CapitaLand’s Funan mall opens after redevelopment

CapitaLand Integrated Commercial Trust's Funan mall in SingaporeCapitaLand Integrated Commercial Trust's Funan mall in Singapore

The Funan mall opened Friday, with pictures suggesting large crowds, after a three-year redevelopment period, CapitaLand and CapitaLand Mall Trust said in a filing to SGX.

The mall features more than 190 brands with six “passion themes” of tech, craft, play, fit, chic and taste, the filing said.

More than 30 percent of the brands are new-to-market and mroe than 60 percent originate in Singapore, the statement said.

“Funan features several firsts,” CapitaLand and CMT said. “It is home to Singapore’s first urban farm in a mall that is open to the public; Singapore’s first fully unmanned futsal facility; and Singapore’s first theatre venue in a mall that is designed, managed and programmed by a theatre group.”

Funan will also allow cycling through its building, and includes a dedicated bicycle hub and end-of-trip amenities, including shower rooms, the statement said.

“We are cognisant of the importance to stay competitive by adapting to the evolving retail landscape,” Tony Tan, CEO of CapitaLand Mall Trust Management, the trust’s manager, said in the statement.

“We are heartened that Funan’s latest transformation has been wellreceived by the market, having achieved robust levels of 95 percent for retail leasing and 98 percent for office leasing,” Tan said. “We will remain vigilant in monitoring market trends and continually identify ways to future-proof the malls in our portfolio.”

CapitaLand’s wholly owned lodging unit The Ascott ltd. plans to open the lyf Funan Singapore co-living serviced residences by October, the statement said.

The third floor of Funan will feature a showcase of lyf’s co-living spaces, such as a social kitchen, communal lounge, laundromat and apartment, from June through mid-September, the statement said.

Funan is owned by CapitaLand Mall Trust and managed by CapitaLand.

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