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Tag: CapitaLand

  • 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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  • CapitaLand opens new Raffles City mall in Chongqing

    CapitaLand opens new Raffles City mall in Chongqing

    Capitaland has opened a Raffles City mall in Chongqing, China.

    The first component in the 1.12 million sqm megastructure to be opened to the public was the development’s 235,000sqm shopping mall, which launched on September 6 with 95 percent committed occupancy. About 40 per cent of the more than 400 international and local brands are new-to-market brands for the city, flagships or new concept stores.

    Located in Chaotianmen, it is Singapore’s and Capitaland’s single largest development in China at RMB24 billion (US$3.37 billion).

    “The opening of Raffles City Chongqing marks a new milestone in Capitaland’s contribution towards and benefiting from China’s urbanization push,” said Capitaland Group president, China, Lucas Loh.

    “As the ninth Raffles City development to turn operational, it is by far our largest and most complex integrated development. Seven years in the making, Raffles City Chongqing is a megastructure that melds astounding architectural design with sustainable urban planning. The development was purposefully built to spearhead the renewal of the Chaotianmen riverfront district with world-class live-work-play amenities and improved accessibility.”

    “As the representation of Capitaland’s new-gen malls in China, Raffles City Chongqing combines experiential retail concepts with digitalization to excite and engage shoppers,” said Capitaland CEO commercial management, China Chin Phei Chen.

    “Value-added services such as augmented reality navigation, restaurant booking and carpark reservation are supported by the Capitastar app. In addition to curating an attractive tenant mix, we have also created public spaces with regular art and heritage showcases for the public to enjoy, learn and discover.

    “Raffles City Chongqing is at once a showcase of local culture to the world and a beacon of international sophistication in the aspiring global city; in short, a destination for both residents and tourists,” he said.

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  • OCBC Head of China Joins CapitaLand

    OCBC Head of China Joins CapitaLand

    The real estate company has hired a China specialist to support the firm’s development in China.

    Singapore-based real estate company CapitaLand has hired former OCBC head of China, Kng Hwee Tin to the newly created role of CEO, finance and corporate services, China.

    She will start on October 1 and will be based in Shanghai. She reports to Andrew Lim, group chief financial officer and Lucas Loh, president, CapitaLand (China). In her role, she will oversee CapitaLand’s finance, treasury, corporate finance and tax, communications, general procurement, and legal functions in China.

    Kng’s career with OCBC began more than three decades ago. During this time, she has held a range of responsibilities in risk management, and was also the bank’s head of group audit. Most recently, she was the executive director and CEO of OCBC Bank (China), a role she has held since December 2012.

    According to its website, CapitaLand owns and manages a global portfolio of S$129.1 billion ($93.56 billion), which includes 1,067 properties in 206 cities, as of 30 June 2019.

    Last week, CapitaLand opened Raffles City Chongqing, the eighth Raffles City in China. The 1.2 million square foot mixed-use development received over 900,000 visitors on its opening weekend.

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  • CapitaLand Malaysia Mall Trust profits down

    CapitaLand Malaysia Mall Trust profits down

    Introducing fresh retail concepts and organizing more shopper-centric initiatives weren’t enough to prevent a 5.7 percent fall in net property income (NPI) for CapitaLand Malaysia Mall Trust (CMMT) in the first half of this year.

    CapitaLand Malaysia Mall REIT Management (CMRM), which manages the trust, (US$25 million) for the period, down from 110.4 million ($26.8 million).

    The company said Gurney Plaza, East Coast Mall and Tropicana City Office Tower turned in stronger performances that partially mitigated lower contributions from the Klang

    Valley shopping malls Sungei Wang, 3 Damansara and The Mines.

    But David Wong, CMRM’s chairman, was positive about the trust’s future prospects despite the decline.

    “Amid a challenging operating environment, we are optimistic that the underlying strength of CMMT’s portfolio of quality malls will continue to deliver sustainable income distributions for unitholders in the long term.

