CapitaLand banks on CapitaStar to recover residential, retail businesses

By Valerie Kor
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - In the light of easing lockdown measures across the world, developer CapitaLand is taking further steps to digitalise its business. It attributes the recovery of CapitaLand’s residential and retail businesses in China to online efforts aimed at engaging consumers during the nationwide lockdown, primarily through the CapitaStar platform.
Lee Chee Koon, group CEO of CapitaLand Group, says that the group has been investing and growing CapitaStar as their “key digital engagement platform”. The platform now has 10 million members in China and more than one million in Singapore. It aims to connect shoppers, homeowners and tenants across retail, office, industrial and business parks properties to create a “CapitaLand ecosystem”.
In mid-March, CapitaLand introduced a “Homes” feature on CapitaStar’s WeChat, through which house hunters can book viewing appointments. In less than two months, there have been 2,700 apartment viewing appointments booked. From January to May, the group has managed to move more than 1,400 residential units, worth about RMB4 billion ($787 million). Approximately half of them were transacted in May. Notable launches include Parc Botanica in Chengdu and La Botanica township in Xi’an.
For retail tenants in China, selling products online through CapitaStar has helped to reach consumers in other cities. With lockdown measures being eased, 88% of the stores in CapitaLand malls have resumed operations and footfall has returned to approximately 70% of pre-pandemic numbers as of end-May.
Currently, 1,100 over retailers are onboard CapitaStar’s ecommerce platform. CapitaStar livestream sales have attracted more than 400,000 viewers in total. A joint livestream held at the end of May in participation with 10 CapitaLand malls generated over RMB1 million in tenant sales within eight hours. Merchandise can be delivered or picked up from physical stores.
In Singapore, the eCapitaMall function in CapitaStar that was launched on June 1 allows shoppers to browse online and purchase in-store, or browse in-store and purchase online. CapitaStar also has a Capita3Eats platform here that allows consumers to order food with three options: dine-in (when allowed), take-out or delivered.
Lee says that the unique network of B2C and B2B connections established via CapitaStar will enhance the group’s value proposition as a “holistic ecosystem provider beyond a traditional brick-and-mortar landlord”.
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