CapitaSpring obtains TOP, secures 93% in leasing commitment

INTEGRATED development CapitaSpring has received its temporary occupation permit (TOP) in end-2021, marking the end of its construction, the manager of CapitaLand Integrated Commercial Trust (CICT) said on Wednesday (Feb 9) in a regulatory update.

The 51-storey integrated development at 88 Market Street has 673,000 square feet (sq ft) of workspace and retail net lettable area (NLA) combined, of which 93 per cent has secured leasing commitment. It is the only Grade A office development in the Raffles Place Central Business District completed in 2021.

CapitaSpring is jointly owned by CapitaLand Development, CICT and Mitsubishi Estate. It will house multinational companies from various industries, including banking, financial services, real estate, legal and hospitality sectors, among others.

These include JPMorgan - the development's first and largest tenant which signed up in early 2018 - as well as Sumitomo Mitsui Banking Corp and property consulting group JLL. Tenants have started moving in progressively from Q4 2021.

CapitaSpring is a recipient of the Building and Construction Authority (BCA) Green Mark Platinum Award and the BCA Universal Design Mark GoldPLUS Award.

More than 69,100 sq ft or 10 per cent of CapitaSpring's office space is dedicated to flexible workspaces. There will be 299 units of serviced residences on levels 9 to 16, while the Market Street Hawker Centre will return to occupy levels 2 and 3.

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The integrated development also houses Singapore's tallest sky observatory deck and urban farm at 280 metres, as well as a 35-m-tall botanical promenade located 100 m above ground, which will be opened to the public.

Tony Tan, chief executive of CICT's manager, said CapitaSpring's achievement of securing 93 per cent in leasing commitment was a "notable" outcome at the point of TOP for a building of its scale, and "commendable" in the context of the ongoing Covid-19 pandemic.

"The positive market reception for CapitaSpring reinforces our confidence that offices continue to remain an integral part of companies' workplace strategies," he added.

READ MORE: IBM's Red Hat tipped to lease almost 60,000 sq ft at CapitaSpring