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Tag: CapitaLand

  • CapitaLand Strikes $332M Deal: Iconic Singapore Mall Finds New Ownership

    CapitaLand Strikes $332M Deal: Iconic Singapore Mall Finds New Ownership

    CapitaLand Integrated Commercial Trust (CICT) has successfully concluded the sale of Bukit Panjang Plaza, a prominent shopping mall in Singapore. The sale, which fetched a sum of US$332 million (S$428 million), is part of a larger strategy to optimize the organization’s portfolio.

    The Sale of Bukit Panjang Plaza

    Bukit Panjang Plaza, which encompasses 11,500 square meters and houses 122 retail spaces, had been on the market since early 2024. The identity of the buyer for this prime real estate was not divulged by CICT. However, it’s known that the investor is a well-established, US-based development firm.

    Speaking on the successful transaction, Tan Choon Siang, CEO and Executive Director of CICT, explained that the sale was in line with the company’s ongoing portfolio reconstitution strategy. He further noted that this move will not only enhance CICT’s financial agility but also generate substantial value for all stakeholders involved.

    CICT’s Global Presence and Financial Performance

    CICT’s global footprint extends to 45 countries, reinforcing its status as a leading player in the international real estate market. The sale of Bukit Panjang Plaza underscores the company’s commitment to continual growth and expansion.

    Financially, CICT has been performing remarkably. In 2024, the company reported a considerable increase in profits, from S$192 million in 2023 to S$890 million. This significant surge in profit underscores the robustness of the company’s business model and its effective strategic decisions.

    Questions & Answers

    What is the significance of the sale of Bukit Panjang Plaza for CICT?
    The sale of Bukit Panjang Plaza is a strategic move for CICT as it aligns with their portfolio reconstitution strategy. This transaction not only strengthens CICT’s financial flexibility but also creates value for its stakeholders.

    Who is the buyer of Bukit Panjang Plaza?
    The exact identity of the buyer was not revealed by CICT. However, it’s known that the purchaser is a major US-based property development firm.

    How has CICT’s financial performance been in recent years?
    CICT has shown impressive financial performance, with a significant surge in profits reported in 2024. The company’s profits increased from S$192 million in 2023 to S$890 million in 2024.

  • CapitaLand Development Kicks Off Construction on Exciting New Project: The Fullton

    CapitaLand Development Kicks Off Construction on Exciting New Project: The Fullton

    Nestled within the stunning Vinhomes Ocean Park 3 in Hung Yen Province, just east of Hanoi, The Fullton is set to make waves in Vietnam’s luxury housing market, boasting an estimated gross development value of around US$800 million. This impressive undertaking by CapitaLand Development marks a significant milestone as its inaugural luxury low-rise residential project in northern Vietnam.

    Groundbreaking Ceremony with Dignitaries

    The celebration of this ambitious project kicked off with a groundbreaking ceremony, graced by notable figures including His Excellency Jaya Ratnam, Singapore’s Ambassador to Vietnam; Tan Wee Hsien, CEO of CapitaLand Development Vietnam and International; and executives from Far East Organization. Their presence underscored the collaborative spirit behind this landmark endeavor.

    Phased Development Plan

    Spanning an expansive 25 hectares, The Fullton will unfold in two distinct phases. The first phase, aptly named The Fullton Edition, will consist of 342 residential units spread over 12 hectares, with a completion target set for 2026. In a subsequent phase slated for 2027, an additional 350 residences will be unveiled, contributing to a luxurious living experience.

    Prime Location for Easy Accessibility

    The project’s strategic location provides seamless access to the Northern Key Economic Region through major highways, including National Highway 5A and the Hanoi–Hai Phong Expressway. With future infrastructure developments, such as the anticipated Tran Hung Dao Street set to enhance connectivity, residents can expect not only convenience but also the tranquility of suburban living.

