CapitaLand to open 8 malls in 2017 with record 1 million sq m of retail space

Raffles City Changning, CapitaLand's second Raffles City project in Shanghai.
Raffles City Changning, CapitaLand's second Raffles City project in Shanghai.PHOTO: CAPITALAND
Suzhou Centre Mall.
Suzhou Centre Mall.PHOTO: CAPITALAND

SINGAPORE - CapitaLand will open eight shopping malls next year in three Asian countries. With a combined retail gross floor area (GFA) of close to one million square metres, it will be CapitaLand's largest ever retail space offering in a single year, the company said on Thursday (Nov 17).

Of the eight malls, six are retail components of integrated developments in China, and there will be one each in Malaysia and India.

They are Raffles City Changning, CapitaLand's second Raffles City project in Shanghai; LuOne, also in Shanghai; Raffles City Shenzhen; Raffles City Hangzhou; Suzhou Center Mall; and CapitaMall Westgate in Wuhan. The other two are Melawati Mall in Kuala Lumpur, Malaysia; and Forum Mall in Mysore, India.

Said Mr Jason Leow, CEO of CapitaLand Mall Asia: "With these new malls opening in phases from the second quarter of 2017, it will position us well to deliver sustainable returns in the near future as they turn fully operational.

He added that the company will continue to enhance its retail scale and network through acquisitions and management contracts, as well as reconstituting its portfolio to achieve an optimal asset mix that provide stability and a strong recurring income stream.

As of Sept 30, 76 per cent of CapitaLand's total assets contribute to recurring income, of which shopping malls and integrated developments form the bulk, said Mr Leow.

CapitaLand is staging its biggest project showcase in Cannes, France at MAPIC 2016 - one of the world's largest gatherings of international retailers.

One of its joint venture projects, Jewel Changi Airport (Jewel), has been shortlisted alongside three other finalists from the US, France and Saudi Arabia, for Best Futura Shopping Centre at the exhibition's accompanying MAPIC Awards. That particular award recognises upcoming retail developments with the most outstanding architectural qualities and strong, original concepts.

Developed by Jewel Changi Airport Trustee Pte Ltd - a joint venture between Changi Airport Group and CapitaLand Mall Asia - Jewel is a mixed-use complex including a five-storey indoor garden, shopping and dining outlets, a hotel, and facilities for airport operations.

It was designed by a consortium of consultants comprising Safdie Architects led by world renowned architect Moshe Safdie.