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Tag: CapitaLand Mall Asia

  • CapitaLand to manage La Botanica mall

    CapitaLand to manage La Botanica mall

    CapitaLand Mall Asia has signed its second management contract within five months, to manage the shopping mall in La Botanica, a township in Xi’an’s Chan-Ba Ecological District.

    The mall is being developed by (Xi’an) Property Development, a JV between CapitaLand and Hong Kong-based Henderson Land.

    The deal follow CapitaLand’s announcement in August that it is managing the retail component of Fortune Finance Center in Changsha, China, for Changsha Pilot Investment Holdings. It also follows the acquisition of CapitaMall Xinnan (formerly Galleria, Chengdu) by CapitaLand Retail China Trust in September.

    “We are fast-tracking the growth of our shopping-mall network in western China to capitalise on the region’s favourable economic prospects, which have been boosted by the Chinese government’s Western China development program One Belt, One Road economic initiative as well as the Sino-Singapore Chongqing Connectivity Initiative,” says CapitaLand Mall Asia CEO Jason Leow.

    “CapitaLand’s asset-light expansion strategy through management contracts will continue to gather momentum with this deal in Xi’an, and complement our core strategy of developing, owning and managing malls.”

    Under the contract, CapitaLand will oversee asset planning, pre-opening and retail management for a five-storey mall – four levels above ground and a basement level – with a gross floor area (GFA), excluding car park, of about 50,000 sqm.

    Expected to open in 2019, the mall will double CapitaLand’s retail presence in Xi’an, where it owns and manages CapitaMall Xindicheng, a 60,000 sqm one-stop shopping mall, about 10km south of La Botanica.

    Flagship developments

    Including the mall in La Botanica, CapitaLand manages a portfolio of 14 malls in western China with a combined retail GFA of about 1.13 million sqm. The region is also home to two CapitaLand flagship Raffles City integrated developments – Raffles City Chengdu, which opened in 2012; and Raffles City Chongqing, Singapore’s single largest investment in China at RMB24 billion (about US$3.4 billion) that will be opening in phases from next year.

    Leow says CapitaLand is preparing to open eight more malls this year, six of which will be in China. “As we continue to enhance our retail scale and network through acquisitions and management contracts, we will also look at reconstituting our portfolio to achieve an optimal asset mix to provide us with stability and a strong recurring income stream. ”

    CapitaLand-Henderson (Xi’an) Property Development GM Wu Xianyue says La Botanica is envisioned as a world-class garden city. It is in the heart of Chan-Ba Ecological District, a planned urban area integrating ecological, commercial, residential and cultural components. Targeted for completion in 2023, the township spans 3 million sqm, of which about 87 per cent is pegged for residential use. There is a commercial zone of more than 310,000 sqm, plus a 50,000 sqm central park, seven community schools and a general hospital.

    The shopping mall is at the heart of La Botanica’s commercial zone and will be served by arterial roads, 20 bus routes and a metro line. It is expected to serve an estimated 600,000 residents and working professionals living within a 5km radius. The population catchment is projected to reach about 1 million in the next four years.

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  • Deja vu? Malls reuse Xmas decor for CNY

    Deja vu? Malls reuse Xmas decor for CNY

    If Chinese New Year decorations at shopping malls are looking somewhat familiar, it is likely because they have been up since Christmas.

    Malls have transformed their Christmas ornaments and themes into Chinese New Year trimmings.

    By doing so, the malls say they have saved money, reduced waste and managed to turn over the decorations in a shorter time.

    Orchardgateway’s fantasy underwater world decor was planned to cover both festivals, as the dates were almost “back to back”. This year, Chinese New Year falls on Jan 28, just a month after Christmas.

    “We maintained the fantasy underwater world setting but added koi fish to bring out the Chinese New Year flavour and mood,” said its spokesman.

    Orchard Central said it saved up to 60 per cent in cost from repurposing its Christmas ornaments for the upcoming Chinese New Year, instead of replacing them with a new set-up. It has even combined its Chinese New Year decorations with Valentine’s Day decorations, with a turquoise and pink theme. 313@Somerset (above) has also changed its decorations. 

    She added that koi fish, which were added to a seascape of corals, symbolise good fortune, prosperity, longevity and success. The mall managed to save 30 to 40 per cent in cost and wastage as a result.