    Meeting the Demand for Quality Housing

    Addressing the rising demand for quality, low-density housing in northern Vietnam, Tan Wee Hsien highlighted that The Fullton caters especially to discerning homeowners and professionals in the Hanoi area. “With nearly 700 homes and shophouses, we aim to build a prestigious community with a range of villa types, including enclave, twin, and detached villas within a secure gated environment,” he elaborated. This marks CapitaLand’s first venture into Greater Hanoi, reflecting a promising growth trajectory bolstered by ongoing infrastructure enhancements and changing lifestyle preferences.

    A Symbol of Bilateral Relations

    Ambassador Ratnam noted the project’s role in strengthening the ties between Singapore and Vietnam, expressing confidence in the nation’s growth prospects. “The Fullton is not just about homes; it’s about contributing to Vietnam’s urban transformation,” he affirmed, indicating the project’s alignment with the country’s bustling urbanization efforts.

    Architectural Harmony with Nature

    Designed with aesthetic sensibilities, The Fullton features an array of meticulously crafted boutique townhouses and villas, echoing the terraced landscapes of Vietnam. Its architectural blueprint harmonizes with the natural greenery, providing an oasis of tranquility, contemporary luxury, and vibrant communal spaces.

    Community-centric Amenities

    Central to The Fullton is a lively 1.9-hectare park designed to nurture community spirit and promote wellness. With themed playgrounds, fitness areas, and serene gardens for yoga, it’s a hub for recreation for all ages. A standout feature is the private clubhouse, a rarity in low-rise residential spaces, offering a retreat-like atmosphere inspired by the surrounding landscape.

    Sustainability at Its Core

    Emphasizing eco-friendly initiatives, The Fullton includes electric vehicle charging, expansive green areas, and energy-efficient designs. These features reflect CapitaLand’s commitment to sustainable urban development, contributing positively to Vietnam’s ever-evolving urban fabric.

    The Vision Behind CapitaLand Development

    CapitaLand Development, representing CapitaLand Group’s robust global portfolio valued at SGD 21.5 billion (US$16.7 billion), is focused on leveraging its extensive real estate expertise across key markets. The firm’s ongoing project in Vietnam highlights over 30 years of investment and development, with achievements celebrated through numerous prestigious awards.

    As CLD aims to be the developer of choice, its vision is firmly rooted in creating quality spaces that enrich lives, enhance communities, and champion sustainability. After all, who wouldn’t want to live in a place where nature meets modern living?

    Questions & Answers

    What is the estimated value of The Fullton development?
    The estimated gross development value of The Fullton is approximately US$800 million.

    When is the completion date for the first phase of The Fullton?
    The first phase, The Fullton Edition, is expected to be completed by 2026.

    What unique features does The Fullton offer to its residents?
    The Fullton features a vibrant central park, a rare private clubhouse, and numerous eco-friendly amenities, all designed to promote community, health, and sustainability.

  • CapitaLand Development Expands Presence in Thriving Vietnam Market

    CapitaLand Development Expands Presence in Thriving Vietnam Market

    CapitaLand Development (CLD) has officially partnered with Vingroup Joint Stock Company, marking a significant step in the collaborative efforts towards large-scale urban development within Vietnam. The partnership, unveiled at a signing ceremony led by CLD CEO Jonathan Yap and Vingroup chairman Pham Nhat Vuong, is expected to channel extensive capital into the Vietnamese real estate market, enhances both companies’ roles amid increasing consumer demand for modern living spaces.

    Doubling Down on Investment

    Tan Wee Hsien, CEO of CLD Vietnam and International, emphasized Vietnam’s critical role as a core market alongside Singapore and China. With a strategic vision to more than double its capital investment in Vietnam over the next five years, the partnership looks set to bolster CLD’s influence in the nation’s evolving real estate landscape. “By merging Vinhomes’ local expertise with CLD’s regional know-how in design and asset management, we are well-equipped to meet the growing demands for quality urban living,” Tan stated.

    Elevating Vinhomes’ Urban Development Strategy

    According to Nguyen Dieu Linh, vice chairwoman of Vingroup and board member of Vinhomes, this collaboration is pivotal for executing Vinhomes’ ambitious development strategy. By aligning efforts with CLD, the partnership aims to create high-quality urban spaces that foster livable, modern communities reflective of international standards.

