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Funan set to open Singapore’s first O&O shopping mallahead of schedule in 2Q 2019

Funan is racing ahead to open Singapore’s first online-and-offline (O&O) shopping mall integrating online, offline, data and logistics aimed at empoweringretailers’ omnichannel strategy and transforming the customer experience. The retail as well asits office components are now slated to open in 2Q 2019, instead of the earlier announced 3Q2019.
 
The opening of lyf Funan Singapore, a coliving serviced residence component withinFunan, managed by The Ascott Limited, has also been brought forward from 2020 to 4Q 2019.Owned by CapitaLand Mall Trust and managed by CapitaLand Retail, Funan today celebratedits structural completion ahead of schedule. The topping out ceremony held at FunanShowsuite was officiated by Guest of Honour Mr Heng Swee Keat, Singapore’s Minister forFinance. From groundbreaking to structural completion, Funan took about 19 months.
 
To date,72% of the overall construction has already been completed.Mr Lee Chee Koon, President & Group CEO of CapitaLand Group, said:
 
“To succeed intomorrow’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 astomorrow’s consumers enter the market. Brick-and-mortar businesses must thus go beyondpassively selling products and services, to generating quality retail experiences and emotionalconnections that are ‘on-brand’ with consumers.
 
Against this backdrop, CapitaLand iscommitted to help our current and future tenants stay ahead of the curve. We have conceivedFunan to embrace new opportunities, with a focus on gathering and building a young andvibrant community by integrating an experiential mall with dynamic coworking and colivingspaces. This starts with top quality building design and space planning, complemented by theright mix of tenants and partners who can breathe life into the building. A digital layer of tech-enabled customer experience further enriches Funan’s offerings.” Mr Lee added: “As Singapore’s largest mall owner and manager, CapitaLand knows that pastsuccess is no guarantee of future success.
 
We are taking a close examination of our retailportfolio, in Singapore and abroad, to identify areas for reinvention. The location and catchmentof Funan make it the ideal test bed for an O&O mall, where tomorrow’s consumers can shop,sweat, work, bond, live and play. Funan demonstrates CapitaLand’s commitment to reinvention,to always retain our market leadership. As ecommerce becomes a reality, CapitaLand willcontinue to ensure that the real estate we develop is conducive and complementary totomorrow’s consumers and economy.”
 
Mr Tony Tan, CEO of CapitaLand Mall Trust Management Limited, said:
 
 
“Including leasessigned and in advanced negotiations, the leasing for Funan’s retail and office components hasalready reached 70% and 60% respectively. Such early commitment of a strong slate ofpartners from diverse fields, many of whom CapitaLand is working with for the first time, marksa very encouraging start for Funan’s mandate to inspire innovation and create a unique lifestyleproposition for digitally savvy customers in an experience economy. What is even moreheartening is that many of these partners have committed to push the boundaries byexperimenting with new-to-market experiences at Funan. The significant interest in Funanpoints to the continued market demand for centrally-located and well-designed retail spaces thatenjoy inherent shopper traffic as part of a quality integrated development.” At the topping out event today, Minister Heng Swee Keat was given a preview of a range of digital innovations coming up at Funan.
 
These include a smart interactive directory that usesfacial recognition to provide shoppers with customised recommendations, video analytics thatstudies shopper traffic and crowd density and an all-in-one app for Ascott’s lyf coliving servicedresidence – the first app by a serviced residence company that will allow social networking androom booking; and will also serve as a mobile key. CapitaLand also showcased its groupwideinnovations as part of its digitalisation strategy, including a merchant dashboard that enablesretailers to tap consumer insights generated by CapitaLand’s CapitaStar loyalty programme andeCapitaVoucher, the digital version of CapitaVoucher – Singapore’s most popular shopping mallvoucher – launching this November.Funan’s innovation journey has scored several “firsts” in Singapore. These include the first todeploy automated guided vehicles to provide shoppers with a hands-free shopping experienceand the first to utilise a robotic arm for its twenty-four-hour drive-through click-and-collectservice.
 
 
As part of Funan’s tech-enabled user experience, building users can also expectconveniences such as app-based booking of facilities within the development, video-basedsmart carparking facilities and facial recognition turnstiles at its office towers.
 
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