CapitaSpring on track for completion in 2H 2021
The 51-storey building is on track to achieve over 60% commitments upon completion in the second half of 2021. Image: CapitaLand
CapitaSpring, a 51-storey integrated development within the Raffles Place Central Business District (CBD), has achieved its full 280-metre height.
With 75% of overall construction completed, the development is on track to receive Temporary Occupation Permit (TOP) in the second half of 2021.
Its owners – CapitaLand Limited, CapitaLand Integrated Commercial Trust (CICT) and Mitsubishi Estate Co – revealed that around 38% of the development’s 647,000 sq ft net lettable area (NLA) have been taken up.
With another 22% under advanced negotiations, CapitaSpring is on track to achieve over 60% commitments upon completion, they added.
“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,” said Tony Tan, CEO of the Manager of CICT.
He noted that committed office tenants mainly come from the legal as well as the banking and financial services sectors.
CapitaLand Singapore’s CEO Tan Yew Chin is confident that the development’s take up rate will be similar, or even better than that achieved by CapitaLand’s 79 Robinson Road project within the Tanjong Pagar CBD micro-market, which is on track to reach 90%.
About 10% or 68,700 sq ft of CapitaSpring’s office NLA will be set aside for flexible workspace.
CapitaLand’s co-working partner, The Work Project, will operate co-working spaces and facilities at Level 21. It will also manage Levels 39 and 40 for CapitaLand, marking the “first management agreement model for a co-working operator in a Singapore Grade A office building”.
CapitaSpring will also house the 299-unit Citadines Raffles Place Singapore. To be managed by The Ascott Limited, the serviced residence apartments are set to open in Q4 2021.
The development will also feature a hawker centre on the second and third levels, a pan-European garden bistro on Level 17 and a farm-to-plate restaurant and social bar on Level 51.
“The CBD community can also enjoy quiet moments at the newly pedestrianised 12,500 sq ft public park along Market Street, which blends into CapitaSpring’s City Room (Level 1),” added the development’s owners.
Source: 20 Jan 2021, CommercialGuru