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The new Funan is around 85 percent larger than its predecessor, Funan DigitaLife Mall.
New-gen integrated development Funan has obtained its Temporary Occupation Permit (TOP) – bringing it a step closer to opening its office and retail components in the second quarter of 2019.
With a total gross floor area of 887,000 sq ft, the new Funan measures 405,000 sq ft or around 85 percent bigger than its predecessor Funan DigitaLife Mall. Its construction – from groundbreaking to completion – took 27 months.
It achieved such feat with the adoption of innovative construction methods, such as the application of Virtual Design and Construction as well as top-down construction method. To further reduce construction time, precast concrete structural building components were also utilised.
Home to the city-state’s first online-and-offline shopping mall, Funan will include two Grade A office blocks, co-working spaces and The Ascott Limited’s lyf co-living serviced residence.
It will also feature a futsal court, gym, rock-climbing facility, urban farm, as well as end-of-trip amenities for cyclists.
During its results announcement, development owner CapitaLand Mall Trust (CMT) revealed that Funan is around 90 percent leased to-date.
In the first quarter of 2019, CMT saw its gross revenue and net property income increase 10 percent and 11.5 percent year-on-year to $192.7 million and $140 million, respectively.
The hike in gross revenue was “mainly due to the completion of the acquisition of the remaining 70 percent interest in Westgate on 1 November 2018, which contributed S$19.1 million to gross revenue. Bedok Mall and Tampines Mall also contributed to the increase in gross revenue. The increase was partially offset by lower gross revenue from Sembawang Shopping Centre, which was divested on 18 June 2018”, explained CMT.
With this, CMT’s distributable income grew 7.4 percent to $106.3 million from $99 million in Q1 2018.
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