CapitaLand Mall Trust is to demolish the Funan DigitaLife Mall next year to redevelop the site as an integrated development.
The popular IT mall, located in the heart of the Civic District, will close in the third quarter of 2016, with redevelopment work expected to take about three years.
Wilson Tan, CEO of CMTML, says CapitaLand Mall Trust is constantly looking for ways to ensure its malls remain relevant to shoppers and retailers, as well as to maximise the value of our assets for our unitholders’ benefit.
With that in mind, CapitaLand notes Funan DigitaLife Mall has utilised just 3.861 of its allowable Gross Plot Ratio of 7.0. As such, the mall currently has an untapped Gross Floor Area (GFA) of about 388,000 sqft (36046 sqm). CMTML says the redevelopment will maximise the full potential of its site and its excellent location.
Situated on North Bridge Rd in the hub of downtown Singapore, the popular IT mall is within walking distance of two mass rapid transit (MRT) stations – City Hall interchange for the busy East-West and North-South Lines; and Clarke Quay on the North East Line. It is also close to riverside dining and entertainment precincts such as Clarke Quay, the recently opened National Gallery, office buildings, hotels and the Singapore Grand Prix race circuit.
“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 Tan.
“As part of the CapitaLand Group, we will leverage on the group’s strong expertise in such developments, including the first Raffles City in Singapore nearly 30 years ago.”
Tan says the new building planned for the Funan site will be an aspirational lifestyle destination “that will enthrall shoppers and retailers”. He describes it as 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”.
“It will serve as a collaborative platform to connect retail, cultural, learning and business opportunities, and play a big part in the rejuvenation of the Civic District.”
CMTML says it will continue to refine the concept for the new integrated development and reveal further details in due course.
