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.
“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.”
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.”