6 Months After Opening, Funan Sees Increase in Average Monthly Traffic
Funan celebrated its successful launch with an official opening ceremony last Friday, six months after welcoming shoppers in June 2019. The event was officiated by Singapore Deputy Prime Minister and Minister for Finance Mr Heng Swee Keat and witnessed by about 200 guests, including tenants and partners.
Strong customer demand
Since its opening, Funan has gone from strength to strength, with its retail and office occupancy levels close to full. The mall now houses over 200 brands, of which more than 30% are new-to-market brands, concepts or flagship stores and over 60% are homegrown brands. Funan’s average monthly shopper traffic is more than 70% higher than before the redevelopment. lyf Funan Singapore, Southeast Asia’s largest coliving property and the world’s first property under the new lyf coliving brand by CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott), has also seen strong demand with as high as 98% occupancy since opening on 1 September 2019.
Real estate reimagined
Mr Tony Tan, CEO of CapitaLand Mall Trust Management Limited, said: “Conscious of the evolution of retail, we embarked on the redevelopment of Funan in 2016 even though the mall was still delivering healthy returns at that time. We are heartened that the reimagined Funan has been well-received by our retailers, office tenants and shoppers. A well-located asset with strong brand recognition, we are committed in ensuring that Funan remains an attractive shopping and lifestyle destination that continues to win customers with differentiated experiences not replicable online. As Singapore’s largest retail real estate investment trust, CapitaLand Mall Trust will continue to identify areas for reinvention that will serve the needs of present and future generations of shoppers.”
Funan’s forward-looking vision and tech-enabled infrastructure have attracted ecommerce retailers seeking a physical presence. In September 2019, Alibaba’s ecommerce platform, Taobao, set up its first integrated store in Southeast Asia at Funan. Earlier this month, Lazada launched its first-ever retail concept store at the mall in partnership with Amorepacific, featuring over 11 beauty brands from Korea including Sulwhasoo, Laneige and Innisfree. Fashion retailer Love, Bonito which started its business online, has also opened its largest physical store at Funan. In total, more than 50 brands – making up over 40% of Funan’s retail stores—have both online and offline presence.
Leveraging technology to unlock even more convenience for shoppers, Funan will trial a robot-enabled hands-free shopping experience in 1Q 2020. The service allows retailers to leave packages for customers at the collection point at Basement 2, where a robotic arm is stationed to place packages into their respective boxes and retrieve them when activated. With the help of the robotic arm, drivers can pick up their packages 24/7 via the drive-through collection point.
Anchored by its six passion themes—Tech, Craft, Play, Fit, Chic and Taste—Funan has brought together like-minded communities to further enliven the Civic District. From climbers, cyclists and yogis to gardeners, bakers and techies, Funan has become a stomping ground for numerous interest groups. Bike enthusiasts regularly flag off community rides from the
Brompton Junction flagship store in Funan. The Green Collective’s plant swap has seen lively engagement among gardeners who traded herbs, flowers and tips on home gardening. Hobbyists and fitness enthusiasts such as the “Superhero Runners”, a group of around 60 runners, have chosen Funan to meet and kickstart their weekly jogs around the city.
Leading the coliving trend
Catering to business and leisure travellers, expatriates and digital nomads, lyf Funan Singapore is the only coliving property in Singapore with a hotel licence that offers guests flexibility for short and long stays. With 412 rooms across 329 apartments, it features five apartment types—from One of A Kind studio for up to two guests to the All Together unit for up to nine guests.
Ascott will be opening lyf Sukhumvit 8 Bangkok by April 2020, and six more lyf properties across Singapore, Kuala Lumpur, Fukuoka, Cebu and Shanghai by 2022.
Image credit: CapitaLand