CapitaLand clinches 95% retail take-up for Chongqing project

CapitaLand's mega-mall, part of the Raffles City Chongqing complex, is expected to open in September. The project is on the historic Chaotianmen site where the Jialing River meets the Yangtze River. PHOTO: CAPITALAND
CapitaLand's mega-mall, part of the Raffles City Chongqing complex, is expected to open in September. The project is on the historic Chaotianmen site where the Jialing River meets the Yangtze River. PHOTO: CAPITALAND

CapitaLand has leased 95 per cent of the retail component at Raffles City Chongqing ahead of the mega-mall's opening in September, it said yesterday.

The mall will be the first component to begin operations at the complex, which spans 1.12 million sq m in construction floor area.

The five-storey mall has a gross floor area of 235,000 sq m, almost triple that of ION Orchard in Singapore.

It will house around 400 brands, a mix of local and international, CapitaLand said.

About 40 per cent of these will be new-to-market brands, flagships or new concepts, the group added.

Retailers include fashion brands Adidas, GAP and Old Navy, as well as food and beverage outlets such as China's home-grown Haidilao hot pot, TWG Tea from Singapore and Spacelab, a restaurant that uses spiral slides to serve food.

 

  • 400

    No. of brands that the five-storey mall will house, CapitaLand said.

Experiential retail and lifestyle brands include online-to-offline retail store Jiwu by Suning, e-sports operator CLSA and Whyte Woolf Fitness Club.

Mr Lucas Loh, president for China at CapitaLand Group, said yesterday: "China's retail sales continue to grow at one of the fastest rates in the world, buoyed by rising disposable incomes and government initiatives to boost domestic consumption.

"With a population of more than 30 million people... Chongqing is well-positioned to attract local and international retailers."

The complex is Singapore's largest single development in China at 24 billion yuan (S$5 billion).

Besides the mall, Raffles City Chongqing's eight skyscrapers also house 150,000 sq m of Grade A office space, about 1,400 apartments, Ascott Raffles City Chongqing serviced residence and InterContinental Raffles City Chongqing hotel.

It will also be integrated with a major transport hub comprising ferry, subway and bus stations.

The Crystal, an enclosed sky bridge nestled above four 250m-tall skyscrapers and linking two adjacent skyscrapers by cantilevered bridges, is another feature.

CapitaLand shares closed down 0.3 per cent to $3.63 yesterday.

A version of this article appeared in the print edition of The Straits Times on July 30, 2019, with the headline 'CapitaLand clinches 95% retail take-up for Chongqing project'. Print Edition | Subscribe