72 | CapitaLand Limited Annual Report 2014
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CapitaMalls Asia is one of the largest shopping
mall developers, owners and managers in
Asia by total property value of assets and
geographic reach. In 2014, CapitaLand malls
in the key markets of Singapore, China and
Malaysia continued to performwell – registering
increases in net property income (NPI) and
strong tenants’ sales and shopper trafmc.
Malls in China performed particularly well,
recording increases of 19.9% in NPI and 11.6%
in tenants’ sales.
As at 31 December 2014, CapitaLand owns and manages
105 shopping malls across 54 cities in Singapore, China,
Malaysia, Japan and India, with a total property value of
approximately S$37.8 billion and a total gross noor area
(GFA) of about 98.2 million square feet. Of these, 86 are
operational and 19 are under development.
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In Singapore, CapitaLand broke ground for Jewel Changi
Airport, an iconic mixed-use development in partnership
with Changi Airport Group. When completed by end 2018,
the retail component will offer tourists, Singaporeans and
residents a premium and luxurious experience. Located at
one of Asia’s busiest airports and a key gateway to the
Asia Pacimc, Jewel Changi Airport will provide an ideal
platform for global and local retailers to build their brands
and market to a ready cosmopolitan catchment.
Together with CapitaMall Trust, CapitaLand also divested
Westgate Tower for S$579.4 million.
The CapitaLand Group completed asset enhancement
works at Bugis Junction to increase F&B space and
create more specialty stores for an enhanced shopping
experience, and at Bukit Panjang Plaza to increase F&B
options. The Group continued enhancement works at
Tampines Mall to house educational tenants, and at IMM
Building to include more outlet stores to strengthen its
position as Singapore’s largest outlet mall. It also created
additional space in Sembawang Shopping Centre for a
childcare centre and commenced reconmguration works
at Clarke Quay to introduce new F&B and entertainment
concepts, to reinforce Clarke Quay’s attractiveness as a
vibrant place to visit.
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In China, CapitaLand opened the shopping mall
component of CapitaMall Tianfu, a landmark integrated
development which also comprises ofmces and
residences in the heart of the city’s up-and-coming
New South Tiandi business district. It also opened the
second phase of CapitaMall Fucheng in Mianyang,
nearly doubling the mall’s GFA and net lettable area.
In addition, the Group re-opened CapitaMall
Minzhongleyuan in Wuhan in May 2014 after a 10-month
asset enhancement initiative.
In India, CapitaLand opened two new malls – The Forum
Sujana Mall in Hyderabad and The Forum Fiza Mall in
Mangalore – bringing the number of operational malls in
India to four.
As part of its proactive asset management
strategy, CapitaLand divested two malls in Japan –
Narashino Shopping Centre in Tokyo and Ito-Yokado
Eniwa in Hokkaido.
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For 2015, CapitaLand targets to open three new malls
in China, namely CapitaMall SKY in Guangzhou,
CapitaMall 1818 in Wuhan and the shopping mall at
Tianjin International Trade Centre. CapitaLand remains
committed to growing its presence in key gateway cities
and developing scale to ride on Asia’s rising consumption.
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