The new Funan shopping mall is on track to open in the second quarter of next year, according to developer CapitaLand Mall Trust, up to three months ahead of schedule.
At a topping-out ceremony last week, CapitaLand Group CEO and president Lee Chee Koon said 72 per cent of construction is now complete, just 19 months after groundbreaking.
He said Funan is designed to be Singapore’s first online-and-offline (O&O) shopping mall integrating online, offline, data and logistics aimed at empowering retailers’ omnichannel.
“To succeed in tomorrow’s economy, all players must find a way for the physical and digital realms to coexist. While the current market share of online sales is small, its pace of growth will only speed up as tomorrow’s consumers enter the market,” he said.
“Brick-and-mortar businesses must thus go beyond passively selling products and services, to generating quality retail experiences and emotional connections that are ‘on-brand’ with consumers. We have conceived Funan to embrace new opportunities, with a focus on gathering and building a young and vibrant community by integrating an experiential mall with dynamic coworking and coliving spaces.”
Lee said CapitaLand is closely examining its retail portfolio in Singapore and abroad, to identify areas for reinvention.” The location and catchment of Funan shopping mall make it the ideal test bed for an O&O concept, where tomorrow’s consumers can shop, sweat, work, bond, live and play, he said.
“As e-commerce becomes a reality, CapitaLand will continue to ensure that the real estate we develop is conducive and complementary to tomorrow’s consumers and economy.”
CapitaLand Mall Trust Management CEO Tony Tan said the retail space was already 70 per-cent leased. Many of the tenants already signed “have committed to push the boundaries by experimenting with new-to-market experiences at Funan,” he said.
“The significant interest in Funan 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.”
At the topping out ceremony, finance minister Heng Swee Keat was given a preview of a range of digital innovations coming up at Funan, including a smart, interactive directory that uses facial recognition to provide shoppers with customised recommendations and video analytics that study shopper traffic and crowd density.
Among other technology planned for Funan shopping mall are automated guided vehicles to provide shoppers with a hands-free shopping experience, and a robotic arm for its 24-hour drive-through click-and-collect service.
Previously announced tenants of Funan include Golden Village cineplex, Kopitiam food court, W!ld Rice theatre and a flagship of Carrie K and Keepers.
