SINGAPORE - CapitaSpring, a 51-storey skyscraper in the Central Business District (CBD), is scheduled to be completed by the second half of this year.
Providing an update on the building s progress on Tuesday (Jan 19), its owners - CapitaLand Limited, CapitaLand Integrated Commercial Trust (CICT) and Mitsubishi Estate Co - said that 38 per cent of CapitaSpring s net lettable area of 647,000sq ft has been taken up.
Another 22 per cent is under advanced lease negotiations and more than 60 per cent occupancy is expected by completion.
A company spokesman said completion had been pushed back from the first half of 2021, with the 280-metre-tall building at 88 Market Street on track to receive its Temporary Occupation Permit in the latter half of the year.
Three years ago, it was touted as a development that would rejuvenate Singapore’s central business district. But an upcoming building in the city-state could have fallen victim to the pandemic, which has upended the office market as work from home remains a long-term arrangement for some companies.
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CapitaSpring, a $1.3 billion mixed-use project in Singapore’s Raffles Place commercial hub, has achieved its full height of 280 metres (919 feet), according to an announcement by its owners.
Now 75 percent complete in terms of overall construction, the 51-storey development is on track to receive a temporary occupation permit in the second half of 2021. CapitaSpring is a joint venture of Singaporean developer CapitaLand, its REIT affiliate CapitaLand Integrated Commercial Trust (CICT) and Japan’s Mitsubishi Estate Co.
Tenants including JP Morgan Chase have already pre-committed to move into the building, with the tower’s owners indicating that about 38 percent of CapitaSpring’s 647,000 square feet (60,108 square metres) of net lettable area (NLA) has already been spoken for. When factoring in leases in advanced negotiations, the development is on track to achieve more than 60 percent commitment by completion.
SINGAPORE (Jan 19): Three years ago, it was touted as a development that would rejuvenate Singapore’s central business district. But an upcoming building in the city-state could have fallen victim to the pandemic, which has upended the office market as work from home remains a long-term arrangement for some companies. CapitaSpring, a 51-floor integrated development with JPMorgan Chase & Co as an anchor tenant, has only managed to secure about 38% out of 647,000 square feet (62,600 square meters) of net lettable area. That’s low considering it’s 75% completed. Typically at that stage in pre-pandemic times, buildings would have leased out more than half of their space, three analysts said.