SINGAPORE: Funan DigitaLife Mall on North Bridge Road - a shopping centre primarily known for shops selling computers and other electronic gadgets - will be closed from the third quarter of 2016, to be redeveloped into a "creative hub".
The mall will be closed for about three years, said CapitaLand Mall Trust Management in a press release on Thursday (Dec 10).
The real estate investment trust had hinted at such a move in July, when it suggested the mall could be sold or redeveloped.
Funan DigitaLife Mall has utilised 3.861 of its allowable Gross Plot Ratio of 7.0, and currently has an untapped Gross Floor Area (GFA) of about 388,000 square feet, said the trust.
Mr Wilson Tan, CEO of CapitaLand Mall Trust Management, said: “Given its excellent location and the strong potential for an integrated development on this site, we believe that the redevelopment of Funan DigitaLife Mall will create the greatest value for our unitholders.
“The new building on the Funan site will be an aspirational lifestyle destination that will enthrall shoppers and retailers. It will be an experiential creative hub within the city that engages communities to incubate new ideas and passions, and enables shoppers to enjoy retail in a technology-enabled environment. It will serve as a collaborative platform to connect retail, cultural, learning and business opportunities, and play a big part in the rejuvenation of the Civic District.”
More details on the new development will be announced at a later date, added the real estate investment trust, an indirect wholly-owned subsidiary of the Singapore-listed CapitaLand Limited.