SINGAPORE (May 8): The manager of CapitaLand Mall Trust (CMT) and CapitaLand say the twin office blocks of Funan have secured a total pre-leasing commitment of 210,000 sq ft or 98% of its total office net lettable area (NLA) at the point of securing TOP in April.
Formerly known as Funan DigitaLife Mall, Funan is owned by CMT and managed by CapitaLand.
It is due to reopen in mid-2019 as an integrated development comprising retail and office components as well as lyf Funan Singapore, the Singapore flagship of The Ascott Limited’s lyf co-living serviced residence.
The retail and office components of Funan are slated to open in 2Q19, followed by the serviced residence in 4Q19.
Committed office tenants include payment company, co-working space WeWork, as well as childcare services and early education provider, Trehaus.
“We are heartened that Funan’s strong value proposition has been well-received by a variety of office tenants that equally thrive on innovation. With a high commitment of 98%, Funan’s diversified and quality office tenant base will progressively contribute earnings to CMT from 3Q 2019,” says Tony Tan, CEO of the trust’s manager.
Units in CMT closed 2 cents higher at $2.45 on Tuesday, while shares in CapitaLand were 3 cents up at $3.57.
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