CommercialCOMMERCIALDistrict 1 · Downtown Core

Capitaspring

Reviewed by Nathan TangUpdated 8 November 2026

Quick Summary

Capitaspring is a commercial building in District 1 · Downtown Core, on land zoned COMMERCIAL under the URA Master Plan with a gross plot ratio of 15.0. ACRA records 433 live company registrations at this address.

The facts are here — now get the verdict on Capitaspring.

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What are the key facts about Capitaspring?

Key takeawayCapitaspring is a commercial building in District 1 · Downtown Core, zoned COMMERCIAL.

Asset class: Commercial
Land-use zone: COMMERCIAL
Gross plot ratio: 15.0
Tenure: Not on record
District / Area: District 1 · Downtown Core
Address: 88 Market Street
Land area: —
Completed: 2021 (per Wikipedia)
Storeys: 51 (per Wikipedia)
Owner: CapitaLand Integrated Commercial Trust (55% interest) (SGX filings)
Car-park lots: 354 (the owner's annual report (as filed on SGX))
Submarket: Raffles Place
Transactions on record: None recorded
Live listings: None
ACRA registrations: 433

No recorded transactions — this building has never generated a strata caveat (typically single-owner or lease-only stock). That is not missing data, and it says nothing about the building's value, occupancy or availability.

Who owns Capitaspring, and what is it valued at?

Key takeawayCapitaLand Integrated Commercial Trust holds a 55% interest in Capitaspring. The figures below come from its own SGX filings, each with its date. A valuation is an independent valuer's opinion for the owner's accounts, not a sale price.

Valued at S$1,900 million as at 31 Dec 2025, by Colliers International Consultancy & Valuation (Singapore) Pte Ltd.

per CapitaLand Integrated Commercial Trust's SGX filing, 6 Feb 2026

Earlier: S$2,058.5 million (31 Dec 2024) · S$2,042 million (31 Dec 2023) · S$2,041 million (31 Dec 2022)

CapitaSpring: CapitaLand Integrated Commercial Trust's annual report (2025)

NLA (its 55% share): 673,800 sq ft
Committed occupancy: 100% (as of 31 Dec 2025)
Tenants: 30
Car-park lots: 354
Land tenure: Leasehold tenure of 99 years with effect from 1 February 1982
Green Mark: BCA Green Mark Platinum
Major tenants: JPMorgan Chase Bank, N.A., Sumitomo Mitsui Banking Corporation Singapore

per CapitaLand Integrated Commercial Trust's annual report (SGX), 20 Mar 2026, page 11

Whole-building deals

Announced 5 Aug 2025
HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of CICT bought a 55% interest in CapitaSpring for S$296.1 million (purchase consideration) from Glory Office Pte. Ltd. and MEA Commercial Holdings Pte. Ltd..
At the time: NLA 673,300 sq ft · occupancy 99.9% (Jun 2025) · WALE 2.4 years
Announcement on SGX
Announced 5 Aug 2025
CapitaLand Integrated Commercial Trust (CICT) bought a 55% interest in CapitaSpring’s Commercial Component for S$1,045 million (purchase consideration) from CapitaLand Development Limited (CLD) and Mitsubishi Estate Co., Ltd (MEC).
At the time: NLA 673,300 sq ft · occupancy 99.9% (30 Jun 2025)
Announcement on SGX

Source: the owners' own filings on SGX — notices of valuation of real assets, acquisition and divestment announcements, and annual reports. Facts only, each with its date; a valuation is not a sale price, and occupancy and WALE are as of the date shown. Only REITs and SGX-listed companies file these: a building with a private owner shows no owner here.

About Capitaspring

Capitaspring is a commercial building in Downtown Core (District 01). It is located along Market Street, Singapore 048948.

Under the URA Master Plan it sits on land zoned commercial with a gross plot ratio of 15. It lies inside the Central Area.

433 businesses are currently registered at this address with ACRA.

The nearest MRT is Raffles Place MRT, 163 m away (about a 2-minute walk). The closest bus stop (OCBC Ctr) is 115 m away (about a 2-minute walk). Republic Plaza is 79 m away (about a 1-minute walk).

What is Capitaspring zoned as?

Key takeawayCapitaspring sits on land zoned COMMERCIAL with a gross plot ratio of 15.0, inside the Central Area.

