CapitaLand Mall Trust’s Funan office towers at 98 percent commitment

CapitaLand’s Funan mall in SingaporeCapitaLand’s Funan mall in Singapore

The newly redeveloped Funan mall’s two office towers have reached 98 percent pre-leasing commitment, CapitaMall Trust said in a filing to SGX Wednesday.

“We are heartened that Funan’s strong value proposition has been well-received by a variety of office tenants,” Tony Tan, CEO of CapitaLand Mall Trust Management, the trust’s manager, said in the statement.

“With a high commitment of 98 percent, Funan’s diversified and quality office tenant base will progressively contribute earnings to CMT from the third quarter of 2019,” he added.

The South office block was fully leased to three public agencies: the Attorney-General’s Chambers, Singapore Department of Statistics and Smart Nation and Digital Government Office, CMT said.

The North office block will have adidas’ Southeast Asia office and Adyen, a global payment platform company, CMT said, adding WeWork will also operate a co-working space over two floors and part of level four, which connects the two office blocks.

CMT said office and retail tenants are expected to start occupying the premises from the second quarter of this year. The serviced residence component, The Ascott Limited’s lyf co-living brand, is expected to open in the fourth quarter.

CMT owns Funan, while CapitaLand will manage the building.

 

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