    Introducing The Fullton: A New Residential Milestone

    In tandem with the announcement, CLD debuted The Fullton, its inaugural low-rise residential project located in the burgeoning Hung Yen Province, part of the expansive Vinhomes Ocean Park 3 complex. With a residential development portfolio now exceeding 19,000 units across 19 projects in Vietnam, The Fullton showcases a commitment to quality living solutions.

    Strategic Location and Diverse Offerings

    Situated just east of Hanoi, The Fullton boasts excellent connectivity to major infrastructure routes, including National Highway 5A and the forthcoming Tran Hung Dao Street. The project will comprise various residential options such as shophouses, cluster villas, and single villas set within a gated community, catering to a multitude of lifestyles and preferences.

    Spanning 25 hectares and developed in two phases, The Fullton’s first phase will offer 342 units with completion aimed for 2026, while an additional 350 units will follow in the second phase by 2027. The development will include a Central Park and an array of amenities designed to enrich the quality of life for its residents.

    Designing for a Sustainable Future

    An eco-conscious design philosophy underpins The Fullton, featuring terraced landscaping that harmonizes with Vietnam’s natural terrain. By integrating green spaces, CLD emphasizes a commitment to livability and sustainability within the residential framework.

    This partnership represents a significant advancement in urban development, promising to enhance the quality and availability of housing options in Vietnam. As brands like CLD and Vingroup expand their presence, consumers can anticipate improved, sustainable living environments that cater to modern lifestyles.

    Questions & Answers

    1. What is the purpose of the partnership between CapitaLand Development and Vingroup? The partnership aims to explore joint ventures in urban development and significantly increase CLD’s capital investment in Vietnam over the next five years.
    2. What is The Fullton project and its significance? The Fullton is CLD’s first low-rise residential project in Hung Yen Province, which expands their portfolio by adding a diverse range of over 19,000 residential units in Vietnam.
    3. How does The Fullton plan to integrate sustainability into its design? The Fullton will feature terraced landscaping inspired by Vietnam’s natural environment, with ample green spaces incorporated into residential living to promote sustainability and a quality lifestyle.
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  • CapitaLand sells three Japanese malls to invest in logistics

    CapitaLand sells three Japanese malls to invest in logistics

    Capitaland has divested three malls in Japan and an office building in South Korea for a total of S$448.7 million, as part of its ongoing portfolio reconstitution strategy, it said Tuesday morning in an exchange filing. It also announced that it has made its first foray into Japan’s logistics sector, entering into a joint venture with Mitsui & Co Real Estate, with CapitaLand as the majority partner, to develop and operate a logistics project in Greater Tokyo.

    The divested properties in Japan are La Park Mizue and Vivit Minami-Funabashi in Greater Tokyo, as well as CO-OP Kobe Nishinomiya Higashi in Greater Osaka, which were sold for a total of 21.99 billion yen (S$283.6 million).

    It also divested ICON Yeoksam in Seoul for 142.2 billion won (S$165.1 million) in August this year. The office building was held through a private fund, Ascendas Korea Office Private Real Estate Investment Trust (Reit) 5. CapitaLand remains the asset manager of ICON Yeoksam and will continue to receive fee income.

    CapitaLand said the divestments were done above valuation, and the buyers are unrelated third parties. Post divestment, CapitaLand will retain S$3.8 billion of assets under management (AUM) in Japan and S$2 billion of AUM in Korea.

    With the divestments, the total gross value of divestments by CapitaLand and its real estate investment trusts (Reits) would be S$3.02 billion, crossing its annual target of recycling S$3 billion of capital.

    CapitaLand and its Reits have invested more than S$3.3 billion into new assets as at end-November.

    “The divestment of these mature malls and office assets is part of CapitaLand’s capital recycling strategy to unlock value by reinvesting the capital into new growth opportunities such as the logistics sector in Japan,” said Jason Leow, president, Singapore & International, CapitaLand Group.

