CapitaSpring tops out, ready for completion in 2H2021
By Charlene Chin / EdgeProp Singapore | January 19, 2021 4:01 PM SGT
SINGAPORE (EDGEPROP) - Soaring 280m tall in the Raffles Place CBD, CapitaSpring has topped out, with about 75% of the overall construction completed, and is set to receive its Temporary Occupation Permit in 2H2021.
To date, about 38% of CapitaSpring’s 647,000 sq ft of net lettable area (NLA) has been committed. The development is on track to achieve more than 60% commitments by completion, including leases in advanced negotiations.
“Supported by CapitaSpring’s prime CBD location, we are confident that the development will enjoy take up rates similar to or better than CapitaLand’s 79 Robinson Road project in the Tanjong Pagar CBD micro-market, which is on track to reach 90% committed occupancy,” says Tan Yew Chin, CEO of CapitaLand Singapore.
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“To date, committed office tenants are mainly from the legal and banking & financial services sectors,” says Tony Tan, CEO of the manager of CapitaLand Integrated Commercial Trust.
CapitaSpring will offer fully integrated workspace solutions that include the full range of hot desks, meeting facilities, private offices, large enterprise suites and bare shell leases, says CapitaLand. This will enable it “to better support any new, flexible requirements of conventional office tenants as well as the expansion needs of small and medium enterprises in flex spaces”.
CapitaLand adds: “Tenants can also benefit from the flexibility and cost efficiency of a customised workspace solution.”
About 68,700 sq ft, or 10% of the development’s office NLA, is set aside for flexible workspace. These are spread across three floors, one at each of the low-rise, mid-rise and high-rise sections of the building on Levels 21, 39 and 40 respectively.
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Meanwhile, CapitaLand’s co-working partner, The Work Project (TWP), has leased Level 21 to operate its co-working spaces and facilities.
TWP will also manage Levels 39 and 40 for CapitaLand under a management agreement, providing customised enterprise workspace solutions for tenants.
Events and meeting facilities within the flexible workspace will also be open to other users of the development, says the developer, while tenants will be able to shift between core and flexible spaces within CapitaSpring based on their requirements.
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CapitaSpring will also be home to the 299-unit Citadines Raffles Place Singapore, which is slated to open in 4Q2021. It will be managed by CapitaLand’s lodging business, The Ascott.
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