The 51-storey tower being built on the site of the old Golden Shoe Car Park has secured its first anchor tenant - American investment banking giant JP Morgan.
CapitaLand made the announcement yesterday about the 88 Market Street development and also unveiled the Raffles Place tower's new name - CapitaSpring. JP Morgan will take up 155,000 square feet - or close to a quarter of the 635,000 sq ft of net lettable area at CapitaSpring, occupying levels 24 to 30.
CapitaLand and CapitaLand Commercial Trust hold a 45 per cent stake each in the joint venture developing CapitaSpring, while Mitsubishi Estate Co has the remaining 10 per cent interest in the office and serviced residence components of the development.
CapitaLand Commercial chief executive Lynette Leong said in a statement that JP Morgan has been a tenant of the firm since 2001.
"JPMorgan's choice of CapitaSpring speaks volumes about the development's strong appeal to progressive companies seeking a prestigious address with modern future-ready facilities," she added.
CapitaSpring will be one of the tallest and greenest buildings in Raffles Place with treetop cocoons, sky hammocks and the Green Oasis, a four-storey botanical promenade between the Grade A office floors and a modern serviced residence.
The development will also have Singapore's highest urban farm and a fine-dining restaurant on its rooftop, 280m up.
Community events such as fitness sessions and lunchtime performances will be held at the ground-floor City Room, which will blend into a 12,500 sq ft public park.
The development will also house a 299-unit Citadines serviced residence managed by The Ascott, retail space, as well as a food centre on the second and third levels.
Construction began in February and is slated for completion in the first half of 2021.
CapitaLand shares closed down three cents at $3.66 yesterday.