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CapitaSpring Tower Topped Out in Singapore

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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. ....

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Singapore Office Rents Set to Rise in 2021 Says CBRE

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CapitaSpring will add 650,000 square feet of office space to the Singapore market upon completion in 2021
Despite a downturn in leasing this year due to the COVID-19 pandemic, property consultancy CBRE says office rents in Singapore are likely to rise in the second half of 2021, driven by a limited supply of new Grade A space and strong demand from Chinese tech firms and non-bank financial service providers.
Five new projects are set for completion next year, adding 1.23 million square feet (114,271 square metres) to the overall office supply, CBRE said in a release. The five projects include only one Grade A office development, CapitaSpring, which will add 650,000 square feet of office stock to the core CBD market. ....

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