CapitaGreen, the new 40-storey Grade A office building on the site of the former Market Street Car Park in Raffles Place, has secured leases for 50.4 per cent or 352,800 square feet of its 700,000 sq ft of net lettable area as at December 2014.
This is up from the 40 per cent leasing commitment announced in the third quarter of this year, the property's joint developers - CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia - said on Monday. Rental rates for the latest tenants were not disclosed.
The developers also announced that CapitaGreen obtained its Temporary Occupation Permit (TOP) on 18 December 2014.
Mr Wen Khai Meng, chief executive officer of CapitaLand Singapore said the developers were in advanced negotiations with several prospective tenants which they expect to complete in the next few weeks.
Catlin Asia Pacific, a member of the Catlin Group Limited, an international specialty property/casualty insurer and reinsurer is the latest tenant to list of multinational tenants at CapitaGreen. To-date, that list includes Cargill, Bordier & Cie (Singapore), Jardine Lloyd Thompson, Jones Day and Fitness First who will be launching a wellness facility tailored to executive lifestyles. The committed tenants are from diverse business sectors including Financial Services, Insurance, Commodities, Legal, Technology, Real Estate, Health & Fitness and Food & Beverage.
Designed by Pritzker laureate Toyo Ito, CapitaGreen was constructed using the efficient top-down construction method which allows for the building's basement and superstructure to be built concurrently.
Innovations such as the ingenious hybrid of steel and precast construction technology further shortened the construction timeline to 36 months from the industry average minimum of 40 months it would take to complete a building of this scale using conventional construction methods.
Its signature double-skin green façade, the rooftop sky forest and three lush green sky terraces make CapitaGreen one of the greenest buildings in the CBD, its developer said.
One of the first tenants to move into CapitaGreen will be Jardine Lloyd Thompson, another global insurance player, which is scheduled to begin operations in the building in the first quarter of next year.
Said Mr Goh Chye Huat, Managing Director of Jardine Lloyd Thompson Pte Ltd: "CapitaGreen stands out with its distinctive architectural design, and it is probably a first for a major commercial office development within the CBD to incorporate a 'green' façade. It meets our requirements of a high-specs Grade A office space and generous floor plate size exceeding 20,000 square feet."