The shops at Changi Business Park have been forced to close due to lack of crowds as people work from home.
In accordance with Lianhe Zaobao, many saw the business shrink by 70 to 80 percent as employees stayed home due to Covid-19 security measures. Traders who cannot bear the pressure of rent have been forced to close.
Pandemic security measures have led to a reduction in the flow of people to the mall, a Changi City Point spokesman said.
The mall is helping tenants with rental bonuses to leave during this period and is also helping them market and digitize their businesses to reach the wider online audience.
Singapore is currently in the intensified alert phase of Phase 2, which came into force on 22 July and ends on 18 August. Measures include a reduction in the size of social gathering groups from five to two, work from home to remain the default in the workplace, and cessation of dining at all F&B establishments, with only takeaway food and delivery allowed.
The Changi Business Park area began operations in 1997 and had attracted companies from sectors such as trade and deep technology. It hosts companies such as IBM, Xilinx, DBS and Standard Chartered Bank.
Ascendas Reit introduces measures such as free parking during the noon hours to attract more business to its food and drink (F&B) tenants during the intensified Phase 2 alert.
El Reit is optimistic that more employees will return to the office as vaccination rates rise and the government relaxes restrictions.
At least one real estate manager is confident that business will perform better than pre-pandemic levels.
A spokesman for ESR Real Estate Investment Trust (ESR-Reit), which runs ESR BizPark @ Changi, said current employment rates are similar to pre-pandemic levels and expect more tenants in the coming months as tenants leave the prized central business district (CBD) and look for alternatives.
ESR-Reit added: “As more companies adopt telework agreements, they will look for cheaper options than CBD offices to house the necessary services.”
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Featured Image Credit: Daniel Food Diary