COMMERCIAL PROPERTY | Staff Reporter, Singapore

CapitaSpring hits full height, set to open mid-year

There have been 38% committed occupancy to date.

CapitaLand’s CapitaSpring has now topped out, with about 75% of the construction completed, and is set to receive a temporary occupation permit by H2 this year, the company announced.

The 51-storey integrated development, located in the heart of Raffles Place central business district, has committed 38% of its net lettable area. It is set to achieve over 60% commitments upon completion, including the 22% advanced lease negotiations.

CapitaSpring will offer fully integrated workspace solutions and lifestyle amenities, and will be equipped with building features and technologies to enhance workplace wellness.

“As COVID-19 changes the norms of work, the forward-looking features of CapitaSpring have strengthened the development’s value proposition as a flexible, sustainable and connected workplace ecosystem,” CapitaLand CEO Tan Yew Chin said.

Financial services company Jefferies has noted in a report that the pre-commits of CapitaSpring are positive for the office sector and indicates increase in leasing activity, but understands that those are relocation demands.

“We await new-to-the-market tenants and expansions from existing tenants before becoming more positive,” the report said.

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