Childcare centre converted from car park space to open at Wisteria Mall

Knight Frank was selected to advise Schroders on the guidelines, terms and conditions of the CSFS and ECDA licensing structure, in addition to validating the necessity for childcare services in the area.

“We are delighted to provide the first CSFS child care hub that has actually been converted from parking lot area to Singapore,” says Andrew Moore, head of realty for Asia Pacific at Schroders Capital.

The CSFS gives reward gross floor area (GFA) to property developments for the functions of community and sports uses, subject to a general cap of 10% of the optimum allowable GFA for the location under the Master Plan or 21,528 sq ft, whichever is lower.

The new facility will be run by Artemis Preskool and is backed by the Early Childhood Development Agency (ECDA).

Schroders acquired the mall from BBR Holdings in 2022 for $208 million. The mall is the retail part of 99-year leasehold, mixed-use property development The Wisteria in Yishun, that includes a 216-unit condo.

According to Knight Frank, the demand for a child care center to service the bordering community had been identified by the shopping mall’s owner– global investment management firm Schroders– since early last year. As Wisteria Mall was already built to its highest permitted GFA, the firm struck on the CSFS to transform area of the presenting parking lot area into a child care center.

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He adds that new facility will definitely expand Wisteria Mall’s lifestyle services at Wisteria Mall and is part of Schroders’ continued restoration of the shopping center ever since obtaining the building.

On the other hand, CBRE was assigned as campaign supervisor to manage construction plans and submissions to appropriate authorities to obtain the necessary statutory authorizations, providing URA approval for the update of use.

According to Knight Frank, the remodeling required extensive physical facilities to support the centre’s tasks, a new people lift leading to the new facility, alloted parking area for customers, and secure access to an exterior play area in a close-by HDB estate. The entire planning and development process consumed over 14 months to finish.

A brand-new childcare facility is set to open up at Wisteria Shopping mall on July 1. Situated at the shopping mall’s second storey parking area, the day care center is the very first childcare centre under URA’s Community/Sports Facilities Scheme (CSFS) converted from car park space states Knight Frank Singapore in a June 25 announcement.

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