    “We continue to reinforce our efforts in strengthening the appeal of CMMT malls through proactively managing lease renewals, introducing fresh retail concepts and organizing more shopper-centric initiatives.”

    Low Peck Chen, CMRM’s CEO, said during the first half of the year Gurney Plaza and East Coast Mall continued their steady performance to chart year-on-year revenue growth.

    “Our Klang Valley malls remain affected by the growing supply of retail space. Sungei Wang and The Mines were further impacted by downtime from asset enhancement works and vacancies.

    “The Jumpa lifestyle zone in Sungei Wang is on track to open by end-September. The new retail concepts at Jumpa will complement the existing offerings in the Bukit Bintang- Kuala Lumpur City Centre shopping belt and help to revitalize and boost the appeal of Sungei Wang,” she said.

    “For The Mines and 3 Damansara, we are focusing on strengthening their tenant mix in key trade categories to enhance their positioning as necessity shopping malls.”

  • Singapore’s CapitaLand Mall Trust boosts property revenue

    Singapore’s CapitaLand Mall Trust boosts property revenue

    CapitaLand Mall Trust (CMT), has achieved net property income (NPI) of S$273.3 million for the half year to June 30.

    That represents a 10-per-cent increase on the same period last year, boosted by the 100-per-cent contribution of Westgate, of which the trust acquired the balance 70 per cent interest during the fourth quarter of last financial year.

    Tony Tan, CEO of CapitaLand Mall Trust Management Limited (CMTML), which manages CMT, said the trust would receive a further boost from the second half of this year from the opening of the new Funan mall on June 28.

    “The contributions from Westgate and Funan are expected to anchor CMT’s steady financial performance while we embark on the rejuvenation of Lot One Shoppers’ Mall starting from the third quarter of 2019,” said Tan.

    “Proposed works include expanding the footprint of the public library to enhance the mall’s community focus and reformatting the cinema to house smaller screens that better serve moviegoers’ demands for variety.”

    Tan said that against a backdrop of a slowing Singapore economy, the trust remains cautious in its outlook.

    “Competition for the consumer wallet is expected to stay keen with the progressive opening of new malls, although the supply of new retail space is projected to taper off from 2020. As a proactive REIT manager, we will continue to review our portfolio for possibilities to create value through acquisition and development opportunities.”

    For the second quarter, CMT’s gross revenue and NPI rose 10.6 per cent and 10.2 per cent respectively year-on-year. The improvement in gross revenue was mainly due to the completion of the acquisition of the Westgate stake on November 1, which contributed $18.4 million to gross revenue. Funan’s reopening on 28 June 2019, after a three-year redevelopment, contributed $900,000 to the total gross revenue of the group. The increase was partially offset by lower gross revenue from Sembawang Shopping Centre, which was divested on June 18 last year.

    CMT owns and invests in 15 shopping malls, primarily in Singapore: Tampines Mall, Junction 8, Funan, IMM Building, Plaza Singapura, Bugis Junction, JCube, Raffles City Singapore (40-per-cent interest), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+, Bedok Mall and Westgate. As at June 30, CMT owned 12.3 per cent of CapitaLand Retail China Trust.

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  • CapitaLand unveils reimagined Funan to the public

    CapitaLand unveils reimagined Funan to the public

    unan, one of Singapore’s best-known and most enduring retail icons, reopens its doors to shoppers today after three years of redevelopment, starting a new chapter in its storied evolution.  Home to a rich variety of more than 190 brands clustered around six passion themes Tech, Craft, Play, Fit, Chic and Taste, the new Funan is set to become the centre of commercial, social and cultural activities in Singapore’s Civic District.  Injecting vibrancy to Singapore’s retail scene, more than 30% of Funan’s brands are new-to-market brands, concepts or flagships.  As a showcase for local talents, more than 60% of Funan’s brands originate from Singapore.