    Orchard Central, which is owned by Far East Organization, said it saved up to 60 per cent in cost by repurposing Christmas ornaments, instead of putting up a new set-up.

    In fact, the mall has combined its Chinese New Year decorations with Valentine’s Day decorations with a turquoise and pink theme, featuring cages and artificial flowers.

    More than half of the materials from the decor can be recycled. Far East’s other malls, such as Clarke Quay Central and Square 2, are also repurposing decorations.

    Over at CapitaLand Malls’ Bugis Junction, the Christmas tree is now a giant spiral bamboo plant.

    “What used to be whimsical waxed moustaches – not unlike the kind Santa typically sports – have now been turned into the upturned branches of the bamboo arrangement, signifying good luck for the coming Year of the Rooster,” said CapitaLand Mall Asia’s head of retail management in Singapore, Ms Teresa Teow.

    Farther west, the Star Vista converted its larger-than-life Christmas bauble centrepiece into a tangerine, signifying prosperity and fortune.

    The mall has donated some of its Christmas decorations to the Singapore General Hospital, which will sell them to raise funds for the hospital’s Needy Patients Fund.

    Ms Valerie Toh, 29, an office manager, said she did not notice the similarities in the decorations.

    “Given the not-so-good economy, I think people will appreciate the malls cutting down on wastage rather than spending needlessly,” she said.

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  • CapitaLand Mall Asia Showtime in Cannes

    CapitaLand Mall Asia Showtime in Cannes

    Targeting global retailers who are looking to Asia to chart growth, CapitaLand Mall Asia has its biggest presence ever at international retail event Mapic in Cannes, France.

    It is the fifth consecutive year CapitaLand has exhibited at Mapic, one of the world’s largest events matching developers with retailers. It runs over three days this week.

    Crowds at CapitaLand's booth at MAPIC

    CapitaLand is preparing to open eight malls in three Asian countries next year with a combined retail gross floor area (GFA) of nearly 1 million sqm, the group’s largest-ever retail offering in a single year.

    Of the eight malls, six are retail components of integrated developments in China and the others are stand-alone malls in India and Malaysia. 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 (pictured); CapitaMall Westgate in Wuhan; Melawati Mall in Kuala Lumpur; and Forum Mall in Mysore.

    Raffles City Changning

    Raffles City Changning

     

    Ready catchments

    CapitaLand Mall Asia CEO Jason Leow says the opening of the malls underscores the group’s strength in connecting retailers to ready catchments of shoppers.

    At September 30, 76 per cent of CapitaLand’s assets contributed to recurring income, of which shopping malls and integrated developments form the bulk, says Leow.

    “Our 103 malls in Singapore, China, India, Japan and Malaysia provide brands with access to about 3 billion consumers in these five markets combined.”

    He says Mapic is an excellent platform for CapitaLand to boost its brand visibility and strengthen its retailer network.

    Mr Jason Leow with retailers at MAPIC

    Its presence at the trade show has been enhanced by one of its joint ventures being nominated for the Mapic Awards. Listed for Best Futura Shopping Centre Award, Jewel Changi Airport was developed by Jewel Changi Airport Trustee – a JV between Changi Airport Group and CapitaLand Mall Asia – as a mixed-use complex featuring lifestyle offerings including a five-storey indoor garden, play attractions, shopping and dining options, a hotel, and airport services.

    It is scheduled to open next year. The Futura award recognises retail developments with outstanding architectural qualities and strong, original concepts.

    Jewel Changi Airport is the only Singapore entry among 50 projects shortlisted across 12 categories at the Mapic Awards, with the results to be announced at a gala dinner.

    CapitaLand Mall Asia CapitaLand Mall Asia, a wholly owned subsidiary of real-estate company CapitaLand, is one of the largest shopping mall developers, owners and managers in Asia by total property value of assets and geographic reach.

  • CapitaLand Mall Asia plans expansion

    CapitaLand Mall Asia plans expansion

    CapitaLand Mall Asia is stepping up its investment in India.

    During a visit by Singapore’s Prime Minister Lee Hsien Loong to The Celebration Mall in Udaipur (pictured) , wholly owned by CapitaLand Mall India Development Fund, CapitaLand Mall Asia announced plans to open two more malls in India over the next three years.

