CapitaLand Mall Trust (CMT) | Hold (maintained) Fair value: S$2.10 Oct 1 close: S$2.20 OCBC Investment Research, Oct 1

CMT held the topping out ceremony of Funan last Friday and the mall is expected to open in Q2 2019, earlier than the target of Q3 2019. Funan is also aiming to be Singapore's first online-and-offline shopping mall.

According to CMT, including leases signed and in advanced negotiations, the take-up rates for Funan's retail and office components have hit 70 per cent and 60 per cent, respectively. Meanwhile, serviced residence component lyf Funan Singapore is expected to open in Q4 2019 instead of 2020.