CapitaSpring, which is jointly owned by CapitaLand Limited, CapitaLand Integrated Commercial Trust (CICT) and Mitsubishi Estate Co (MEC), has achieved full height, with about 75% of its overall construction completed.
The 280-metre-tall landmark, located in the heart of Raffles Place, is on track to receive its temporary occupation permit (TOP) in 2H2021.
To date, about 38% of CapitaSpring’s 647,000 sq ft of net lettable area (NLA) have been committed.
The development is on track to achieve over 60% commitments by completion, which includes leases in advanced negotiations.
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CapitaSpring will offer fully integrated workspace solutions that include the full range of hot desking, meeting facilities, private offices, and others, to support new, flexible requirements of office tenants.
In line with the 51-storey-building’s core-flex model, about 10% of its office NLA is set aside for flexible workspace.
CapitaLand’s co-working partner, The Work Project (TWP), has leased level 21 to operate coworking spaces and facilities.
Under a management agreement, TWP will manage levels 39 and 40 for CapitaLand to provide customised enterprise workspace solutions for tenants.
This marks the first management agreement model for a coworking operator in a Singapore Grade A office building.
CapitaSpring will also be home to the 299-unit Citadines Raffles Place Singapore, which is slated to open in 4Q2021. The serviced residence will be managed by The Ascott Limited.
“CapitaLand and our partners are pleased to achieve topping out for CapitaSpring. This construction milestone is made possible only with the support of the authorities and our staff, consultants, contractors, suppliers and migrant workforce. CapitaSpring represents CapitaLand’s vision for the future of work with fully integrated core-flex solutions, tech-enabled frictionless user experience and community-centric programming,” says Tan Yew Chin, CEO, CapitaLand Singapore.
“As Covid-19 changes the norms of work, the forward-looking features of CapitaSpring have strengthened the development’s value proposition as a flexible, sustainable and connected workplace ecosystem. Supported by CapitaSpring’s prime CBD location, we are confident that the development will enjoy take up rates similar to or better than CapitaLand’s 79 Robinson Road project in the Tanjong Pagar CBD micro-market, which is on track to reach 90% committed occupancy,” Tan adds.
SEE: Upcoming Raffles Place skyscraper is named CapitaSpring; JP Morgan secured as first anchor tenant
“CapitaSpring will be the only premium Grade A office development in CBD completing this year. Driven in part by the limited CBD office supply, CapitaSpring has attracted healthy interest from tenants and prospective tenants. To date, committed office tenants are mainly from the legal and banking & financial services sectors,” notes Tony Tan, CEO of CICT’s manager.
“We are encouraged by CapitaSpring’s leasing momentum, which reflects the market’s continued demand for quality workspace in a well-designed integrated development incorporating amenities and programming that promote workplace wellness and community engagement. We will continue to explore ways to enliven the CapitaSpring community and enhance its attractiveness, including bringing in retailers and restaurants with novel and complementary offerings,” he adds.
Shares in CapitaLand closed flat at $3.47, while units in CICT closed 4 cents higher or 1.8% up at $2.32 on Jan 18.
