Positioning for the Future | 71
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As a leading foreign real estate developer
in China, CapitaLand has made a mark in
the Chinese market with its innovative real
estate concepts and products. In 2014,
it continued to invest in well-located sites
and projects to grow its portfolio and drive
its integrated development strategy in the
mve core city clusters - Shanghai/Hangzhou/
Suzhou/Ningbo, Beijing/Tianjin, Guangzhou/
Shenzhen, Chengdu/Chongqing and Wuhan.
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In 2014, CapitaLand celebrated its 20
th
anniversary
of operations in China. In the past 20 years,
CapitaLand has contributed to the strengthening of
Singapore-China economic and cultural ties, and will
continue to be an active player in China’s sustainable
development.
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The Chinese government’s pro-market policies will keep
the residential market healthy and sustainable in the long
term. CapitaLand’s focus on residential developments
in tier one and tier two cities in the mve core city clusters
is aligned with the Chinese government’s emphasis to
support mrst-time home buyers and upgraders.
In 2014, CapitaLand China sold approximately 5,000 units
with a total sales value of RMB 7.6 billion (S$ 1.6 billion).
The salesweremainly fromThe Paragon and LotusMansion
in Shanghai, Dolce Vita in Guangzhou, The Metropolis in
Kunshan, The Loft in Chengdu and La Botanica in Xi’an.
CapitaLand continues to focus on optimising the product
development process to reduce time to market. It acquired
the Century Park site in Chengdu in March 2014 and
started construction in 2Q 2014. By December 2014,
45% of the 232 launched units were sold. The Summit
Era site located in Sunjia, Jiangbei District, Ningbo,
was acquired in January 2014 and construction has
commenced in 3Q 2014. Its mrst phase is expected to be
launch-ready in 2Q 2015.
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10
th
Anniversary
CapitaLand’s most symbolic and successful integrated
development brand, Rafnes City, celebrated its
10th anniversary in China in 2014. Within 10 years,
CapitaLand has established eight Rafnes City projects
in seven core cities with a total construction noor area of
approximately 3.1 million sq m.
In 2014, Rafnes City Shanghai and Rafnes City Beijing
continued to achieve strong rental growth. Rafnes City
Chengdu and Rafnes City Ningbo, which opened in 2012,
achieved retail committed occupancies of over 94% by
end 2014 and continued to see growth in shopper trafmc
and tenants’ sales. Ofmce occupancy at Rafnes City
Chengdu and Rafnes City Ningbo increased by 33%
and 18% respectively from 2013. Phase One of Rafnes
City Shenzhen, iPark was fully sold and handed over by
2Q 2014. Rafnes City Hangzhou attained structural top-out
of its twin towers in 3Q 2014 and opened its experiential
centre in 4Q 2014. The strata-sale ofmce units were
launched in December and sold over 30% of the launched
area by the end of the year. Ofmce Towers 2 and 3 of Rafnes
City Changning achieved structural completion in 2014
with plans to commence ofmce operations by 4Q 2015.
Rafnes City Chongqing completed substantial excavation
works in 4Q 2014 and is expected to commence main
construction works in 2015. Rafnes City Hangzhou,
Changning, Shenzhen and Chongqing will be completed
in the next three years.
Positioning for Growth
Over the next three years, CapitaLand targets to
develop another 12 integrated development projects
across Asia. Nearly half of these will be located in
China. CapitaLand will leverage its strength in integrated
developments to drive growth and deepen its presence
in the mve core city clusters. As a long-term investor
in China, CapitaLand will continue to develop quality
and innovative real estate products and services,
thereby enriching lives in the local communities where
it operates.
Chengdu Century Park, China
Business Review