    In a nod to its past, the new Funan will go beyond selling IT products to incorporating the tech experience throughout the entire development.  Executives entering Funan’s twin office blocks enjoy the convenience of facial recognition turnstile access.  Using one of the about 40 smart directories in Funan, shoppers can browse and search for trending merchandise before mapping the shortest route possible to reach a store with the wayfinding system.  Enabled by sensors, these smart directories can also make product recommendations based on the shopper’s demographic profile.  By year-end, shoppers can expect a robot-enabled handsfree shopping and 24/7 click-and-collect drive-through service.

    Out of approximately 400 carpark lots at Funan, 36 lots are set aside for its carpark reservation system, whereby drivers can book a day in advance via the CapitaStar app.  Upon arrival, drivers will be guided to their allocated lots by the video-based smart carparking facility.  Users of Funan’s Bicycle Hub gain access to the shower rooms using the CapitaStar app, which is also leveraged by tenants The Ark and Golden Village to offer seamless online-and-offline experiences for their customers.  Access to the Makers Studios at Funan’s Tree of Life is also fully automated via QR codes.  Behind the scenes, Funan utilises video analytics to measure and analyse footfall throughout the mall and entering each store.  In-store smart terminals further capture transaction data so that tenants can use the analytics to refine their offerings and enhance customer experiences.

    Mr Chris Chong, Managing Director, Retail, CapitaLand Singapore, said: “From Funan Centre in 1985 to Funan The IT Mall in 1997, and from Funan DigitaLife Mall in 2005 to Funan today – each change represents an evolution of the mall’s positioning to serve the needs of different generations of consumers.  The reimagined Funan relaunches the mall as a social retail space for discovery, learning and shopping, underpinned by a digital layer of customer experience to enhance satisfaction.  With this configuration, CapitaLand aims to support retailers in embracing opportunities in the brave new world of bricks-and-clicks by attracting and growing a responsive and vibrant community, powered by an ecosystem of sensors and analytics to deepen consumer insight.  As Funan enters a new era, we remain committed to innovate Funan’s offerings to keep its retail platform dynamic and relevant.”

    Mr Tony Tan, CEO of CapitaLand Mall Trust (CMT) Management Limited, said: “As Singapore’s largest retail real estate investment trust, we are cognisant of the importance to stay competitive by adapting to the evolving retail landscape, so that we can deliver sustainable long-term returns to our unitholders.  Conceived to support retailers’ omnichannel strategies, the redevelopment of Funan represents CMT’s effort to pave the way forward in serving the needs of present and future generations of shoppers.  We are heartened that Funan’s latest transformation has been well-received by the market, having achieved robust levels of 95% for retail leasing and 98% for office leasing.  We will remain vigilant in monitoring market trends and continually identify ways to future-proof the malls in our portfolio.”

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  • Rent growth boosts CapitaLand Retail China

    Rent growth boosts CapitaLand Retail China

    Stronger rental growth and lower operating expenses boosted CapitaLand Retail China Trust’s income by 10.7 per cent in the first quarter. According to CapitaLand Retail China Trust Management Limited (CRCTML), the manager of  CRCT, net property income reached RMB198.9 million for the three months to March 31, up from RMB179.6 million in the same period a year earlier.

    “China’s economy expanded at an encouraging pace of 6.4 per cent during the quarter, with consumer demand showing signs of improvement,” said Tan Tze Wooi, CRCTML’s CEO. “The fiscal stimulus rolled out by the Chinese government, which include business and individual tax cuts, is expected to boost consumer sentiments. These developments bode well for CRCT, which has sustained its growth momentum into the new year through proactive asset management and value enhancement initiatives.

    During the quarter sales by CRCT’s tenants increased 9.8 per cent year on year, while shopper traffic grew 14 per cent. Portfolio occupancy remained high, at 97.4 per cent at the end of the period.

    “This strong foundation will anchor CRCT’s performance as we forge ahead with our tenant remix strategy to draw more popular concepts,” he said.