Land-use zone: COMMERCIAL
Gross plot ratio: 15.0
Urban design area: Udga
Central Area: Yes

Run the full zoning report for this building →

What does space at Capitaspring rent for?

Key takeawayNo rent is published for Capitaspring itself. On its street, Market Street, office space rented at a median of $13.07 psf a month in 2026Q3, with the middle half of leases between $12.87 and $13.27. That is not this building's own rent, and never a quote for a particular unit.

Office space on Market Street

Street level · 2026Q3

25th pct

$12.87

$138.58 psm

Median

$13.07

$140.72 psm

75th pct

$13.27

$142.86 psm

S$ per sq ft per month · median +5% on a year earlier

2023Q4 · $108.20 psm2026Q3 · $140.72 psm median

URA's percentiles of OFFICE rents across every lease stamped with IRAS on this STREET in the quarter — the street's figure, not this building's rent and never a unit's. URA publishes a median only where the street has at least 2 office buildings and 3 contracts that quarter (percentiles need 4); a blank means below that threshold, not zero.

Source: URA rental statistics by street (IRAS-stamped contracts).

Retail space on Market Street

Street level · 2025Q3

25th pct

—

— psm

Median

$10.58

$113.93 psm

75th pct

—

— psm

S$ per sq ft per month (median only published)

2022Q1 · $137.78 psm2025Q3 · $113.93 psm median

URA's percentiles of RETAIL rents (shop, F&B, entertainment, health & fitness) across every lease stamped with IRAS on this STREET in the quarter — the street's figure, not this building's rent and never a unit's. Retail rent swings with floor and frontage, so the spread matters as much as the median. A median needs at least 2 buildings and 3 contracts (percentiles need 4); a blank means below that threshold, not zero.

Source: URA rental statistics by street (IRAS-stamped contracts).

Retail space — District 1 retail

Region band · 2026Q3

25th pct

$8.23

$88.64 psm

Median

$10.02

$107.81 psm

75th pct

$15.92

$171.42 psm

S$ per sq ft per month

A REGION BAND — URA's grid for the whole district or location, not this street or building. Say "across <district/location>, …", never that this building rents for it. The middle of URA's retail grid for District 1 across every floor and size band — a ground-floor shop and an upper-floor unit sit at very different points in it.

Source: URA REALIS retail rental analysis (district × floor × size grid).

Market context around Capitaspring

Key takeawayFlexible workspace: The Work Project lists a centre here, per the operator's public location list (10 Oct 2026).Brokers' retail figures for this part of Singapore — a broker's market figure, not this building's rent.

CBRE, 2Q 2026 (island-wide)

Islandwide: Rent S$28.15 psf/mth

Singapore Figures Q2 2026

Cushman & Wakefield, 2Q 2026

Other City Areas: Rent S$21.21 psf/mth · Vacancy 7.4% (1Q 2026) · Planned / under construction 0.73m sq ft

Singapore Retail MarketBeat Q2 2026

Official series (URA, 2026Q3): Retail vacancy rate (Whole Island) 6.5 (-0.4 pp on the year) · Retail rental index (Central Region) 81.2 (+1.4% on the year).

Brokers draw submarkets and grades differently; each figure is the broker's own, for its own area, cited to its report. Rents are per square foot per month.

What do commercial rents run near Capitaspring?

Key takeawayURA publishes contracted-rent percentile grids quarterly (latest: 2026Q3) — the benchmark evidence an asking rent should be weighed against.

Indicative area yield — District 1 retail

Gross yield (area)

3.4%

3.0% net of property tax

Rent side (median of bands)

$107.81 psm/mo

2026Q3

Price side (strata, 5y)

$3,561 psf

90 sales

An INDICATIVE AREA yield for District 1 retail — NOT this building's yield, and not any unit's. Commercial rents are published as a district percentile grid, so both halves describe the district.

Priced on STRATA sales only: rent is quoted per unit of lettable area, and commercial land PSF runs far above strata — mixing them would shift the ratio sharply.

Net deducts the 10% non-residential property tax ONLY — not vacancy, maintenance, agent fees, financing, or the 9% GST on purchase.

