SINGAPORE (July 29): CapitaLand’s Raffles City Chongqing has achieved 95% leasing rate for its retail component ahead of its opening in September.
The shopping mall spans over 235,000 sqm and will be the first component in this 1.12 million sqm megastructure to begin operations. The mall will stand five-storeys tall and house more than 400 brands, comprising a mix of local specialty brands and well-known international brands. About 40% of the brands at the mall will be new-to-market brands, flagships or new concepts.
The property located in Chaotianmen is Singapore’s largest single development in China at RMB 24 billion ($4.9 billion).
Apart from the mall, this megastructure will also see a 150,000 sqm Grade A office space, about 1,400 residential apartments, Ascott Raffles City Chongqing serviced residence and InterContinental Raffles City Chongqing hotel housed across eight skyscrapers.
In addition, the shopping mall’s roof will house the Gateway Park, a social space and tourist attraction. Raffles City Chongqing’s iconic “horizontal skyscraper”, The Crystal, will be another unique attraction. The Crystal is the world’s highest sky bridge linking the most number of towers. It is schedule to open in early-2020.
Lucas Loh, president, China, CapitaLand, says, “China’s retail sales continue to grow at one of the fastest rates in the world, buoyed by rising disposable incomes and government initiatives to boost domestic consumption. As a megacity with a population of more than 30 million people and one of the fastest growing tourist destinations in the world, Chongqing is well-positioned to attract local and international retailers. We are delighted that Raffles City Chongqing’s strategic location, iconic design and brand premium have combined to make it a location of choice for brands seeking growth in China.”
China Phei Chen, CEO, commercial management, China, CapitaLand, says, “The new-gen mall will offer personalised customer experiences that include guided tours and guest relations, underpinned by CapitaLand’s CapitaStar app that offers value-added services such as augmented reality interaction and navigation, mobile payment and restaurant booking. It will also leverage analytics and sensors to help retailers gain consumer insights and optimise offerings.”
As at 11.55am, shares in CapitaLand are trading 3 cents lower at $3.61.
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