CapitaLand Mall Trust Management on Friday (Jul 22) announced that Funan DigitaLife Mall, which has been closed since this July, will undergo three years of redevelopment works.
The cost of redevelopment is estimated at S$560 million and is targeted to be completed in the fourth quarter of 2019.
The work is expected to start in the third quarter of this year.
According to its press release, this redevelopment is said to enhance the site's attractiveness as a lifestyle destination in the revitalised Civic and Cultural District in Singapore.
The shopping centre was best known for computers and other electronics, the only shopping centre that offers such products other than Sim Lim Square. A much-preferred shopping centre than its counterpart, due to its centralised location and less worrisome shopping experience.
The new integrated development will comprise retail, office and serviced residence components measuring approximately 887,000 square feet in total gross floor area - almost double its current size, it said.
In response to queries from Today on whether the mall will be renamed, a spokesman for the company said: "We recognise that the Funan name has significant brand equity and goodwill, and will take this into our consideration when we choose the name for the new integrated development."
CapitaLand Mall Trust Management, the manager of CapitaLand Mall Trust, also announced that CMT's distributable income for the first half of the year was S$193.9 million, a 3.7 per cent increase over the S$186.9 million for the same period last year.
Distribution per unit (DPU) for the same period was 5.47 cents, a 1.5 per cent increase over the DPU of 5.39 cents for the same period last year, it added.
For the Apr 1 to Jun 30 period, the distributable income was S$97.1 million, a 3.3 per cent increase over the S$94 million for the same period last year. DPU of 2.74 cents for the second quarter was 1.1 per cent higher than the 2.71 cents for the same quarter last year.