    The group already has four malls in the country.

    CapitaLand president/group CEO Lim Ming Yan says India has been looking to tap Singapore’s experience in urban planning as it plans to upgrade and build 100 cities.

    capitaland-mall-india

    “India thus presents opportunities for CapitaLand to share our expertise in real-estate development and management, particularly in integrated developments where we have established a strategic advantage, as well as in the shopping mall and serviced residence sectors where we have already gained a foothold in the country.

    “With more liberal rules on foreign direct investment in real estate, CapitaLand has been presented with a number of opportunities. We are also in discussion with several parties on management contracts for shopping malls and serviced residences.”

    Partnership

    CapitaLand’s two upcoming malls are opening next year and in 2019 respectively, Forum Mysore, and Forum Cochin.

    Both are being developed in partnership with real-estate developer Prestige, with whom CapitaLand also partners for three other malls, The Forum Neighbourhood Mall, Bangalore, The Forum Sujana Mall, Hyderabad and The Forum Fiza Mall, Mangalore. Including two other malls being developed in Jalandhar and Nagpur, CapitaLand is Singapore’s largest shopping-mall developer and manager in India with a total of eight malls.

    “In Asia, India is the next big retail prize after China,” says CapitaLand Mall Asia CEO Jason Leow.

    “India has a large and growing middle class with aspirations for a better life, and more than 400 million consumers between 15 and 34 years of age who are driving purchases in categories such as mobile phones, fashion, accessories and F&B.

    “Such favourable demographics are drawing retailers’ interest to India’s fast-growing consumer market, which is expected to be worth US$1.3 trillion by 2020.

    “As one of Asia’s leading mall developers, owners and managers, we are able to leverage our retail expertise and industry-leading network of about 15,000 leases to support local and international retailers who are keen to do business in India.”

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  • CapitaLand Mall Asia inks its first third-party management contract in China

    CapitaLand Mall Asia inks its first third-party management contract in China

    CapitaLand Mall Asia Ltd, CapitaLand’s wholly owned shopping mall business, has signed its first third-party management contract to manage the retail component of a mall in China.

    The contract with Changsha Pilot Investment Holdings Group Co is for Fortune Finance Center, an integrated development in Changsha, the provincial capital of Hunan in central China, CapitaLand announced on Wednesday (Aug 31).

    It said the deal marks the beginning of an enhanced asset-light strategy to enlarge its mall network through third-party management contracts to complement its core strategy of developing, owning and managing malls.

    The scope of the contract covers asset planning, pre-opening and retail management for a total gross floor area, excluding car park, of 95,000 square metres (about 1 millio square feet) that spans seven levels – five levels above ground and two basement levels.

    Currently under construction, the mall is targeted to commence operations in end 2018. It is owned by Changsha Pilot Investment Holdings, a Chinese state-owned developer which currently has seven projects in Changsha.

    Said Mr Jason Leow, CEO of CapitaLand Mall Asia: “We continue to be on the lookout for suitable acquisition opportunities to grow our mall portfolio even as we seek to enlarge our network through third-party management contracts. By managing quality third-party malls for which we have a right of first refusal to acquire, we are also paving the way for future acquisitions.

    “Through this multi-pronged approach, we will be able to maximise opportunities to expand our mall and retailer network, increase recurring income and further strengthen our leadership in the shopping mall sector in the region.”

    With this contract, CapitaLand doubles its presence in Changsha, where it currently owns and manages CapitaMall Yuhuating, a 62,000 sqm mall, approximately 10 km) from Fortune Finance Center.

    It is also expanding its presence in China, where it has a network of 65 malls. Across Asia, CapitaLand now manages a total of 104 malls in Singapore, China, Malaysia, Japan and India.

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  • IDA, SPRING Singapore & CapitaLand partner to boost last-mile delivery for retailers in $20m project

    IDA, SPRING Singapore & CapitaLand partner to boost last-mile delivery for retailers in $20m project

    The Infocomm Development Authority of Singapore (IDA), SPRING Singapore and CapitaLand Mall Trust (CMT) Management Limited have teamed up to enhance last-mile delivery for retailers.

    The three parties have signed a Memorandum of Intent (MOI) to launch an In-Mall Distribution (IMD) trial expected to benefit 300 retailers.

