CapitaLand reveals new Funan mall look
CapitaLand Mall Trust Management has revealed how the interior of its Funan Mall will look when it reopens at the end of 2019.
The operator of the CapitaLand Mall Trust says the revamp will bring “a new live-work-play paradigm to Singapore’s city centre by synergistically combining retail, office and serviced residence components designed to appeal to tech- and socially-savvy consumers with a millennial mindset”.
An experiential show suite will open next month, giving shoppers and retailers a preview of what the development will look like once complete. CapitaLand says it will be the first retail show suite Singapore has seen.
Last year’s closure of Funan IT Mall on July 1 to make way for the redevelopment failed to dent the trust’s figures. It reported a distributable income of $97 million for the quarter to March 31, 0.2 per cent higher than the same time last year.
Gross revenue fell 4.3 per cent to $172 million, mainly due to Funan’s closure.
“Underpinned by the consistent performance of CMT’s underlying portfolio, distribution… held steady compared with a year ago, despite the closure of Funan for redevelopment,” said Wilson Tan, CMTML’s CEO.
“Against a backdrop of global uncertainties and subdued business sentiment, CMT continues to deliver stable financial returns to unitholders. As at March 31, CMT’s portfolio occupancy remained high at 97.7 per cent.”
Tan said construction of Funan is progressing according to schedule, with piling works well under way.
Meanwhile, CMTML is planning a three-pronged approach of active asset management (including asset enhancements), proactive capital management and operational excellence to maintain its lead in Singapore’s retail market.
CMT’s portfolio comprises more than 2800 leases with local and international retailers in 16 shopping malls: Tampines Mall, Junction 8, Funan, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Raffles City Singapore (40 per cent interest), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The [email protected], Clarke Quay, Bugis+, Westgate (30 per cent interest) and Bedok Mall.