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Funan DigitaLife Mall (image) will be redeveloped into an integrated development beginning in the third quarter of 2016, mall manager CapitaLand Mall Trust (CMT) announced Thursday (10 December).
Known primarily for shops selling IT products, the shopping centre located on North Bridge Road will be closed for about three years—a move CMT hinted about earlier this year when it suggested that it could sell or redevelop the mall.
According to CMT, Funan DigitaLife Mall has utilised 3.861 of its allowable Gross Plot Ratio of 7.0, equating to an untapped Gross Floor Area (GFA) of about 388,000 square feet. “The redevelopment of Funan DigitaLife Mall will maximise the full potential of its site and excellent location,” said CMT.
“Given its excellent location and the strong potential for an integrated development on this site, we believe that the redevelopment of Funan DigitaLife Mall will create the greatest value for our unitholders.” said Wilson Tan, CEO of CapitaLand Mall Trust Management, manager of CMT.
“The new building on the Funan site will be an aspirational lifestyle destination that will enthrall shoppers and retailers. It will be an experiential creative hub within the city that engages communities to incubate new ideas and passions, and enables shoppers to enjoy retail in a technology-enabled environment.”
Image Source: CapitaLand Mall Trust
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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