    Core income available for distribution to unitholders was S$24.9 million, 4.9 per cent higher than the first quarter of last year and 8.2 per cent higher than the fourth quarter of last year, with distributable income from joint ventures increasing 115.9 per cent year-on-year. The total distributable amount to unitholders was S$25.9 million.

  • CapitaLand divests StorHub self-storage business for S$185 million

    CapitaLand divests StorHub self-storage business for S$185 million

    CapitaLand announced today that it has divested its interests in a group of companies that own and manage the Group’s self-storage business StorHub to an unrelated third party.  The transaction is based on an agreed value of S$185 million for StorHub’s portfolio of properties.

    StorHub is one of Singapore’s largest self-storage networks, with a presence in China.  Its portfolio comprises 12 storage facilities – 11 in Singapore and one in Shanghai – with a total lettable area of approximately 800,000 square feet.

    Mr Jason Leow, President & Chief Executive Officer of Singapore & International, CapitaLand Group, said: “The divestment of StorHub is in line with CapitaLand’s disciplined approach towards capital recycling.  Our portfolio optimisation allows us to prioritise our capital allocation to our core markets and sectors.  In 2018, CapitaLand divested S$4 billion worth of assets and deployed S$6.11 billion into new investments.  We will stay disciplined in recycling our assets for reinvestment and capital redeployment, with an annual divestment target of at least S$3 billion.”

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  • CapitaLand sells stake in CapitaMall Wuhu

    CapitaLand sells stake in CapitaMall Wuhu

    CapitaLand Retail China Trust (CRCT) and CapitaLand will divest their combined 100 per cent interests in CapitaMall Wuhu to an unrelated third party.

    Located in Wuhu city in China’s Anhui Province, CapitaMall Wuhu is a five-storey shopping mall of around 45,000sqm that has been closed since the third quarter of last year, following the exit of its anchor tenant.

    “The divestment of CapitaMall Wuhu is in line with our proactive asset-management strategy to optimise CRCT’s portfolio and enhance returns,” said CRCT Management Ltd CEO Tan Tze Wooi.

    “As our 51-per-cent stake in CapitaMall Wuhu accounts for less than 1 per cent of CRCT’s asset size, its sale is expected to have minimal impact on CRCT’s core business. The sale proceeds will provide CRCT with greater financial flexibility to take advantage of market opportunities. We remain on the lookout for strategic opportunities to reconstitute and strengthen our portfolio.”

    The transaction between the firms’ respective subsidiary and associate is based on the company’s adjusted net asset value – including (but not limited to) its interest in CapitaMall Wuhu of RMB210 million (US$31.25 million).

    After taking into account the estimated fees, taxes and other related expenses, it is estimated that the net proceeds from the divestment would be RMB90.6 million ($13.48 million). The net divestment proceeds may be used for reducing existing debt and/or financing general corporate or working capital requirements.

    CapitaLand Group’s president Lucas Loh commented: “The sale of CapitaMall Wuhu will unlock capital that can be redeployed to core assets in cities where CapitaLand enjoys scale and competitive advantage. We will stay disciplined in our capital-recycling efforts and continually review opportunities to optimise CapitaLand’s portfolio, which includes divestment of assets that are non-core or have limited growth.”

    The divestment of CapitaMall Wuhu is expected to be completed in the second half of this year.

    Following the divestment, CRCT’s portfolio will have 10 malls in seven Chinese cities, while CapitaLand’s retail network in China will comprise 51 malls in 21 cities.

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  • CRCT and CapitaLand to divest their interests in CapitaMall Wuhu

    CRCT and CapitaLand to divest their interests in CapitaMall Wuhu

    CapitaLand Retail China Trust (CRCT) and CapitaLand today announced that their respective subsidiary and associate have entered into an agreement to divest their combined 100% interests in a company, which owns CapitaMall Wuhu, to an unrelated third party.  The transaction is based on the company’s adjusted net asset value, including but not limited to its interest in CapitaMall Wuhu of RMB210 million (about S$41.5 million).

