SINGAPORE (June 3): The manager of CapitaLand Mall Trust (CMT), an indirect wholly-owned subsidiary of CapitaLand, says Funan is slated to open its doors on June 28 this year – two months ahead of its original scheduled date.
Formerly known as Funan DigitaLife Mall, Funan The IT Mall and once, Funan Centre, the property will now re-launch simply as Funan: an 887,000 sq ft integrated development comprising a retail component, two office blocks and lyf Funan Singapore, a co-living serviced residence under The Ascott Limited.
Lyf Funan Singapore will open in 4Q19 following the launch of Funan’s retail and office components.
Over 30% of the 180 brands to open with Funan are new to CapitaLand’s portfolio.
Returning brands under the retail component of the development include the Lenovo and Courts, while new-to-market brands such as Dyson and Brompton Junction will also make their flagship store debuts at Funan.
In a press release on Monday, Tony Tan, CEO of CMT’s manager, says Funan has achieved about 92% in commitment for its retail leasing to date, on top of a pre-leasing commitment of 98% for its twin office blocks.
“With a clear focus on offering differentiated experiences and connections that are not replicable online, Funan aims to anchor and grow its own community of followers who will keep returning. This innovative approach in curating a mall will augur well in creating sustained value for our unitholders over the long term,” says Tan.
Units in CMT closed 1.23% lower at $2.41 last Friday, while shares in CapitaLand closed 0.92% lower at $3.22.
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