Three days before its opening on 28 June, Funan has achieved 95% committed occupancy for its retail component according to developer CapitaLand.
This brings its total number of brands at the Singapore mixed use centre, which are clustered around six ‘passion themes’ Tech, Craft, Play, Fit, Chic and Taste, to more than 190.
Tony Tan, CEO of CapitaLand Mall Trust Management, said: “Funan’s unique lifestyle proposition for the digitally savvy consumer in an experience economy has received positive response from retailers. We are pleased that Funan’s retail component is 95% pre-leased. This points to the continued market demand for centrally-located and well-designed retail spaces that enjoy inherent shopper traffic as part of a quality integrated development.”
Newly signed tenants include Taobao's new concept in Singapore, which will provide consumers with an integrated online-and-offline Taobao shopping experience. Operated by Virmall, the store will offer a wide range of products available from Taobao that are specially curated for Singapore shoppers, covering categories including furniture, household items, textiles, fashion and more.
Adding a boost to Funan’s cluster of photography equipment shops, Nikon will launch its first standalone outlet and flagship Experience Hub in Singapore at the mall. The concept encompasses the Nikon School, a workshop space for photography tutorials by professionals.
Funan will house more than 80 food and beverage establishments, occupying 25% of its retail space.
Chris Chong, Managing Director, Retail, CapitaLand Singapore, said: “We envision Funan flourishing into a social retail space embraced by communities, where they can find meaningful merchandising and enriching exchanges as well as social connections beyond the transactional. In line with this vision, we will be rolling out unique programming throughout the year that supports Funan’s community building focus.
“As part of Funan’s opening programming, shoppers can sign up for guided tours and receive recommendations from roving concierge on activities they can take part in. We hope that these arrangements will create a welcoming environment that encourages visitors to discover, learn and shop at the new Funan.”
RPA Perspective With a total gross floor area of approximately 887,000 sq ft, the Funan integrated development comprises a retail component, two office blocks and lyf Funan Singapore – the Singapore flagship of The Ascott Limited’s lyf co-living serviced residence.
It is located in the heart of the Civic District with connectivity including a direct underpass linking to City Hall MRT interchange station. Further to the opening of Funan’s retail and office components, lyf Funan Singapore is slated to open in 4Q 2019.
CMT is the first real estate investment trust (REIT) to be listed on Singapore Exchange Securities Trading Limited (SGX-ST) in July 2002. CMT is also the largest retail REIT by market capitalisation, S$8.8 billion (as at 31 March 2019) in Singapore.
CMT owns and invests in income-producing assets which are used, or predominantly used, for retail purposes primarily in Singapore. As at 31 March 2019, CMT's portfolio comprised a diverse list of close to 2,800 leases with local and international retailers and achieved a committed occupancy of 98.8%.
CMT's 15 shopping malls, located in the suburban areas and downtown core of Singapore, comprise Tampines Mall, Junction 8, Funan, IMM Building, Plaza Singapura, Bugis Junction, JCube, Raffles City Singapore (40.0% interest), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+, Bedok Mall and Westgate. CMT also owns 122.7 million units in CapitaLand Retail China Trust, the first China shopping mall REIT listed on SGX-ST in December 2006.
CMT is managed by an external manager, CapitaLand Mall Trust Management Limited, which is an indirect wholly owned subsidiary of CapitaLand Limited.