    “By paring down our exposure in Japan’s retail sector and leveraging our logistics experience in markets such as Singapore, Australia and the United Kingdom to expand into the new economy sector in Japan, we are responding swiftly to shifting market trends and consumer behaviors, positioning CapitaLand for future growth,” he added.

    CapitaLand’s new logistics venture in Japan is close to Central Tokyo, and is expected to be completed in Q4 2022. The four-story logistics facility will have a gross floor area of about 24,000 square metres.

    Gerald Yong, chief executive officer, CapitaLand International, said the logistics sector in Japan presents “significant opportunities” for CapitaLand.

    “The global pandemic has accelerated the growth of e-commerce and the logistics sector has been a prime beneficiary of this trend,” Mr Yong said. “We aim to achieve meaningful scale over time by leveraging Mitsui & Co Real Estate’s local knowledge and access to business opportunities to grow our logistics portfolio in Japan.”

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  • CapitaLand Secures Green Loans in India

    CapitaLand Secures Green Loans in India

    The Singapore-based property developer has secured its first three green loans in India, from DBS and HSBC, totaling INR 17 billion ($230 million).

    CapitaLand’s first foray into sustainable finance in India will be used to finance the development of its green-certified International Tech Parks in Chennai, Gurgaon and Pune, it announced in a statement on Wednesday.

    The four-and-a-half-year INR 6.25 billion ($84 million) and three-year INR4.25 billion ($57 million) green loans provided by DBS will be used to finance the development of Phase 1 of International Tech Park Chennai, Radial Road, and Phase 1 of International Tech Park Gurgaon respectively. The four-year INR6.5 billion ($87 million) green loan provided by HSBC India will be used to finance the development of International Tech Park Pune, Kharadi.

    The securing of the first green loans in India demonstrates CapitaLand’s commitment to grow our business in a responsible manner as we create long-term value for our stakeholders, Vinamra Srivastava, CEO, Business Parks, CapitaLand India, said in the announcement.

    DBS head of institutional banking Tan Su Shan said that India is a promising market with ample opportunities to go green.

    We see immense potential for growth in Asia’s sustainable financing market as companies look to further their sustainability agenda through responsible financing practices. In becoming the first Singapore bank to finance green loans in India, we are also establishing Singapore as a regional sustainable financing hub with the expertise and experience to forge meaningful partnerships for a more sustainable Asia, Tan said in a separate announcement.

    CapitaLand owns and manages a global portfolio worth about S$133.3 billion ($99.13 billion) as at 30 September 2020. The company has a strong presence in India, with a portfolio of over 20 business and IT parks, industrial, lodging and logistics properties across seven cities – Bangalore, Chennai, Goa, Gurgaon, Hyderabad, Mumbai and Pune.

  • CapitaLand Malaysia Mall Trust hurt by Covid-19

    CapitaLand Malaysia Mall Trust hurt by Covid-19

    Shopping center operator CapitaLand Malaysia Mall Trust suffered a 17.2 percent hit to quarterly income, which was knocked down to $6.08 million for the third quarter.

    The fall was largely attributed to higher levels of vacancies and the rental relief granted to tenants under Malaysia’s Recovery Movement Control Order – an order that has been extended until the end of the year to slow the resurging transmission rates of Covid-19.

    “In light of the prevailing cautious business and consumer sentiments exacerbated by Covid-19, the operating environment for Malaysia’s retail industry continues to be challenging in the near-term,” CapitaLand Malaysia Mall REIT Management chairman David Wong said.

    “We will continue to keep a pulse on the evolving situation and closely engage with our tenants. In addition, we will focus our efforts on stabilizing the portfolio through proactive asset and lease management to build greater resilience in CMMT’s retail ecosystem.”

    And, with foot traffic recovering to around 58 percent of normal levels and tenant sales to 82 percent, the firm is keeping a cautious eye on the near-term market conditions.

    CMRM’s CEO Low Peck Chen said the business focus in the short term is in strengthening its operational efficiency and supporting its tenants in adapting to the new normal brought on by the Covid-19 pandemic.