    If successful, the model may be rolled out to other shopping malls owned or managed by the CapitaLand Group in Singapore.

    With two CapitaLand malls – Tampines Mall and Bedok Mall – part of the pilot project, the trial will provide useful insights into how to calibrate the logistics solution for wider implementation.

    The initiative falls under the Nationwide Urban Logistics Programme spearheaded by IDA and SPRING Singapore.

    The idea was first mooted in the Infocomm Media 2015 followed by a funding announcement of $20 million from IDA and SPRING Singapore to implement urban logistics in the retail sector.

    According to the IDA, if deployed nationwide, it could lead to an estimated reduction of trucks on the road by 25 per cent and a cut in waiting and queuing time for deliveries by 65 per cent. The aims is to enable trucks with less-than-full loads to consolidate and sort their goods in an offsite centre before delivering to malls.

    Subsequently, these goods can then be re-loaded and then delivered to their intended destinations on a single truck within the same day, reducing the number of trucks going to the same destination and improving truck load utilisation.

    Teresa Teow, head of retail management in Singapore for CapitaLand Mall Asia Limited, the manager of CMT malls, explained: “As the owner and manager of Singapore’s largest shopping mall network, we are constantly looking at ways to innovate and further improve our operations and shopping experience by leveraging technology and strategic partners.”

     

    Steve Leonard, executive deputy chairman of the IDA said, “Achieving the Smart Nation vision of Singapore will only be possible if government and industry work closely together, adopting new ideas and embracing new technologies.”

    Leonard added, “We know that the complexities and logistics of moving large amounts of goods in densely-populated areas is a big challenge. Together with our partners, we want to explore how analytics and robotics can be part of new ways to solve these challenges. It is imperative that the government and the industry not only work together, but keep looking forward to adopt new ideas and new tech in business.”

     

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  • CapitaLand sells Bedok Mall

    CapitaLand sells Bedok Mall

    CapitaLand has sold its 18 month old Bedok Mall in Singapore to a trust.

    CapitaLand subsidiaries Brilliance Residential and CMA Singapore Investments have entered into a sale and purchase agreement with HSBC Institutional Trust Services, trustee of CapitaLand Mall Trust (CMT), for the sale of the entire unitholding interest of Brilliance Mall Trust, which owns Bedok Mall. The sale is based on an agreed value of Bedok Mall of S$780.0 million and other net assets of Brilliance Mall Trust of about S$3.1 million. At the last valuation commissioned by CapitaLand, Bedok Mall was valued at S$775 million.

    Opened in December 2013 on New Upper Changi Rd, Bedok Mall has a net lettable area of 222,464 sq ft and is 99.3 per cent leased. Anchor tenants include Fairprice Finest, Uniqlo, Best Denki, Canton Paradise, Popular, McDonald’s and Din Tai Fung.

    It is the first major mall in the heart of Bedok Town Centre, serving Singapore’s largest estate of about 300,000 residents as well as other residents in the east of Singapore. It is part of an integrated retail-residential-transport development, which also includes the 583-unit condominium Bedok Residences developed by CapitaLand that received its Temporary Occupancy Permit in May 2015. The mall’s Basement 2 is directly linked to the Bedok MRT station while the new air-conditioned Bedok bus interchange, which began operations in January, is integrated with the mall on Level 2.

    Lim Ming Yan, president and group CEO of CapitaLand, said the proposed divestment, which remains subject to unitholder approval, as well as the ongoing divestment of a group of serviced residences and rental housing properties to Ascott Residence Trust and CapitaLand’s 30 per cent stake in PWC Building announced last month, are all examples of the company’s “robust capital recycling strategy”.

    “These transactions allow us to realise our investment value and development profit, and enhance our financial flexibility as we redeploy our capital into other ventures that will generate stronger returns for our shareholders.”

    Jason Leow, CEO of CapitaLand Mall Asia, said his company will continue to manage Bedok Mall.

    “We remain confident in the retail growth prospects in Singapore where we are the market leader with the largest network of 20 shopping malls. We are committed to the Singapore retail market and continue to be on the lookout for suitable new opportunities in Singapore and the region as we seek to strengthen our leadership position as Asia’s leading shopping mall developer, owner and manager.”