    Mr Tan Tze Wooi, CEO of CapitaLand Retail China Trust Management Limited, said: “The divestment of CapitaMall Wuhu is in line with our proactive asset management strategy to optimise CRCT’s portfolio and enhance returns.  As our 51% stake in CapitaMall Wuhu accounts for less than 1% of CRCT’s asset size, its sale is expected to have minimal impact on CRCT’s core business.  The sale proceeds will provide CRCT with greater financial flexibility to take advantage of market opportunities.  We remain on the lookout for strategic opportunities to reconstitute and strengthen our portfolio.”

    Mr Lucas Loh, President (China & Investment Management), CapitaLand Group, said: “The sale of CapitaMall Wuhu will unlock capital that can be redeployed to core assets in cities where CapitaLand enjoys scale and competitive advantage.  We will stay disciplined in our capital recycling efforts and continually review opportunities to optimise CapitaLand’s portfolio, which include divestment of assets that are non-core or have limited growth.”

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  • CapitaLand tops out Raffles City Chongqing

    CapitaLand tops out Raffles City Chongqing

    CapitaLand has topped out the eighth and final skyscraper of Raffles City Chongqing, expecting to launch it in phases from the second half of this year. This follows the completion of the 200m-high bridge The Crystal which connects six of the towers. “The successful topping out of Raffles City Chongqing represents a new milestone in CapitaLand’s track record of building well-designed integrated spaces,” said Lucas Loh, president (China & investment management) of CapitaLand Group.

    “After six years of construction using state-of-the-art engineering technologies, we are proud to present in Raffles City Chongqing an iconic architectural form resembling a powerful sail surging forward on the historic Chaotianmen site.”

    Following Raffles City Chongqing’s structural completion, the group is now focusing on the interior fit-out works, including transplanting trees to enliven The Crystal sky bridge, which will feature the tallest observation deck across Western China.

    Retail offering

    The development’s five-storey shopping mall will house some 450 retailers of fashion, dining, lifestyle and entertainment.

    Anchor retail tenants committed to date include Chinese electric vehicle company Nio, which will open its largest showroom there, a 1500sqm space also serving as an “exclusive clubhouse” Nio owners.

    South Korean cinema chain CGV will open its 5600sqm flagship and popular bookstore Yanjiyou will open a regional flagship, featuring a lifestyle cafe and other creative and experiential offerings.

    Ole’ will operate a gourmet supermarket with a food hall serving a wide range of fresh produce and international specialties.

    In a tribute to the 3000-year-history of Chongqing, the mall will feature a dedicated zone to promote authentic Made-in-Chongqing products, such as local delicacies, handicrafts and souvenirs.

    Occupying 9.2ha, Raffles City Chongqing brings together a 235,000sqm shopping mall, 150,000sqm of Grade A office space, about 1400 residential apartments, Ascott Raffles City Chongqing serviced residence and InterContinental Raffles City Chongqing hotel.

  • Tenant reshuffles bring good revenue for CapitaLand Retail China

    Tenant reshuffles bring good revenue for CapitaLand Retail China

    CapitaLand Retail China boosted its distributable income by 9.4 per cent last year on the back of a new acquisition and improved performance of multi-tenanted malls. CapitaLand Retail China Trust Management (CRCTML), the manager of CapitaLand Retail China Trust (CRCT), reported a distributable income of S$99.7 million (US$73.5 billion) for the year.

    “CRCT delivered a resilient set of results in FY2018 on the back of strong operating performance,” said CRCTML CEO Tan Tze Wooi.

    Portfolio occupancy as at December 31 was 97.5 per cent and rental reversion was 10.9 per cent. Tenants’ sales at its multi-tenanted malls grew by 18.8 per cent year on year, while shopper traffic was up by 19.4 per cent.

    With the addition of Rock Square in the full-year figures for the first time, CRCT’s investment property value rose by 17.8 per cent to RMB13.993 billion (US$2.07 billion) as at the end of the year.