    “Notwithstanding near-term challenges, we remain positive on CMMT’s long term prospects on the strength of our income- and geographically-diversified assets.”

  • CapitaLand income tumbles as tenants granted rent waivers

    CapitaLand income tumbles as tenants granted rent waivers

    Property giant CapitaLand said it will further waive and potentially defer rent for qualifying small and medium-sized enterprise (SME) tenants, though this will lead to an “adverse impact” on its earnings this year.

    The move is in accordance with the latest Covid-19 (Temporary Measures) (Amendment) Bill in Singapore, which requires landlords to provide SME tenants with additional rental relief amid the pandemic.

    The timing and payment of the rental rebate and any deferral are dependent on the authorities’ assessment of the eligibility of the group’s SME tenants, said CapitaLand in a statement on Monday (June 8).

    CapitaLand group chief financial officer Andrew Lim noted that the financial strain from the Bill “remains high”, despite assistance to defray the group’s ongoing operating costs through measures such as the Jobs Support Scheme and other specific measures for Singapore real estate investment trusts (Reits).

    “The financial strain that the measures mandated by the Act will place on the group remains high and will have an adverse impact on CapitaLand’s financial performance this year. We, therefore, maintain our conviction that the impact of the regulatory intervention be applied objectively, transparently and proportionally, as a shared responsibility across all stakeholders, so that the commercial real estate ecosystem can continue to be competitive locally and internationally after the crisis,” he added.

    Under the Government’s new rental relief framework, SMEs that have seen a significant drop in their average monthly revenues will receive an additional two months’ waiver of base rental for qualifying commercial properties, and an additional one month’s waiver of base rental for industrial and office properties.

    These additional rental waivers will be borne by the landlord, and be applied to June and July 2020 for SMEs in qualifying commercial properties, and May 2020 for SMEs in industrial/office properties, as long as their leases or licenses were in force on April 1.

    Before the Bill was passed, CapitaLand said it had already provided some level of rental relief and committed to pass on any government property tax rebates and cash grants to eligible tenants when informed.

    CapitaLand Mall Trust has committed a rental relief package of approximately $114 million, which translated into rental waivers in April and May for almost all its shopping mall tenants, inclusive of the value of property tax rebates

    Additional rental waiver was granted from March 27 to 31 for tenants ordered to close their premises since March 27. Some tenants were also granted a waiver on their turnover rent and were permitted to use the one-month security deposit to offset their rents in March, said the group.

    Inclusive of the Government’s property tax rebate and additional rental assistance, Ascendas Reit – which is under the CapitaLand group – had waived two months’ rent (from April to May) for retail and food and beverage tenants within individual buildings and amenity centres in its portfolio.

    CapitaLand Commercial Trust also extended rental relief to retail, F&B and services tenants whose businesses have been hit, on top of passing down the applicable property tax rebate to eligible tenants.

    “CapitaLand remains committed to working with our tenants through these trying times. It is in our interest to see our tenants ride through this with us. We are all in this together because everyone in the ecosystem has been impacted,” said Mr Lim.

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  • CapitaLand still eyeing mall opportunities in Mainland China

    CapitaLand still eyeing mall opportunities in Mainland China

    China’s nationwide lockdown to combat Covid-19 and provisions for tenant relief saw CapitaLand Retail China Trust’s net property income slip in the June half-year. The trust’s manager, CapitaLand Retail China Trust Management has reported an NPI of US$47 million, down 17.9 percent on the same period a year earlier.

    The figure also reflected the absence of a contribution from CapitaMall Erqi after its master lease ended last December and its subsequent sale in May. New contributions from CapitaMall Yuhuating, CapitaMall Xuefu, and CapitaMall Aidemengdun, purchased last August, offset some of that reduction.

    CRCTML CEO Tan Tze Wooi said the trust’s enlarged portfolio recorded a 25.9-per-cent quarter-on-quarter improvement in shopper traffic for the three months to June, with tenants’ sales up by 23.7 percent over the same period.

