CapitaGreen to hit 85% occupancy rate by 1Q15

Apple will probably take up five floors of office space.

CapitaCommercial Trust is up for a good quarter, as more technology companies switch to Grade A office space.

According to OSK-DMG, Apple Inc. is reported to have signed a lease for two floors in CapitaGreen (spanning a total of 35,000 sq ft) at approximately SGD11-12psf/mth. In addition, the technology giant is said to have the option to take up another three adjoining floors in the building.

In-line with analyst expectation within the office sector, OSK-DMG is seeing increasing number of Technology, Media and Telecoms (TMT) companies making the shift to Grade A office spaces. CapitaCommercial Trust is able to attract quality tenant such as Apple, which is also the world’s largest company by market cap size.

With increasing technology companies seeking for Grade A office space, analysts think that CapitaGreen can hit at least 85% occupancy rate by 1Q15, with average rentals signed at SGD11-12 psf/month. OSK-DMG also foresees CCT to acquire the remaining 60% stake of CapitaGreen in due course, providing a catalyst to CCT.