    CRCTML chairman Soh Kim Soon said China’s retail sales rose by 9 per cent last year.

    “China’s more moderate pace of growth is reflective of an economy undergoing transition and its long-term fundamentals remain positive. We are confident that CRCT’s quality family-oriented shopping malls will continue to benefit from China’s growing middle class and policies implemented to stimulate the economy,” he said.

    Highlights of the year included:

      • CapitaMall Wangjing posted a rental reversion of 15.7 per cent after converting 4700sqm of anchor tenant space on Level 4 to specialty stores. The mall’s Level 8 rental income will rise by around 50 per cent after transforming 500sqm of common area into leasable space for coworking operator Ucommune.
      • CapitaMall Xinnan netted 17.9 per cent in rental reversion by reconfiguring its Basement 1 space to accommodate more popular brands.
      • Since acquisition, Rock Square has achieved four consecutive quarters of rental reversions above 20 per cent and a double-digit year-on-year increase in average sales per square metre for specialty stores.

    Wooi said that in order to further optimise the portfolio, CRCT has entered into a bundle deal in Hohhot with unrelated third parties to divest CapitaMall Saihan and acquire a new mall that is double in size and has “a longer balance tenure”.

    “Given the new mall’s higher growth potential, CRCT will be in an even stronger position to tap Hohhot’s promising retail growth. The deal is structured to minimise income disruption as the closure and divestment of CapitaMall Saihan will take place after the new mall is operational in the second half of the 2020 [financial year]. Supported by CRCT’s strong financial position, we will continue to explore suitable acquisition opportunities to grow and rejuvenate our portfolio,” Wooi concluded .

  • CapitaLand forms JV to acquire prime CBD in Shanghai for RMB2.75 billion

    CapitaLand forms JV to acquire prime CBD in Shanghai for RMB2.75 billion

    CapitaLand has formed a 50:50 joint venture with an unrelated third party to acquire approximately 70% of Pufa Tower in Shanghai, China, for RMB2,752 million (about S$546.3 million). The operational office property has been identified as a seed asset for a value-add fund which CapitaLand is setting up to invest in commercial real estate in key gateway cities in Asia. The acquisition also marks the Group’s first office property in Shanghai’s core Lujiazui central business district (CBD) in Pudong New Area.

    Pufa Tower is 34-storey tall with three basement levels of car park. Post transaction, CapitaLand and its joint venture partner will own levels 8 to 19 and levels 21 to 32 with a total gross floor area (GFA) of 41,773 square metres (sq m), as well as 61 car park lots with property title. Pufa Tower’s ground floor lobby and refuge floor on level 20 are co-owned with Shanghai Pudong Development Bank, which owns the rest of the building.

    Lujiazui CBD, where Pufa Tower is located, is Shanghai’s most coveted office location for financial and professional services companies. With an unabating demand for office space and limited new supply, Lujiazui CBD commands the highest office rents in the city. In view of a sharp decline in Pudong’s office supply from 2019, office rents in Lujiazui CBD are expected to continue trending upwards over the next few years.

    Mr Lucas Loh, President (China & Investment Management), CapitaLand Group, said: “We are pleased to enter Shanghai’s core Lujiazui CBD soon after securing our third Raffles City development in the city. Shanghai is the top investment destination in China, with strong end-user demand for commercial properties. The acquisition of Pufa Tower, an operational asset, will immediately contribute to the Group’s recurring income. It will also strategically diversify CapitaLand’s commercial portfolio into a key CBD to capture new growth, while entrenching the Group’s leadership as the foreign developer with the largest portfolio under management in Shanghai.”

