CapitaSpring, which is jointly owned by CapitaLand Development (CLD), CapitaLand Integrated Commercial Trust (CICT) and Mitsubishi Estate Co. Limited (MEC), has marked the completion of its construction after obtaining its temporary occupation permit (TOP) in end-2021.
See: CapitaSpring on track for full completion in 2H21, secures 38% committed occupancy
CapitaSpring is a 51-storey integrated development spanning 280m tall. Located at 88 Market Street, the building is the only Grade A office development in Raffles Place, in Singapore’s prime central business district (CBD).
On Feb 9, CapitaSpring announced that about 93% of CapitaSpring’s 673,000 sq ft of workspace and retail net lettable area (NLA) has been committed.
Tenants have started moving in progressively from 4Q2021.
According to CapitaSpring, the high commitment rate reflects a “robust demand for premium core-flex workspaces within a quality integrated development in Singapore”.
The building is a recipient of the Building and Construction Authority (BCA) Green Mark Platinum Award, one of the highest green building accolades in Singapore, and the BCA Universal Design Mark GoldPLUS Award.
It will house market-leading multinational companies from the banking, financial services, real estate, property services, energy, commodities, business consultancy, technology, legal and hospitality sectors.
These include J.P. Morgan, Sumitomo Mitsui Banking Corporation, JLL, JERA Asia, Saxo Markets, Squarepoint Capital, White & Case and Wyndham Hotels & Resorts.
See also: Frasers Property: Narrowing the discount
“CLD and our partners are delighted to mark the completion of CapitaSpring, a biophilic skyscraper that represents CapitaLand’s vision to build a greener and sustainable future as laid out in our 2030 Sustainability Master Plan,” says Tan Yew Chin, CEO of CLD (Singapore).
“From Funan in the Civic District to CanningHill Piers along Singapore River, CapitaLand has been playing a key role in injecting holistic work-live-play elements to activate precincts and rejuvenate Singapore’s city centre to keep up with evolving lifestyle trends. With CapitaSpring, we are setting a new benchmark for the office of the future by bringing a premium, multi-faceted workplace experience to building occupants, complemented by our core-flex solutions that cater to the increasing adoption of hybrid work strategies,” he adds. “We are confident that CapitaSpring’s expansive lush green spaces and the specially curated community spaces and programmes will enhance human connections amidst safe distancing, and further enliven Singapore’s CBD.”
Tony Tan, CEO of CICT’s manager says,: “We are pleased that CapitaSpring has achieved 93% in leasing commitment, a notable outcome at the point of TOP for a building of its scale, and commendable in the context of the current pandemic. The positive market reception for CapitaSpring reinforces our confidence that offices continue to remain an integral part of companies’ workplace strategies.”
“Just as other office developments are starting to reinvent their offerings to accommodate new work norms, CapitaSpring is ahead of the curve with its forward-looking solutions that position it as a sustainable, flexible and connected workplace ecosystem. We are continuing to see healthy interest from companies in diverse sectors looking for quality workspaces in the CBD and expect to see more leasing momentum driven by tenants’ flight to quality, underpinned by the demand from new growth sectors and limited new Grade A office supply in Singapore,” Tan adds.
Shares in CapitaLand Investments and units in CICT closed at $3.65 and $2.06 respectively on Feb 9.
Photo: CapitaLand