    After a 6.8-per-cent contraction in China’s GDP in the March quarter, the government stepped up economic stimulus measures in the second leading to a 3.2-per-cent increase.

    “China’s policy focus to support businesses and boost domestic consumption has bode well for the retail sector’s recovery.”

    Meanwhile, the trust’s Yuquan Mall, currently undergoing fit-out, is on track to open at the end of this year, with about 70 percent of space leased already.

    The CEO said the trust was continuing to look for acquisitions to boost the Mainland China portfolio.

  • CapitaLand Singapore malls test new technology in virus fight

    CapitaLand Singapore malls test new technology in virus fight

    CapitaLand Singapore plans to roll out “innovative tech solutions” in its properties as the city-state prepares for phase one reopening tomorrow, June 2.

    Among the measures: anti-microbial coating for high-contact areas including lifts and lift buttons, door entrance buttons, handrails, touch screens, toilet cubicles and basins, family rooms and customer service counters; disinfected floor mats which clean shoe soles when walked on; and disinfection robots.

    “CapitaLand malls have continued to operate and serve the daily needs of Singapore throughout the circuit breaker period,” said Chris Chong, MD of retail at CapitaLand Singapore. “Now that the nation is gearing up for Phase 1 safe reopening, we are committed to take the necessary precautions to protect the health of our shoppers, tenants and employees as they gradually return to their workplaces.”

    The robots will be deployed to the basement floors and level one of Tampines Mall and Bukit Panjang Plaza, two of the company’s busiest centers, before being progressively rolled out at other CapitaLand properties.

    Meanwhile, PhotoPlasma air disinfection systems will be introduced in CapitaLand’s lift cars to “energize atmospheric air into a plasma state, in turn eliminating air-borne and surface microorganisms such as virus and bacteria”.

    Another technical innovation being used is automatic escalator handrail disinfection at The Atrium@Orchard. An Ultra UV device installed in the escalator system will disinfect handrails while the escalators are running.

    And two lifts at The Atrium@Orchard will also be fitted with a QR code registration device, allowing tenants and shoppers to scan a QR code and activate the lifts without contact with lift buttons.

    All visitors to the company’s malls will be required to undergo temperature checks upon entry and must wear masks at all times. Signs and queue markers will enforce safe distancing

    “With precautionary measures in place, we create a safe environment to welcome the community back to our malls upon the gradual easing of Singapore’s circuit breaker,” said Chong.

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  • CapitaLand kicked new e-commerce platforms off in Singapore

    CapitaLand kicked new e-commerce platforms off in Singapore

    CapitaLand has launched new e-commerce and food ordering platforms in Singapore.

    The new eCapitaMall and Capita3Eats services are aiming to drive sales for retailers at its shopping malls during Singapore’s Phase 1 safe reopening protocol, as the country starts pulling itself out of the coronavirus lockdown. Both platforms will be accessible via the firm’s CapitaStar app and mall websites from June 1.

    “The circuit breaker has brought to the fore the importance of an omnichannel, 24/7 strategy for Singapore’s retailers,” said CapitaLand Singapore MD Chris Chong. “As the operator of Singapore’s largest mall network, we want to help our retailers reach out to more consumers and online business opportunities by using the strong brand awareness of CapitaLand and the digital capabilities we have built up over the years. Retailers on our eCapitaMall and Capita3Eats platforms will get a leg up in the digital space by tapping the more than 1 million CapitaStar members in Singapore and marketing reach through our physical network.”

    Customers using the app will be able to buy goods from (predominantly) retail tenants at CapitaLand malls, opting for home delivery or in-store collection. The food app is Singapore’s first mall-operated food ordering platform offering consumers three ways to fulfil their food orders – by delivery, takeaway or dine-in.

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  • CapitaLand boosts support for tenants due to Corona outbreak

    CapitaLand boosts support for tenants due to Corona outbreak

    Mall owner-operator CapitaLand is introducing additional support measures to its mall tenants as the coronavirus outbreak continues.