    Mr Loh added: “Continual high demand for quality commercial properties in China’s top tier cities, coupled with low supply, have made the renewal of ageing commercial assets a compelling investment strategy in these markets. Pufa Tower is a prime asset to be seeded into the commercial value-add fund we are raising. We see significant potential in enhancing its asset value by upgrading specifications, tenant mix and improving operational efficiencies. By tapping on third party equity, we are driving capital efficiency to provide CapitaLand with the financial impetus to further accelerate our growth.”
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    Mr Puah Tze Shyang, Chief Investment Officer, CapitaLand China, said: “Pufa Tower has not had a major renovation since its completion in 2002. While the building is properly maintained, the interior finishes offer room for improvement. After acquisition, we will focus on extracting greater value from the property through a comprehensive asset enhancement initiative. Leveraging CapitaLand’s asset enhancement capabilities and track record, we are confident of rejuvenating Pufa Tower in ways that will increase and maximise the efficiency of this well-located property.”

    With more than 1,300 multinational companies headquartered in Shanghai, the city continues to power ahead as China’s financial and business centre. In 2017, Shanghai became the first Chinese city to top GDP of RMB3.0 trillion1, of which contribution from Pudong accounted for about 30%2. The continual expansion of Shanghai’s financial sector is expected to drive the demand for prime office space in Pudong2.

    Including this latest acquisition, CapitaLand now owns/manages 21 commercial properties in Shanghai that span close to 1.9 million sq m in GFA. Shanghai is part of the five core city clusters under CapitaLand’s China strategy, which comprises Beijing/Tianjin, Shanghai/Hangzhou/Suzhou/Ningbo, Guangzhou/Shenzhen, Chengdu/Chongqing/Xi’an, and Wuhan.

    In 2018, CapitaLand actively reconstituted its portfolio to enhance its readiness to seize new growth opportunities. During the year, CapitaLand divested close to S$2 billion worth of assets in China, including a group of companies that held 20 non-core retail assets. CapitaLand subsequently redeployed the capital into a mixed-use site Chongqing, one mixed-use site and two residential sites in Guangzhou, as well as a stake in Shanghai’s tallest twin towers – the Group’s third Raffles City development in the city – through Raffles City China Investment Partners III.

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  • CapitaLand Singapore launched annual My Schoolbag programme

    CapitaLand Singapore launched annual My Schoolbag programme

    This season of giving, CapitaLand is rallying its employees, tenants and shoppers to give back to the community through a series of charity events and fundraisers across its Singapore properties. Through these events, CapitaLand targets to contribute up to S$166,000 towards various charity organisations to build an inclusive and caring society.

    Taking place at Junction 8 was CapitaLand’s annual My Schoolbag programme supported by CapitaLand Hope Foundation (CHF), the philanthropic arm of CapitaLand. Each of the 183 children beneficiaries – including students from the Movement for the Intellectually Disabled of Singapore (MINDS) and the Association for Persons with Special Needs (APSN) – received a new school bag, as well as school and daily necessities worth S$150. Accompanied by over 170 CapitaLand staff volunteers, the young beneficiaries went through a simulated shopping experience while picking up tips about prudent spending. Through an educational skit, they also learnt the importance of saving for the future, reducing food waste and leading a healthy lifestyle.

    The children beneficiaries at Junction 8 this morning were among the first in Singapore to get their hands on CapitaLand’s popular year-end gift wrappers. This year’s design features carnival-inspired motifs drawn by Mr Jovan Neo, a 19-year-old special needs artist from The Art Faculty, a platform that promotes the abilities of people with autism and related challenges. The design of the gift wrappers resonates with the carnival-themed décor that CapitaLand malls across Singapore are decked out to mark the festive season. Shoppers can redeem the special edition gift wrappers at participating CapitaLand malls from 16 November 2018.

    Mr Tan Seng Chai, Group Chief People Officer of CapitaLand Group and Executive Director for CapitaLand Hope Foundation, said: “From developing inclusive and accessible buildings to our philanthropic activities, CapitaLand firmly believes in fostering an inclusive community through our actions. We leverage our real estate network and tap on the strong spirit of volunteerism within CapitaLand to build a more caring Singapore. For the second consecutive year, our staff volunteers will interact and guide special needs students. This year, we are engaging beneficiaries from MINDS and APSN in CapitaLand’s My Schoolbag programme, which supports the educational needs of the underprivileged children in our shared communities. We are also supporting The Art Faculty and showcasing the talent of special needs artist Jovan Neo through our malls’ gift wrappers.”

