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SINGAPORE: CapitaMalls Asia together with CapitaMall Trust Management Ltd and CapitaLand will develop commercial projects comprising a shopping mall and retail cum office premises with a total development cost of S$1.5 billion at Jurong Gateway.
CapitaMall Trust Management Ltd is also the manager of CapitaMall Trust.
The companies announced that they have been awarded the land parcel at Jurong Gateway by the Urban Redevelopment Authority (URA).
Jurong is set to be the largest regional centre in Singapore for commercial developments outside the city centre.
Under the URA’s Jurong Gateway project, the precinct will feature a mix of office, retail, hotel, entertainment, food and beverage and other complementary uses.
CapitaMalls Asia, CapitaMall Trust and CapitaLand had submitted the top bid of about S$969 million for the site.
The shopping mall is expected to commence operations in time for the Christmas shopping season in 2013.
As one of the taller developments in the vicinity, the retail-cum-office development is envisaged to become a new landmark in Jurong Gateway when it opens in 2014.
Speaking at a media briefing here, Lim Beng Chee, chief executive officer of CapitaMalls Asia said the retail and office development, combines the expertise and experience of CapitaMalls Asia, CapitaMall Trust and CapitaLand in developing and managing shopping malls and offices.
"We will leverage on our leading tenant network of more than 2,400 leases in Singapore and another 6,900 leases in China, Malaysia, Japan and India, to provide both local and international retailers an opportunity to expand their business and showcase new concepts in our upcoming malls in Singapore," he added.
CapitaMalls Asia holds a 50% stake in the joint venture developing the site, while HSBC Institutional Trust Services (as trustee of CapitaMall Trust) holds 30% and CapitaLand the other 20%. — Bernama
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