Retail News CRM

Tag: Prestige

  • Chinese Prestige Time Experience store opens in Hong Kong

    Chinese Prestige Time Experience store opens in Hong Kong

    Hong Kong’s first Chinese Prestige Time Experience store has launched in Yue Hwa.

    Opened by Sun International Concepts, the outlet serves as a platform to showcase multiple Chinese watch brands, aiming to promote Chinese watch culture against the backdrop of the coronavirus outbreak.

    As the first platform for Chinese watch brands in the territory, consumers can find long-established brands such as Seagull, Shanghai, Beijing and Peacock – all of which have a 60-year history – alongside modern brands.

    A “Lab Tourbillon” area within the store introduces a variety of designer watches highlighting and introducing advances in Chinese tourbillon craftsmanship to the Hong Kong market.

    The 80,000sqft Yue Hwa store has traded in fine Chinese products within Hong Kong since 1959.

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  • CapitaLand marks 10th year in India with mall openings

    CapitaLand marks 10th year in India with mall openings

    CapitaLand India plans to divest six retail malls and its half-share in CapitaLand Retail Prestige Mall Management, which manages some of the properties.

    Singapore-headquartered CapitaLand has entered into definitive agreements to divest:

    * Its respective equity interests in six special-purpose vehicles (SPVs), which each hold a retail mall asset in the Indian cities of Bangalore, Mangalore, Hyderabad, Mysore, Cochin and Udaipur to Prestige Retail Ventures; and

    * Its 50 per cent equity interest in CapitaLand Retail Prestige Mall Management (CRPMM), which manages the properties in Bangalore, Mangalore and Hyderabad, to Prestige Estates Projects for an aggregate consideration of INR3.4 billion (about S$71.5 million or US$53 million), to be fully satisfied in cash and negotiated on a willing-buyer/willing-seller basis.

    When the transaction is completed, probably this quarter, the SPVs and CRPMM will no longer be subsidiaries or associates of CapitaLand.

    The SPVs and properties involved are:

    • Prestige Garden Constructions – The Forum Neighbourhood Mall and Oakwood Residences, Bangalore.
    • Prestige Mangalore Retail Ventures – The Forum Fiza Mall (pictured), Mangalore.
    • Babji Realtors – The Forum Sujana Mall, Hyderabad.
    • Prestige Mysore Retail Ventures – Forum Centre City (FKA Mall), Mysore.
    • Thomsun Realtors – Forum Cochin Mall, Cochin.
    • Flicker Projects – The Celebration Mall Udaipur, Udaipur.
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  • 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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