SINGAPORE - CapitaLand Mall Trust Management Limited (CMTML) will be redeveloping Funan DigitaLife Mall into an "experiential creative hub", it said on Thursday (Dec 10).
The mall is expected to close in the third quarter of next year, with redevelopment works commencing soon after and taking about three years, said the manager of CapitaLand Mall Trust in a statement posted on the Singapore Exchange website.
Located in North Bridge Road in the downtown core of Singapore, the popular IT mall has utilised 3.861 of its allowable Gross Plot Ratio of 7.0, and so has an untapped gross floor area of about 388,000 sq ft.
The redevelopment of Funan DigitaLife Mall will maximise the full potential of its site and excellent location, the trust manager added.
CMTML chief executive officer Wilson Tan said: "Given its excellent location and the strong potential for an integrated development on this site, we believe that the redevelopment of Funan DigitaLife Mall will create the greatest value for our unitholders.
"The new building on the Funan site will be an aspirational lifestyle destination that will enthrall shoppers and retailers. It will be an experiential creative hub within the city that engages communities to incubate new ideas and passions, and enables shoppers to enjoy retail in a technology-enabled environment."
The redeveloped mall will also serve as a "collaborative platform to connect retail, cultural, learning and business opportunities, and play a big part in the rejuvenation of the Civic District", Mr Tan said.
CMTML will continue to refine the concept for the new integrated development and share further details in due course, it said.