    CapitaLand has been offering flexible rental payments and a one-time rebates to its mall tenants in a targeted manner and will release a one-month security deposit to offset rental payments for this March.

    The group met with representatives from the Restaurant Association of Singapore and Singapore Retailers Association late last week to reaffirm its commitment and provide more details about its support packages, which are in addition to the Singapore government’s 15-per-cent property tax rebate.

    Some 3500 foodservice and retail tenants operating in CapitaLand malls in Singapore will benefit from the support.

    “As the operator of Singapore’s largest shopping mall network, we recognize that we will succeed only if our retail partners do,” said Capitaland Group president, Singapore & international Jason Leow. “Our commitment to build a sustainable retail ecosystem remains unwavering. We will continue to engage our tenants closely and stand prepared to do more should the situation worsen.”

    CapitaLand initially announced on February 13 a move to offer mall tenants the flexibility to operate shorter store hours. The firm has also put in place an SG$10 million (US$7.16 million) marketing assistance program to fund retailer-driven and mall-wide promotional activities to help its tenants achieve more sales.

    Andrew Kwan, VP of the Restaurant Association of Singapore, said CapitaLand’s moves were “tangible relief at a time of great need”.

    “We urge other landlords to take the cue from CapitaLand and offer urgent and immediate cost-relief measures for their tenants. Only when all parties work together can we save jobs during this difficult time.”

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  • CapitaLand launches fund to help retailers impacted by coronavirus

    CapitaLand launches fund to help retailers impacted by coronavirus

    Capitaland is taking measures to support its 3500 retail tenants across its malls in Singapore in the midst of the coronavirus epidemic.

    The support includes a SGD10 million (US$7.2 million) marketing assistance program.

    While Capitaland’s malls’ operating hours will remain as standard – from 10 am to 10 pm – stores may open from as late as 11am and close as early as 8pm.

    “We are reaching out first to our retailers as their businesses have been directly impacted,” said Capitaland Group president (Singapore & International) Jason Leow. “The customized support we offer our Singapore retail partners will be based on their specific needs and trades. It will take into consideration the impact of the situation on the performance of their stores across the malls within CapitaLand’s network. This will allow us to leverage the strength of CapitaLand’s shopping mall network to offer holistic support.”

    “As the operator of Singapore’s largest shopping mall network, it is incumbent on Capitaland to take the lead in showing support for our retailers,” said Capitaland Singapore MD Chris Chong. “The wide-ranging support measures we have put in place during this period include the flexibility to operate shorter store hours and targeted marketing assistance. We will continue to monitor the situation and stand ready to offer more support.”

    Capitaland’s marketing assistance program will be used to support both retailer-driven promotions and mall-wide marketing initiatives. These include complimentary booking of atrium spaces for retailers and free parking for shoppers during lunch or dinner hours.

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  • CapitaLand shuts six Chinese malls in response to corona outbreak

    CapitaLand shuts six Chinese malls in response to corona outbreak

    CapitaLand has closed six shopping malls in China in wake of the coronavirus outbreak and set up a task force to coordinate its response across its operations in China and other markets where it operates.

    The Singapore-headquartered company says it has also put in place business continuity plans under the leadership of Manohar Khiatani, its group senior executive director.

    The six malls were closed at the command of local governments. They are all four CapitaLand malls in Wuhan and both of its malls in Xi’an. However, supermarkets in CapitaMall Westgate, Wuhan and CapitaMall Xindicheng, Xi’an are still trading so as to allow locals to source food and essential daily supplies.

    “CapitaLand is monitoring developments of the [coronavirus] closely as the situation remains uncertain and continues to evolve,” said Lee Chee Koon, group CEO of CapitaLand Group in a statement issued Wednesday.

    “To date, the group’s business operations, including in China and Singapore, remain largely stable. Our priority is to focus on ensuring the well-being of our tenants, shoppers, guests and employees. We are all in this together during these trying times. CapitaLand will continue to work closely with the different local authorities in our markets to offer our support.”

