans to renovate Technopark@Chai Chee for S$20 million beginning in the second quarter of the year, the stapled Singapore-focused business park and industrial property trust announced on Wednesday.
The revamp will incorporate retail and lifestyle features into the business park, with the first retail offerings targeted to open for business as early as end-2015, Viva said.
The ground-floor carpark and unutilised areas at three of the six blocks in the industrial park will be turned into retail and commercial space. The development's facade will also be improved.
Pre-committed tenants currently include sporting goods retailer Decathlon and restaurant operator OWL.
The industrial park is currently the only business park development in its immediate neighbourhood, close to Bedok Town Centre.
The changes "will help realise the intrinsic value of this asset and unlock further potential through optimising unutilised space and prime leasable areas", said Wilson Ang, chief executive of Viva's manager. "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."
Viva units last traded at 82.5 Singapore cents on Wednesday, before the announcement.