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CapitaLand, via its wholly-owned CapitaLand Mall Asia, will open eight malls in Asia next year, with almost one million sq m of total gross floor area (GFA) — its biggest retail space offering in a single year.
The expansion will see CapitaLand opening six retail components of integrated developments in China, and one each in Malaysia and India.
They are Raffles City Changning (CapitaLand’s second Raffles City project in Shanghai; pictured), LuOne, 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.
To be opened in phases from Q2 2017 onwards, the new malls will “position us well to deliver sustainable returns in the near future as they turn fully operational,” said CapitaLand Mall Asia CEO Jason Leow.
He revealed that 76 percent of CapitaLand’s total assets as of end-September 2016 contribute to recurring income, of which shopping malls and integrated developments form the bulk.
“Our 103 malls in Singapore, China, Malaysia, Japan and India provide brands with access to about three billion consumers in these five Asian markets combined,” said Leow.
“With such an extensive scale, retailers can take their pick from our wide-ranging portfolio that includes premier malls that tap into discretionary and tourist spending on luxury goods, entertainment and F&B-focused malls that appeal to both locals and tourists alike, and suburban and community malls that cater to necessity shopping,” he added.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories, email cheryl@propertyguru.com.sg
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