Funan, the twin office block integrated development from CapitaLand has already achieved 98% pre-leasing commitment.
Out of the 214,000 sq ft of NLA (Net Lettable Area) of office space the Funan has already got pre-leasing commitment for around 210,000 sq ft NLA.
CapitaLand Mall Trust’s property got its Temporary Occupation Permit last month. It is expected that the new tenants would move into the two 6-storey office blocks starting from Q2 of 2019.
Among the leases are young start-ups, multinational corporations and public agencies.
There is 95,600 sq ft of NLA in the South office block that has been leased mainly to public agencies including Smart Nation and Digital Government Office, Singapore Department of Statistics and Attorney-General’s Chambers.
In the North office block are several multi-nationals such as South-East Asia office of Adidas, the German sporting goods manufacturer, WeWork, the co-working space and Netherlands’ payment platform company Ayden.
The integrated development has been built for a cost of about S$560 million and apart from the twin office towers always has 6-storey retail component and 9-storey serviced residence named lyf Funan Singapore.
An underpass would connect the development with the City Hall MRT station which is in close proximity.
CapitaLand said that the project has been envisioned around the car-lite movement that has become popular all over the globe.
It will be the first commercial building in Singapore that will allow cycling throughout the development.
They have taken additional initiatives to encourage cycling such as shower and locker facilities for the cyclists along with swanky bike store, Brompton.
Funan has also embraced the latest smart technologies available in the market that include facial recognition turnstiles and card-less entry feature for offices.
Tony Tan, CapitaLand Mall Trust Management’s CEO said that Funan has been developed for the new generation professionals who are increasingly looking for inspiring work environment where they can collaborate.
Located conveniently it will also offer professional the right kind of environ to relax and rejuvenate after a tiring day’s work.
He concluded by saying that given the high amount of pre-leasing commitment they have received the office space should start contributing to the Trusts’ earnings by the third quarter of 2019.