CapitaLand’s opening of the mall at Shanghai integrated development Raffles City The Bund drew over 300,000 in shopper traffic on its opening day on July 10.
The mall, comprising over 120,000 square metres (sq m) is the final component to the 300,000 sq m integrated development, which is CapitaLand’s third and largest Raffles City development in the city.
The opening ceremony was jointly officiated by Singapore Ambassador to China, Lui Tuck Yew and Party Secretary of Shanghai Hongkou District, Guo Fang.
The mall has an occupancy of 92%, with more than 200 brands represented.
“The successful launch of Raffles City The Bund attests to the growing strength of our Raffles City franchise, and the value CapitaLand brings to our investors through our best-in-class operating platform. Shanghai is where CapitaLand’s Raffles City brand made its China debut 17 years ago with the opening of Raffles City Shanghai. Since then, we have added eight more Raffles City developments in key gateway cities across China and built up the Raffles City brand into a mark of quality commercial real estate,” says Puah Tze Shyang, CEO, investment and portfolio management, CapitaLand China.
“Our Raffles City portfolio has always been an important component of CapitaLand’s investment management strategy. We are pairing fund and asset management capabilities with a strong operating platform to grow our funds under management, expand our capital partner base and increase recurring management fees,” Puah adds.
In June, CapitaLand had onboarded Ping An Life Insurance Company China as a strategic and long-term capital partner for six of its Raffles City developments in China.
See also: CapitaLand divests partial stakes in six Raffles City developments in China in $9.6 bil deal
As at 1.07pm, shares in CapitaLand are up 8 cents or 2.17% higher at $3.76.
Photo: CapitaLand
