_First CSFS childcare centre converted from car park space in Wisteria Mall
Singapore, 25 June 2024 – Residents in Yishun will have more to cheer about this year when a new childcare centre operated by Artemis Preskool opens in Wisteria Mall in July.
Set up under the Community/Sports Facilities Scheme (CSFS), the new preschool will provide quality and affordable childcare services for families residing in the neighbourhood. Artemis Preskool’s founder Mr Ryan Ong is looking forward to the opening of the new centre.
Says Mr Ong, “We are happy to be able to serve the residents of Yishun and play a role in shaping the minds of our young learners by providing a holistic environment for them to play and learn."
A unique feature of the new childcare centre is its location within the development’s second-storey car park, the first of its kind to be converted from part of the mall’s car park space under the CSFS. Schroders Capital, the specialist private markets manager of global investment management firm Schroders, identified the need for a childcare facility in early 2023.
Schroders Capital’s real estate team put together a multi-functional team covering investment, asset management and ESG, to conduct feasibility studies and explore ways to realise this, despite limited vacant space in the mall. As the development was already built up to its maximum permissible gross plot ratio under the Master Plan parameters, Schroders Capital tapped the Government’s Bonus Gross Floor Area (GFA) incentive framework to obtain bonus GFA under the CSFS, enabling them to bring in a commercial childcare centre endorsed by the Early Childhood Development Agency (ECDA).
Knight Frank Singapore, the appointed Sole Marketing Agency, provided advice on the guidelines, terms and conditions of the CSFS and ECDA licensing structure, and sounded out various childcare operators to test the market and validate the demand for such services.
CBRE, on the other hand, took on the role of project manager to oversee the construction plans and submissions to the relevant authorities to obtain the necessary statutory approvals, including URA approval for the change of use.
On top of the extensive physical infrastructure required for a childcare centre, some of the additional challenges faced by the project team included providing a new passenger lift to bring users to the new facility, creating dedicated parking lots for the centre’s customers, and having safe access to an outdoor play area for the children’s daily motor activities.
Knight Frank Singapore secured the lease with Artemis Preskool in the fourth quarter of last year, which guided final construction details according to the tenant’s requirements. The entire planning and construction process took more than 14 months to complete.
Andrew Moore, Head of Real Estate APAC, Schroders Capital says, “We are delighted to bring the first CSFS childcare centre that has been converted from car park space to Singapore. ESG has always been a big part of the Schroders brand DNA and we wanted the new childcare centre at Wisteria Mall to serve the needs of the surrounding community.
"Our plans to rejuvenate Wisteria Mall since its acquisition in 2022 have seen tremendous success with the support of our anchor tenants Fairprice Finest, Koufu and Cow Play Cow Moo, providing the best of convenience, retail, dining and entertainment services. Artemis Preschool will add to the strength of our lifestyle offerings at Wisteria Mall, and create synergies for our residents, shoppers, tenants and other stakeholders.”
With the opening of Artemis Preskool at Wisteria Mall in July 2024, families residing in Yishun can look forward to greater convenience and choice for their lifestyle needs.
Photo for use: