CapitaLand to open eight shopping malls in 2017, seeks retailers at MAPIC in Cannes

SINGAPORE (Nov 17): CapitaLand intends to open eight new shopping malls in 2017, six of which are retail components of integrated developments in China, and one each in Malaysia and India.

These are namely Raffles City Changning and LuOne in Shanghai; Raffles City Shenzhen; Raffles City Hangzhou; Suzhou Center Mall; and CapitaMall Westgate in Wuhan. The other two are Melawati Mall in Kuala Lumpur, Malaysia; and Forum Mall in Mysore, India.

In a Thursday release, the real estate developer says the malls will have a combined retail gloss floor area (GFA) of close to 1 million sq m, marking CapitaLand’s largest retail GFA offering within a single year.

The company is currently showcasing its upcoming malls at the MAPIC 2016 trade show in Cannes, France from Nov 16-18, where it intends to boost its brand visibility and strengthen its network of retailers.  

“We are confident that retailers [at MAPIC 2016] will be able to find a CapitaLand mall suitable for their brand profiles as they tap the immense growth potential of Asia’s rising consumerism,” comments Jason Leow, CEO of CapitaLand Mall Asia.

“With these new malls opening in phases from the second quarter of 2017, it will position us well to deliver sustainable returns in the near future, as they turn fully operational,” he adds.

“At the same time, we will continue to enhance our retail scale and network through acquisitions and management contracts; as well as reconstitute our portfolio to achieve optimal asset mix to provide us with stability and a strong recurring income stream.”

According to Leow, 76% of CapitaLand’s total assets contribute to recurring income, of which shopping malls and integrated developments form the bulk.

Shares of CapitaLand closed 1 Singaporean cent lower at S$2.99 on Wednesday. — theedgemarkets.com.sg