Crowds throng CapitaLand’s newly opened Raffles City The Bund in Shanghai
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - More than 300,000 shoppers thronged CapitaLand’s newest integrated development in China, Raffles City The Bund, in Shanghai on July 10. The 1.29 million sq ft shopping mall is the final component in the 3.23 million sq ft integrated development. (See also: CapitaLand divests partial stakes in six Raffles City developments in China in $9.6 bil deal)
The opening ceremony on July 10 was officiated by Lui Tuck Yew, Singapore Ambassador to China, as well as Guo Fang, Party Secretary of Shanghai’s Hongkou District.
The mall opened with a committed occupancy of 92% and the strong shopper traffic marks an encouraging start to the retail operations, the developer says.
“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,” says Puah Tze Shyang, CEO, investment and portfolio management, of CapitaLand China.
The first Raffles City branded development by CapitaLand in China opened 17 years ago, and the developer has since added eight more of these branded developments across China. The developer retains its position as the asset manager and operator of the entire Raffles City portfolio in China.
“In June 2021, we onboarded Ping An as our strategic and long-term capital partner for six of our Raffles City developments,” says Puah. This will allow the developer to continue managing the Raffles City assets in China and grow the brand further, he adds.
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