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Changi Airport Group (CAG) and CapitaMalls Asia, through their respective wholly-owned subsidiaries Jewel Changi Airport Holdings and CMA Singapore Investments, announced today their joint venture (JV) agreement to develop an iconic mixed-use development at Changi Airport, codenamed Project Jewel.
The two companies had previously entered into a Memorandum of Understanding in developing the concept and plans for the said project.
They will set up a private trust, a trustee-manager and a property manager, with CAG being the majority shareholder with 51 percent and unit-holder of the JV entities. CapitaMalls Asia will own the remaining 49 percent.
To be built on the 3.5ha surface car park site of fronting Changi Airport Terminal 1 (T1), Project Jewel will offer a range of facilities for airport operations, a hotel, retail offerings and leisure attractions spread across five storeys above ground and five basement storeys and will cover a total gross floor area (GFA) of about 1,443,000 sq ft. Project Jewel is expected to cost about S$1.47 billion, including land cost.
“Project Jewel is a significant game-changing project for CAG in our journey to strengthen Changi Airport’s status as a major global air hub,” said Mr Lee Seow Hiang, Chief Executive Officer at CAG.
“Together with our partner, CapitaMalls Asia, a very established player in the arena of lifestyle and retail developments regionally, we are confident that Project Jewel will be a world-class attraction near home that Singaporeans will not only enjoy immensely, but be proud of,” he added.
“CapitaMalls Asia is excited about partnering Changi Airport Group to create a must-visit destination for tourists to Singapore and passengers transiting through Changi Airport, as well as a unique place that Singaporeans and local residents can enjoy with their families and friends, “said Lim Beng Chee, Chief Executive Officer of CapitaMalls Asia. “
Construction works for Project Jewel is scheduled to begin in the second half of 2014, with a target opening by the end of 2018.
Image: Artist impression of Project Jewel (Source: Changi Airport Group)
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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