    Mr Wilson Tan, CEO of CapitaLand Retail, said: “We are delighted to leverage CapitaLand’s unique advantage as Singapore’s largest mall operator in galvanising our employees, tenants, and shoppers to do good. CapitaLand’s centrally-located and well-connected malls are magnets for crowds and are especially popular with shoppers during the festive season. They are thus well-positioned to amplify the fundraising initiatives of charity organisations. This season of giving, CapitaLand Retail is pleased to work with CHF and partners to support and promote a variety of meaningful causes across our malls. Through these efforts, we hope to provide a meaningful retail experience for our shoppers and to do our part in fostering a more caring, compassionate and inclusive society in Singapore.”

    Examples of giving activities at CapitaLand properties include CapitaLand Giving Marketplace at Raffles City Singapore on 27 November, where charities and social enterprises are offered space to promote their merchandise and volunteer opportunities to the public. For every transaction at the CapitaLand Giving Marketplace, CHF will donate S$6 to the participating charities. Over at Plaza Singapura, shoppers can donate any amount they wish for the giftwrapping service provided by volunteers from Blossom World Society from 12 December to 23 December. At Bedok Mall, shoppers take home one mini plant for every S$10 contribution, which will be matched dollar-for-dollar by CHF, to benefit MINDS and Very Special Arts (VSA) Singapore.

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  • CapitaLand launches new retail concept store at Plaza Singapura

    CapitaLand launches new retail concept store at Plaza Singapura

    CapitaLand has unveiled Singapore’s first “phygital” multi-label concept store NomadX at Plaza Singapura. NomadX (pronounced as “Nomads”) is styling itself as a “phygital” store for offering a new blend of physical and digital experiences, including a gamified onboarding process, automated store assistance such as smart mirrors, interactive product walls and a cashless payment experience.

    The 11,000sqft space is spread across two floors in Plaza Singapura, with frontage facing Orchard Road. The multi-label retail destination marked its official opening with a curated selection of 18 tenants offering a wide range of fashion, beauty, consumer electronics, gadgets and food and beverage offerings.

    President (Asia & retail) of CapitaLand Group Jason Leow said NomadX represents CapitaLand’s commitment to embrace omnichannel retailing. “It allows us to implement and redefine our ideas for a new generation of retail offerings. As a flexible space incorporating tech-enabled retail infrastructure, NomadX will make it easier and more cost efficient for our retailers to explore and nurture new innovative concepts before wider roll-out at CapitaLand’s shopping malls.

    “NomadX not only augments CapitaLand’s suite of services to meet the demands of retailers at various stages of their digitalisation journey, it will help to enhance the tenant mix at our malls over the longer term. With NomadX, CapitaLand is looking forward to working with a stellar line-up of partnerships to create new expressions of phygital retail experiences at our malls.”

    To ensure maximum flexibility for tenants to push the boundaries, NomadX incorporates short-term leases and “plug & play” retail units that are integrated with smart retail infrastructure. Tenants set up temporary homes like nomads – thus the inspiration for the store’s name – that are demarcated by modular panels and equipped with interactive technologies to encourage product discovery and play.

    The store’s fluid layout and data analytics capabilities make NomadX a suitable testbed for retailers to trial new concepts and products and respond swiftly to consumer reception and feedback.

    CapitaLand Retail CEO Wilson Tan said the company is curating a new shopping experience at NomadX, one which goes beyond the act of simply buying.

    “NomadX promises to be a personalised social space of sensation and discovery. By combining the technology of ecommerce, mobile shopping applications as well as location data analytics, we are able to work with our retailers to customise entirely unique physical shopping experiences that are based on our shoppers’ preferences.”