Take-up rate for Funan's twin office blocks hits 98%

CapitaLand's Funan, which has been revamped as an integrated development, has secured 98 per cent pre-leasing commitment of its total office net lettable area of 214,000 square feet.
CapitaLand's Funan, which has been revamped as an integrated development, has secured 98 per cent pre-leasing commitment of its total office net lettable area of 214,000 square feet.PHOTO: CAPITALAND

SINGAPORE - The twin office blocks of CapitaLand's revamped Funan integrated development has garnered 98 per cent pre-leasing commitment of its total office net lettable area (NLA) of 214,000 square feet (sq ft).

The CapitaLand Mall Trust-owned (CMT) Funan secured the pre-leasing commitment of about 210,000 sq ft of its NLA when it got its Temporary Occupation Permit in April.

Funan's office tenants, which comprise public agencies, multinational corporations and startups, are slated to move into the two six-storey blocks progressively from the second-quarter of 2019.

The south office block, which has a total NLA of 95,600 sq ft, has been fully leased to three public agencies: the Attorney-General's Chambers, Singapore Department of Statistics and the Smart Nation and Digital Government Office.

The north block's office tenants include German sporting goods company Adidas' South-east Asia office and co-working space WeWork.

"The revamped Funan caters to the new generation of professionals who prefer to work in a collaborative and inspiring environment, at a convenient location where they can unwind at the end of the day with a whole host of lifestyle amenities under one roof," said Tony Tan, CEO of CapitaLand Mall Trust Management.

"With a high commitment of 98 per cent, Funan's diversified and quality office tenant base will progressively contribute earnings to CMT from 3Q 2019."

CapitaLand shares closed up 0.85 per cent, or $0.03 at $3.57 on Tuesday, while CapitaLand Mall Trust units also closed up 0.82 per cent, or $0.02 at $2.45.