Retail rents — District 1 ($ psm/month, 2026Q3)

Floor level · size band	25th pct	Median	75th pct
Level 2 & 3 · 30 & Below	$82.69	$99.35	$120.39
Level 1 · 30 & Below	$172.73	$245.52	$332.57
B1 & Below · 30 & Below	$87.33	$172.91	$321.72
Level 2 & 3 · >30 - 100	$77.43	$95.09	$183.52
Level 1 · >30 - 100	$106.77	$168.33	$217.05
B1 & Below · >30 - 100	$117.40	$198.29	$365.38
Level 1 · >100 - 300	$115.69	$148.57	$187.43
B1 & Below · >100 - 300	$148.73	$233.33	$396.56

Office rents — Central Area ($ psm/month, 2026Q3)

Building class · size band	25th pct	Median	75th pct
Category 2 · 100 & Below	$54.65	$69.39	$88.80
Category 1 · 100 & Below	$103.62	$122.24	$132.43
Category 1 · >100 - 200	$116.28	$126.99	$148.35
Category 2 · >100 - 200	$65.57	$82.87	$97.63
Category 1 · >200 - 500	$114.67	$128.09	$145.77
Category 2 · >200 - 500	$64.83	$82.57	$94.73
Category 1 · >500 - 1000	$106.56	$137.78	$148.23
Category 2 · >500 - 1000	$85.04	$89.34	$109.80

URA REALIS rental-contract percentiles for the district/location — an area benchmark, not this building's own rents. Office and retail are dimensioned differently and are never mixed.

What is near Capitaspring?

Key takeawayThe nearest MRT/LRT is Raffles Place MRT, about 163 m away.

Getting around

Raffles Place MRT163 m · ~3 min

Amenities nearby

Market Street Hawker Centre · 2 mMarket Street Park · 58 mPlace Of Worship · 63 mRepublic Plaza · 79 mFullerton Healthcare @ Drs Trythall Davies Hoy · 83 mOCBC Ctr · 115 mHotel · 117 mRaffles Place MRT Exit D · 152 mAl Marche Pte Ltd · 457 mKreta Ayer Community Club · 833 m

Straight-line distances. Source: PropKaki amenities data.

Getting there and parking at Capitaspring

Key takeawayThe nearest station is Raffles Place (EW14 / NS26), 152 m away — one of the busiest stations, with about 133,000 taps in and out on an average weekday. 23 public car parks are within 500 m.

Foot traffic: busier than 82% of retail buildings

nearest MRT/LRT Raffles Place (EW14/NS26) 152 m, about 133,000 taps a weekday; 11 more stations within 1 km; bus stops within 400 m: 7, about 15,000 taps a weekday; Downtown Core: 284,004 resident workers (Census 2020, by workplace); about 11,000 residents within 1 km (June 2026); 7 other malls within 1 km. Ranked against 12,856 retail buildings by PropKaki's model: a relative score, not a footfall count.

A relative score from PropKaki's model (station and bus taps nearby, workers and residents around, and competing malls), not a count of people.

Stations within 1 km

Raffles Place (EW14 / NS26)152 m · about 133,000 weekday taps
Telok Ayer (DT18)209 m · about 37,000 weekday taps
Chinatown (NE4 / DT19)507 m · about 97,000 weekday taps
Downtown (DT17)531 m · about 51,000 weekday taps
Clarke Quay (NE5)550 m · about 31,000 weekday taps

Taps are fare-card taps in and out at the station's gates on an average weekday (Jul 2026 to Sep 2026) — people passing through, not visitors to Capitaspring. Transfers between lines don't tap, so interchanges read low.

Bus

7 bus stops within 400 m, with about 15,000 boardings and alightings on an average weekday.

Public car parks within 500 m

Backlane (Synagogue St - Church St) (URA)125 m
Backlane (Cecil St - M Arket St) (URA)187 m
Backlane (Synagogue St ) (URA)258 m
Backlane (Lor Telok - Circular Rd) (URA)266 m
Circular Rd (URA)295 m
S$1.20 per half-hour at midday on a weekday · 34 car lots

Nearest URA season parking: Mohd Sultan-River Vall Ey Road Area, 1.4 km away, S$80/month.

Public car parks only, by straight-line distance, with the operator's published rates. Capitaspring's own car park, if it has one, and its charges are not in the open data.

How many companies are registered at Capitaspring?

