NOT VACANT FOR LONG?
Still, to try and turn things around, developers could convert vacant spaces at Changi Business Park into residential or other commercial spaces to provide more facilities, said Assoc Prof Lee.
Better connectivity to the rest of the city and making the park more “self-contained” would also help, she added.
Experts also suggested that Changi Business Park better pitch its “unique” proximity to Changi Airport and Singapore Expo.
Similar to the upcoming Punggol Digital District’s positioning as a smart district, Changi Business Park could target specific industries rather than random tenancy, said Assoc Prof Lee.
Prof Sing said the recent exits there could lead to other firms, including those in logistics and warehouse sectors, to seek office space in the area, to tap on the proximity to the airport.
“Given the land-scarce constraint in Singapore, space is unlikely to be left vacant because of the high opportunity costs,” he said, adding that this could be left to market forces, with no special intervention needed by central planners.
JTC told CNA it would continue to work with “other agencies to improve the value, appeal and relevance” of its business parks, to keep them attractive to a “wide range” of occupants.
One company that has taken advantage of Changi Business Park’s location is flight simulation centre Wings Academy, which moved into the Haite Building more than a year ago.
Wings signed a three-year lease for its 1,600 sq ft premises.
Founder Fabian Lim noted that the Haite Building houses other businesses related to aviation, and that his company could “conveniently” host foreign visitors arriving at Changi Airport.
He said his business was unaffected by neighbours exiting, though he acknowledged that a lack of food options around was an issue.
Still, the likes of Mr Kodancha appreciates the improvement in connectivity and amenities since he first started working at Changi Business Park around 2008.
“Earlier, it was very difficult – there was only one train (station), that’s it, Expo. Now we have the Downtown Line and buses are also there … plus private charter buses,” said the IT professional. “Now, it is very easy … I’m used to this area.”
