CapitaLand opens four mixed-use developments in China
By Angela Teo
/ The Edge Property |
CapitaLand has opened Raffles City Shenzhen, Raffles City Changning in Shanghai, Raffles City Hangzhou (below) and CapitaMall Westgate in Wuhan. Collectively, the four mixed-use developments span about one million sq m, excluding car park space. Hangzhou’s development is the largest at close to 300,000 sq m in gross floor area, excluding car park.
The developments brought CapitaLand’s portfolio of integrated developments in China’s Tier-1 and -2 cities to a total of 23 spanning 6.2 million sq m of GFA. CapitaLand is at present the biggest foreign developer of integrated developments in China. More than half of the 6.2 million sq m of GFA is still under construction.
Retail components of the four developments softopened from April 27 to 29, in time to serve shoppers before China’s Labour Day holiday. According to CapitaLand, the malls have achieved 95% in committed occupancy rate (in terms of retail space) and more than 20% of the space available is leased to concept stores and new-to-market flagship stores.
Source: CapitaLand
CapitaLand has seven operational Raffles City developments in China, and the eighth — Raffles City Chongqing — is on track to open in 2H2017.
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