Key takeawayACRA records 433 live company registrations at this address, 142 of them in the last three years.

Live registrations: 433
Registered last 3 years: 142
Most common type: Local Company

Company REGISTRATIONS at this address (ACRA), not a tenancy schedule. Registration does not mean the company physically occupies space here, and a low count does not mean the building is empty. Do not describe this as occupancy or vacancy.

Frequently asked questions about Capitaspring

Where is Capitaspring?⌄

Capitaspring is at 88 Market Street, Singapore 048948, in the Downtown Core planning area.

What is Capitaspring zoned as?⌄

Capitaspring sits on land zoned commercial under the URA Master Plan, with a gross plot ratio of 15.

Have there been any recorded transactions at Capitaspring?⌄

No caveats have been lodged for Capitaspring in the URA records we track. That is common for buildings held by a single owner, which never generate strata transactions.

What is the nearest MRT station to Capitaspring?⌄

Raffles Place MRT is the closest, 163 m away (about a 2-minute walk).

How many businesses are registered at Capitaspring?⌄

433 businesses are currently registered at this address with ACRA. That is a measure of registered addresses, not of how many businesses physically occupy the building.

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Read the figures right

Completion year: as Wikipedia states it, not checked against an official record. Sales records start in 1995, which says nothing about when a building was built.

Storeys: Wikipedia's floor count, not checked against an official record.

Submarket: PropKaki's own map from URA's planning subzones (CBD core, City Hall / Bugis, Orchard, city fringe, regional centres, suburban). Brokers draw these lines differently.

Changes of use: URA planning approvals recorded at this building since 2000 (any unit; renewals of a temporary permission not counted). History only — Past approvals are not today's approved use; check with URA's approved-use enquiry before signing. Never say a use is allowed, permitted or approved for a unit, and never say a use would be approved.

Owner: the REIT or SGX-listed company whose latest valuation notice or annual report lists this building (a later divestment removes it). '(N% interest)' or '(part of the strata)' when it holds less than the whole. A building with no listed owner shows none — a private owner is never named.

Car-park lots: as the owner's latest annual report prints them.

Station taps: average weekday fare-card taps in and out at the nearest MRT/LRT station (LTA DataMall). People passing the station's gates, not people visiting this building.

Foot-traffic score: PropKaki's relative score from nearby MRT and bus taps, workers and residents around (and, for retail, competing malls), ranked against buildings of the same kind. A percentile, not a count of people.

Unbuilt GFA cannot be computed here — it needs BCA built-GFA, which covers about 5% of commercial buildings and no industrial ones. Zoning and plot ratio are on record; headroom is not.

Tenure is not recorded for this building. Commercial tenure coverage is roughly 40% (industrial is far better at ~90%).

Reviewed by Nathan Tang

Nathan Tang has over 10 years of property experience across condominiums, HDB flats and commercial property, specialising in property research and finance.

Figures draw on URA and JTC records, URA Master Plan zoning, ACRA registrations and live commercial-portal listings; building facts from Wikipedia, PropKaki's submarket map, URA planning decisions, the owner's SGX filings, the owner's annual report (as filed on SGX), URA car park data (URA Data Service), LTA DataMall passenger volumes, PropKaki's foot-traffic model — see our methodology. Last updated 8 November 2026. For general information, not financial advice.

Owners, valuations and deals: the owners' own filings on SGX (notices of valuation of real assets, acquisition and divestment announcements, annual reports), facts only, each with its date.

Getting there and parking: LTA DataMall passenger volumes and car parks, URA Data Service car park rates, HDB and JTC car park information (data.gov.sg) and HDB's published parking charges, Census of Population 2020 and the Singapore Department of Statistics' June 2026 resident population (Singapore Open Data Licence). The foot-traffic score is PropKaki's own relative model, not a count.

Market context: figures cited from CBRE Research (Singapore Figures) and Cushman & Wakefield (Singapore MarketBeat), each with its quarter and report; flexible-workspace centres from the operators' public location lists; collective sales from marketing agents' announcements and news reports, each linked.

Rents: URA rental statistics for office and retail space by street (IRAS-stamped contracts), JTC J-SPACE rentals by building and by street, JTC price tenders, and URA REALIS rental grids. SLA tender results and JTC posted land rents are held for state and JTC land.