CapitaLand to open eight malls in 3 Asian nations next year

SINGAPORE — CapitaLand plans to open eight malls in three countries in Asia next year with almost 1 million square metres of total gross floor area (GFA), as it taps into rising consumerism in the region, Singapore’s largest listed property developer said yesterday.

The expansion — CapitaLand’s largest retail space offering in a single year — will be carried out by its wholly-owned shopping mall business, CapitaLand Mall Asia.

Of the eight shopping malls, six are retail components of integrated developments in China, and the other two are 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; and Forum Mall in Mysore.

Mr Jason Leow, CEO of CapitaLand Mall Asia, said: “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 ... 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.”

“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. 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.

Following the pre-market announcement, CapitaLand shares rose 0.3 per cent to close at S$3.00 each yesterday, lagging the benchmark Straits Times Index’s 0.7 per cent gain to 2,813.48.