CapitaLand China opens landmark projects
CapitaLand China has opened four landmark integrated developments – Raffles City Shenzhen, Raffles City Changning in Shanghai, Raffles City Hangzhou and CapitaMall Westgate in Wuhan.
Collectively, the four developments span nearly 1 million sqm in gross floor area (GFA), excluding parking.
To date, the group owns and runs 23 integrated developments with more than 6.2 million sqm of GFA in tier-one and -two cities, making CapitaLand the biggest foreign real-estate developer in China in terms of integrated developments.
China accounts for 44 per cent of the group’s total assets, says president/group CEO Lim Ming Yan.
“As a pioneer in integrated developments, it is incumbent on CapitaLand to continue delivering real-estate products and services that make the most efficient use of land to fulfil the live, work and play aspirations of our customers.”
Lim says 77 per cent of CapitaLand’s total assets contribute to recurring income, of which shopping malls and integrated developments form the bulk.
“These four projects represent a new generation of CapitaLand integrated developments that are larger in size and incorporate richer offerings,” says CapitaLand China CEO Lucas Loh. “Designed by top-notch architects and in city centres with excellent connectivity to key transport nodes, these developments are all local landmarks that serve to catalyse the economic transformation of their respective communities.
95 per cent occupancy
“Response from retailers to these projects has been very positive – the shopping malls in the three Raffles City developments achieved 95 per cent in committed occupancy, and more than 20 per cent of the space is leased to new-to-market flagship and concept stores.”
Hangzhou’s project is the largest working Raffles City development with nearly 300,000 sqm in GFA. It includes a shopping mall, offices, serviced residences, hotel, SOHO units and apartments.
CapitaMall Westgate spans about 250,000 sqm and comprises a shopping mall, two office towers and one block of SOHO, while Raffles City Shenzhen offers a mall, an office tower and serviced residences covering 122,000 sqm.
CapitaLand’s new generation of integrated developments is distinguished by smart building technologies and seamless offline-and-online customer experience. For example, shoppers will soon have the option to book car parking via CapitaStar, CapitaLand’s membership platform, and receive directions on the shortest route to reach the mall.
In the mall, shoppers can use Wi-Fi and via the CapitaStar app find particular stores and receive promotional information.
In Raffles City Hangzhou, shoppers with bags of purchases can even be ferried to their car by autonomous vehicles.
Headquartered in Singapore, CapitaLand owns and manages a global portfolio worth more than S$78 billion (US$56.5 billion). While it has a presence across more than 130 cities in more than 20 countries, the group focuses on Singapore and China as core markets while it continues to expand in markets such as Indonesia and Vietnam.