CapitaSpring, a $1.3 billion mixed-use project in Singapore’s Raffles Place commercial hub, has achieved its full height of 280 metres (919 feet), according to an announcement by its owners.
Now 75 percent complete in terms of overall construction, the 51-storey development is on track to receive a temporary occupation permit in the second half of 2021. CapitaSpring is a joint venture of Singaporean developer CapitaLand, its REIT affiliate CapitaLand Integrated Commercial Trust (CICT) and Japan’s Mitsubishi Estate Co.
Tenants including JP Morgan Chase have already pre-committed to move into the building, with the tower’s owners indicating that about 38 percent of CapitaSpring’s 647,000 square feet (60,108 square metres) of net lettable area (NLA) has already been spoken for. When factoring in leases in advanced negotiations, the development is on track to achieve more than 60 percent commitment by completion.
Tan Yew Chin, chief executive of CapitaLand Singapore, said progress on CapitaSpring was made possible with the support of city-state authorities and the project’s staff, consultants, contractors, suppliers and migrant workforce.
“CapitaSpring represents CapitaLand’s vision for the future of work with fully integrated core-flex solutions, tech-enabled frictionless user experience and community-centric programming,” Tan said. “As COVID-19 changes the norms of work, the forward-looking features of CapitaSpring have strengthened the development’s value proposition as a flexible, sustainable and connected workplace ecosystem.”
Under the core-flex model, 68,700 square feet or 10 percent of the development’s office NLA is set aside for flexible workspace. The space is spread across three floors, one at each of the low-, mid- and high-rise sections of the building at levels 21, 39 and 40. Levels 39 and 40 are connected via a stairway, linking the mid- and high-rise sections of CapitaSpring.
In addition to office space, the project includes Citadines Raffles Place Singapore, a 299 unit serviced apartment project. This residential component is scheduled to open in the fourth quarter of 2021 under management by CapitaLand’s The Ascott Ltd.
The sustainable building will also include a 19-metre-high atrium on the ground floor, integrated with a 1,161 square metre public park and a “green oasis” with a botanical promenade 100 metres above ground. The second and third levels will house the revived Market Street Food Centre, owned by the Ministry of Environment and Water Resources, to accommodate hawker stalls.
Tech-driven amenities will include facial recognition access, a contactless destination control system and pre-registration for guests via mobile app.
Lion’s Share of Offices
Tan voiced confidence that CapitaSpring would enjoy take-up rates “similar to or better than” those at CapitaLand’s 79 Robinson Road project in Tanjong Pagar, which was officially launched last week and is on track to reach 90 percent committed occupancy.
CapitaSpring is by far the most significant of five new projects set for completion that will add 1.23 million square feet to the Lion City’s office supply this year, according to property consultancy CBRE.
“CapitaSpring will be the only premium Grade A office development in the CBD completing this year,” said Tony Tan, chief executive of CICT’s manager. “Driven in part by the limited CBD office supply, CapitaSpring has attracted healthy interest from tenants and prospective tenants. To date, committed office tenants are mainly from the legal and banking and financial services sectors.”
US financial services giant JP Morgan is signed up as the first anchor tenant, agreeing to lease office space spanning seven floors.
CapitaLand and its partners broke ground on the CapitaSpring project in February 2018, aiming for completion this year. In 2017 they purchased the site, the Golden Shoe Car Park, from CapitaLand Commercial Trust (CCT) for S$161.1 million. They paid a further S$957.8 million for land-related costs, including conversion of the site for commercial development.
CCT was merged into CICT in late 2020.