CapitaCommercial Trust's property, CapitaGreen in the heart of Singapore's CBD.CapitaCommercial Trust's property, CapitaGreen in the heart of Singapore's CBD.

Singapore-listed office REIT CapitaCommercial Trust (CCT) (SGX:C61U) announced that it has obtained the Temporary Occupation Permit (TOP) for CapitaGreen on 18 December 2014.

CapitaGreen is a new 40-storey Grade A landmark office building in Singapore's CBD area that is jointly developed by CapitaLand, CCT and Mitsubishi Estate Asia. The property is CCT’s tenth property in its portfolio in Singapore and has a net lettable area (NLA) of about 700,000 square feet.

Further to the announcement, CCT also disclosed that the building has secured leases for 50.4% or 352,800 square feet of its net lettable area as at December 2014, up from the 40% leasing commitment announced in 3Q 2014.

According to CCT, one of the first tenants that will be moving into the building will be insurance company Jardine Lloyd Thompson, which is scheduled to begin operations in the building from the first quarter of 2015.

Other tenants that have given leasing commitments include Cargill, Bordier & Cie (Singapore), Jones Day and gym operator Fitness First who will be unveiling a new concept of a “wellness facility tailored to executive lifestyles”.

Including CapitaGreen, the total value of CCT’s properties as at 30 September 2014 is SGD7.4 billion.

Units of CCT last changed hands at SGD1.69 on the Singapore Exchange.

CapitaCommercial Trust's property, CapitaGreen in the heart of Singapore's CBD.
CapitaCommercial Trust's property, CapitaGreen in the heart of Singapore's CBD.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.