    Beyond the closures, a raft of procedures has been implemented in malls still operational to protect tenants, staff and customers.

    CapitaLand properties in China have adopted precautionary measures including conducting temperature checks and intensifying cleaning and disinfecting of common areas. CapitaLand will conduct contact tracing and have designated premises at its properties for the isolation of persons suspected to be infected with the virus. The company is also providing hand sanitizers and face masks for tenants, shoppers, and guests.

    Trading hours of the remaining 45 malls CapitaLand operates across China have been reduced in line with directives issued by local authorities.

    In Singapore, CapitaLand has to step up cleaning procedures and made hand sanitizers available for tenants, shoppers and guests. There are also designated premises with predetermined routes within its properties for the isolation of persons suspected to be infected with the virus. Security teams will escort any suspected cases to the ambulance pickup point. CapitaLand will step up precautionary measures further where necessary.

    Employees have been told to defer all non-critical travel, especially to China and affected countries with known or suspected cases of coronavirus. Those who have recently returned from China have been advised to check their temperature twice daily for 14 days and during that time work remotely.

    “CapitaLand’s business continuity plans guide our operations which includes how and when to limit the interaction of business-critical staff, to include working from alternate sites, working from home and the use of teleconferencing,” said Khiatani in a statement.

    “Where necessary, operational personnel will be divided into primary and alternate teams. We will continue to monitor developments and the authorities’ directives, take the necessary steps to minimize impact to our operations and update our stakeholders in a timely manner.”

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  • CapitaLand wins 9 year rights to manage Bugis Village

    CapitaLand wins 9 year rights to manage Bugis Village

    Singapore property developer CapitaLand is set to refurbish the Bugis Village and Bugis Street retail spaces after winning a tender to manage both from the Singapore Land Authority.

    CapitaLand told selected media outlets that it will build on the existing character and heritage of the sites when it takes over the management on April 1 for an initial three-year term. It has the right of renewal for two further three-year terms. The developer – which manages the nearby Bugis Junction shopping center – says it will use the existing shophouses and a spiral staircase to appeal to Instagrammers.

    Described as Singapore’s largest street market, the Bugis spaces have suffered from declining footfalls in recent years.

    According to the New Paper, CapitaLand plans to install colorful container boxes, creating open spaces that could serve as retail incubators for established brands and local start-ups, and a Singaporean and South-east Asian hawker food hub.

    “CapitaLand will be introducing a modern interpretation of Bugis’ street-market concept while celebrating the iconic architecture of the shophouses,” a CapitaLand spokesperson said.

    “Together with curated retail concepts and public spaces, we want to create a vibrant experience for both locals and tourists… We will also explore hosting marquee events such as programs, exhibitions, and events celebrating heritage, youth, and the arts community which are unique and distinct to the Bugis precinct.”

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  • CapitaLand sells The Star Vista in Singapore

    CapitaLand sells The Star Vista in Singapore

    CapitalLand has signed an agreement to sell The Star Vista to Rock Productions for S$296 million (US$217 million).

    The deal is about 13 percent higher than the property was valued at last June.

    Opened in 2012, The Star Vista shopping mall has a net lettable area of about 162,500sqft  with major tenants including Beauty in the Pot and LeNu, Canton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage. Located next to the Buona Vista MRT Interchange, The Star Vista is part of a 15-story integrated development which also includes a 5,000-seat auditorium.

    The divestment, which is planned to be completed this year, is expected to generate a net gain of about $32 million for CapitalLand.

    “The divestment of The Star Vista is in line with CapitaLand’s active and disciplined asset recycling strategy,” said Jason Leow, president at Singapore & International at CapitaLand Group.

    “Year to date, CapitaLand has divested close to $5.7 billion worth of assets, exceeding our annual target divestment of $3 billion. The proceeds from these divestments will enhance CapitaLand’s financial flexibility to seize new growth opportunities.”

    Rock Productions owns The Star Performing Arts Centre which co-located with The Star Vista.   CapitalLand now owns 19 malls, including one under development, in Singapore after the agreement.

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