CapitaLand China Bullish
Singapore-based CapitaLand China has formally unveiled four new integrated developments in the mainland.
Jason Leow, CEO of CapitaMalls Asia, CapitaLand’s wholly-owned shopping mall subsidiary, has revealed details of four landmark integrated developments in China – Raffles City Changning and LuOne in Shanghai, Raffles City Hangzhou and Suzhou Center.
The centres will open progressively from 2016.
“We are confident of China’s retail growth potential, especially in the bustling East China region. Our malls in China saw double-digit growth in total tenants’ sales and increased shopper traffic last year as we provide savvy Chinese consumers with a wide variety of retail options.
“These four landmark integrated developments in East China will further reinforce CapitaLand’s position as the largest foreign-funded real estate developer by gross floor area in China. As a long-term investor, China will continue to be a core market and key driver of CapitaLand’s growth strategy as we deepen our presence in the five core city clusters of Shanghai / Hangzhou / Suzhou / Ningbo; Beijing / Tianjin; Guangzhou / Shenzhen; Chengdu / Chongqing and Wuhan.”
Joined by over 500 business partners and retailers in Shanghai, CapitaLand China last week showcased the four upcoming integrated developments in Shanghai, Hangzhou and Suzhou which will provide more than 600,000 sqm in gross floor area of retail space when completed. The four developments are linked to transport hubs, tapping in on the high traffic of shoppers, business executives and leisure travellers.
For example, Raffles City Changning will draw shoppers from the more than 100,000 commuters who pass through Zhongshan Park Station each day, one of Shanghai’s busiest metro stations.
With the connection to transport networks and seamless integration of quality retail, hospitality, commercial and residential components, the four upcoming developments will generate sustained consumer spend and increase the vibrancy of the area, said Leow.
CapitaLand says it remained committed to develop 12 more integrated developments across Asia within the next three years, half of which will be in China.
Such a development pace is necessary to keep up with China’s urbanisation and accelerate the company’s integrated development strategy, said Leow.