CapitaLand’s Raffles City Chongqing retail segment 95 percent pre-leased

The under-construction Raffles City Chongqing development in Chongqing, China, in July 2019. Photo credit: CapitaLand.The under-construction Raffles City Chongqing development in Chongqing, China, in July 2019. Photo credit: CapitaLand.

CapitaLand’s megastructure Raffles City Chongqing has leased 95 percent of the retail component ahead of its opening in September, the Singapore-listed property developer said Monday.

The 235,000 square meter shopping mall will be the first part of the 1.12 million square-meter development to begin operations, CapitaLand said in a filing to SGX.

More than 400 brands, with a mix of local specialty offerings and international names, will be housed  across the five-storey mall, the company said, adding around 40 percent of the brands will be new-to-market, flagships or new concepts.

Lucas Loh, president for China at CapitaLand, was upbeat about the “robust” leasing interest.

“China’s retail sales continue to grow at one of the fastest rates in the world, buoyed by rising disposable incomes and government initiatives to boost domestic consumption,” Loh said in the statement. “As a megacity with a population of more than 30 million people and one of the fastest growing tourist destinations in the world, Chongqing is well-positioned to attract local and international retailers.”

Chin Phei Chen, CEO of commercial management for China at CapitaLand, added that the mall will offer personalized experiences, including guided tours, and the CapitaStar app will offer augmented reality interaction, mobile payment and restaurant booking. The roof of the retail podium also offers Gateway Park, a community space open to the public 24 hours a day, the statement added.

In addition to the mall, the eight-skyscraper development — Singapore’s largest single development in China at 24 billion yuan or around S$4.9 billion — offers 150,000 square meters of office space, 1,400 residential apartments, Ascott Raffles City Chongqing serviced residences and InterContinental Raffles City Chongqing hotel, the statement said.

The project also includes an enclosed skybridge, the highest globally, the filing said.

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